Nyxoah S.A. (NYXH) Balance Sheet

NASDAQ: NYXHAssets, liabilities, debt and equity over 9 years.

NYXH balance sheet, 2025

December 31, 2025 · euros

€118.4M assets = €69.3M liabilities + €49.1M equity

What it owns€118.4MCash & ST investments: €48.0M (40.5%)Cash & ST investments€48.0M · 41%Receivables: €7.7M (6.5%)Receivables €7.7MInventory: €4.7M (3.9%)Other current: €827,691 (0.7%)PP&E: €5.3M (4.5%)Goodwill & intangibles: €50.1M (42.3%)Goodwill & intangibles€50.1M · 42%Other non-current: €1.8M (1.5%)=How it is financed€118.4MCurrent liabilities: €48.9M (41.3%)Current liabilities€48.9M · 41%Long-term debt: €16.1M (13.6%)Long-term debt€16.1M · 14%Other LT liabilities: €4.3M (3.6%)Shareholders’ equity: €49.1M (41.4%)Shareholders’ equity€49.1M · 41%

Both columns are drawn to the same scale: what NYXH owns equals what it owes plus shareholders’ equity. Hover a block for its value.

NYXH financial health

Current ratio1.25
Adequate · current assets cover current liabilities 1.25×
Debt / equity0.86
Moderate leverage · €0.86 of debt for each $1 of equity
Equity / assets41.5%
Equity-funded · of assets funded by shareholders
Cash / debt114.1%
Cash covers debt · cash & short-term investments vs total debt
Goodwill & intangibles42.3%
Acquisition-heavy · of total assets

Descriptive bands, not a rating. Fiscal 2025.

NYXH balance sheet trends, 2017–2025

MetricTrendThenLatestChange
Total assets€11.1M2017€118.4M2025+34.4%/yr
Total liabilities€6.6M2017€69.3M2025+34.1%/yr
Shareholders’ equity€4.5M2017€49.1M2025+34.7%/yr
Cash & short-term investments€10.1M2017€48.0M2025+21.5%/yr
Total debt€5.3M2017€42.1M2025+29.7%/yr
Net cash (debt)€4.8M2017€5.9M2025+€1.1M
Working capital€8.9M2017€12.3M2025+€3.3M
Current ratio6.1120171.252025−4.86
Debt / equity1.1620170.862025−0.31
Shares outstanding20.9M201738.1M2025+7.8%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

NYXH assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

NYXH liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

NYXH debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

NYXH balance sheet in euros

202520242023202220212020201920182017
Assets
Cash & short-term investments€48.0M€85.6M€57.7M€94.9M€135.5M€112.9M€6.6M€16.8M€10.1M
Cash & equivalents€30.0M€34.2M€21.6M€17.9M€135.5M€112.9M€6.6M€16.8M€10.1M
Short-term investments€18.0M€51.4M€36.1M€77.0M€0——€844,000€290,000
Receivables€7.7M€6.2M€5.6M€2.2M€2.5M€2.0M€2.4M€732,000€46,000
Inventory€4.7M€4.7M€3.3M€882,000€346,000€67,295€0−€732,000−€575,000
Other current assets€827,691€1.7M€1.7M€2.3M€1.7M€133,367€12,348€734,000€1.1M
Total current assets€61.2M€98.1M€68.4M€100.3M€140.1M€115.1M€9.0M€17.5M€10.7M
Property, plant & equipment (net)€5.3M€8.2M€8.0M€5.6M€5.2M€4.9M€1.6M€343,000€369,000
Goodwill & intangible assets€50.1M€50.4M€46.6M€40.0M€25.3M€19.4M€6.4M€0€0
Long-term investments€0€0€0€0€0€0€0€0€0
Other non-current assets€1.8M€1.7M€1.2M€220,000€210,000€150,498€111,128€97,000€92,000
Total assets€118.4M€158.4M€124.2M€146.1M€170.8M€139.6M€17.1M€18.0M€11.1M
Liabilities
Accounts payable€13.7M€3.7M€4.1M€1.9M€2.4M€1.5M€1.6M€606,000€389,000
Short-term debt€23.8M€1.4M€1.2M€1.1M€1.1M€1.3M€805,954€289,000€395,000
Deferred revenue€893,664€117,000€2.0M—€5.8M————
Total current liabilities€48.9M€21.5M€14.4M€14.9M€11.6M€7.8M€4.9M€2.0M€1.7M
Long-term debt€16.1M€18.7M€8.4M€8.2M€7.8M€7.6M€7.1M€5.5M€4.9M
Lease obligations€1.4M€3.7M€4.0M€3.3M€3.3M€3.3M€1.1M€0€0
Other long-term liabilities€4.3M€4.9M€3.3M€2.6M€2.8M€5.2M€2.3M€0€0
Total liabilities€69.3M€45.2M€26.1M€25.7M€22.2M€20.7M€14.4M€7.5M€6.6M
Shareholders' equity
Common stock & paid-in capital€6.5M€6.4M€4.9M€4.4M€4.4M€4.6M€2.8M€2.5M€2.0M
Retained earnings (deficit)−€305.9M−€217.7M−€160.8M−€118.2M−€87.2M−€73.8M−€54.3M−€39.8M−€30.7M
Accumulated other comprehensive income€13.5M€10.2M€137,000€176,000€202,000€3.4M€703,807€39,000€63,000
Total shareholders' equity€49.1M€113.3M€98.0M€120.3M€148.6M€118.9M€2.7M€10.5M€4.5M
Key figures
Total debt€42.1M€22.7M€12.7M€11.9M€11.7M€14.1M€9.7M€5.8M€5.3M
Net cash (debt)€5.9M€62.9M€45.0M€83.0M€123.8M€98.8M−€3.1M€11.0M€4.8M
Working capital€12.3M€76.6M€53.9M€85.3M€128.5M€107.3M€4.0M€15.5M€8.9M
Tangible book value−€978,634€62.9M€51.4M€80.4M€123.3M€99.5M−€3.8M€10.5M€4.5M
Shares outstanding38.1M32.7M28.0M25.8M23.8M18.1M21.4M20.9M20.9M
Current ratio1.254.564.736.7212.1014.701.828.776.11
Quick ratio1.144.264.396.5111.9314.671.828.775.80
Debt / equity0.860.200.130.100.080.123.640.561.16
Equity / assets41.5%71.5%79.0%82.4%87.0%85.2%15.5%58.1%40.6%

Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported (latest annual report filed March 26, 2026); data from EODHD.

NYXH financial position

At the end of fiscal 2025 (December 31, 2025), Nyxoah had total assets of €118.4 million (down 25.2% from a year earlier), total liabilities of €69.3 million and shareholders' equity of €49.1 million. It held €48.0 million in cash and short-term investments against €42.1 million of debt, a net cash position of €5.9 million. Its current ratio was 1.25. In the latest quarter (ended June 30, 2026) total assets were €168.5 million and equity €83.1 million.

Related: NYXH income statement, NYXH cash flow statement, NYXH key metrics. See the NYXH stock overview for the latest quote and news.

NYXH balance sheet FAQ

What are Nyxoah's total assets?

Nyxoah reported total assets of €118.4 million at the end of fiscal 2025 (December 31, 2025), compared with €158.4 million a year earlier.

How much debt does Nyxoah have?

Nyxoah had €42.1 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.86.

How much cash does Nyxoah have?

Nyxoah held €48.0 million in cash and short-term investments at the end of fiscal 2025; with €42.1 million of debt that is net cash of €5.9 million.

What is Nyxoah's book value?

Nyxoah's shareholders' equity (book value) was €49.1 million at the end of fiscal 2025.

What is Nyxoah's current ratio?

Nyxoah had current assets of €61.2 million and current liabilities of €48.9 million, a current ratio of 1.25 (it can cover its short-term obligations).

How much goodwill does Nyxoah have?

Nyxoah carried €50.1 million of goodwill and intangible assets, 42.3% of total assets, at the end of fiscal 2025.

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