Nyxoah S.A. (NYXH) Cash Flow Statement
Where NYXH’s cash came from and went, 2025
December 31, 2025 · euros- Cash from operations
- −€67.5M
- Capital expenditures
- €804,698 8.0% of revenue
- Free cash flow
- −€68.3M −681.6% margin
- Returned to shareholders
- —
- Change in cash
- −€130,691 cash at year-end €30.0M
Cash from operations
−€67.5M
Capital expenditures
−€804,698
Investments (net)
+€29.9M
Acquisitions & other
−€3.0M
Net borrowing (repayment)
+€21.2M
Shares issued
+€20.9M
Other financing
−€3.3M
Currency & other
+€2.4M
Change in cash
−€130,691
Drawn to scale: where the cash came from and how it was used. Hover for values.
NYXH operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
NYXH cash flow trends, 2017–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −€8.3M2017 | −€67.5M2025 | — | |
| Capital expenditures | €91,0002017 | €804,6982025 | +31.3%/yr | |
| Free cash flow | −€8.4M2017 | −€68.3M2025 | — | |
| Free cash flow margin | −25,426.1%2020 | −681.6%2025 | +24,744.4 pts | |
| Stock-based compensation | €24,0002017 | €4.9M2025 | +94.4%/yr | |
| Dividends paid | €02020 | €02025 | — | |
| Capex / revenue | 15,478.3%2020 | 8.0%2025 | −15,470.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NYXH cash flow by activity
OperatingInvestingFinancingChange in cash
NYXH net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
NYXH cash flow statement in euros
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||
| Net income | −€90.1M | −€56.4M | −€44.7M | −€30.1M | −€24.6M | −€12.2M | −€8.4M | −€9.0M | −€10.3M |
| Depreciation & amortization | €4.5M | €2.7M | €2.4M | €1.9M | €1.7M | €620,000 | €433,000 | €95,000 | €87,000 |
| Stock-based compensation | €4.9M | €4.0M | €2.6M | €2.7M | €1.3M | €2.5M | €346,000 | €28,000 | €24,000 |
| Change in working capital | €5.4M | €3.0M | −€3.5M | €86,000 | −€1.1M | €1.4M | €957,000 | €201,000 | −€454,000 |
| Other non-cash items | €7.8M | −€2.4M | −€1.6M | −€3.4M | −€2.5M | €700,000 | €716,000 | €575,000 | €2.4M |
| Cash from operating activities | −€67.5M | −€49.2M | −€44.8M | −€28.8M | −€25.3M | −€6.9M | −€5.9M | −€8.1M | −€8.3M |
| Investing activities | |||||||||
| Capital expenditures | −€804,698 | −€6.1M | −€11.0M | −€16.3M | −€11.8M | −€10.7M | −€5.8M | −€77,000 | −€91,000 |
| Investments (net) | €29.9M | −€16.3M | −€47.1M | −€89.9M | −€11.8M | −€10.7M | −€5.8M | −€75,000 | −€91,000 |
| Acquisitions & other investing | −€3.0M | €6.1M | €90.0M | €16.3M | €11.8M | €10.7M | €5.8M | €77,000 | €91,000 |
| Cash from investing activities | €26.2M | −€16.3M | €32.0M | −€89.9M | −€11.8M | −€10.7M | −€5.8M | −€75,000 | −€91,000 |
| Financing activities | |||||||||
| Dividends paid | €0 | €0 | €0 | €0 | €0 | €0 | — | — | — |
| Net borrowing (repayment) | €21.2M | €8.5M | −€1.2M | −€1.1M | −€863,000 | €593,000 | €733,000 | €733,000 | €1.1M |
| Shares issued | €20.9M | €69.7M | €18.3M | €255,000 | €77.7M | €103.6M | €25.0M | €15.0M | €0 |
| Other financing | −€3.3M | −€758,000 | −€247,000 | −€167,000 | −€393,000 | −€151,000 | −€25.0M | −€733,000 | €0 |
| Cash from financing activities | €38.8M | €77.4M | €16.9M | −€983,000 | €76.5M | €104.0M | €700,000 | €15.0M | €1.1M |
| Summary | |||||||||
| Net change in cash | −€130,691 | €12.6M | €3.7M | −€117.6M | €43.2M | €86.4M | −€10.9M | €6.7M | −€7.3M |
| Cash at end of period | €30.0M | €34.2M | €21.6M | €17.9M | €135.5M | €92.3M | €5.9M | €16.8M | €10.1M |
| Free cash flow | −€68.3M | −€55.3M | −€55.7M | −€45.1M | −€37.2M | −€17.5M | −€11.7M | −€8.2M | −€8.4M |
| Free cash flow margin | −681.6% | −1,223.1% | −1,282.0% | −1,462.5% | −4,360.7% | −25,426.1% | — | — | — |
| Capex / revenue | 8.0% | 134.3% | 252.1% | 530.1% | 1,387.0% | 15,478.3% | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −€33.0M | −€16.0M | −€23.5M | −€23.6M | −€20.6M | −€22.4M | −€15.1M | −€16.9M | −€12.7M | −€11.8M | −€11.2M | −€9.8M |
| Depreciation & amortization | €1.8M | €1.7M | €1.5M | €1.4M | €774,000 | €774,000 | €754,000 | €694,000 | €660,000 | €610,000 | €724,000 | €519,000 |
| Stock-based compensation | €1.6M | €881,000 | €903,000 | €1.1M | €887,000 | €2.0M | €736,000 | €1.7M | €540,000 | €959,000 | €327,000 | €527,000 |
| Change in working capital | €615,000 | −€2.9M | €3.9M | −€1.4M | −€1.1M | €1.2M | €4.8M | −€1.2M | €757,000 | −€1.4M | −€1.1M | −€481,000 |
| Other non-cash items | €12.4M | −€5.3M | €4.1M | €2.0M | €3.3M | −€75,000 | −€3.4M | €2.2M | −€588,000 | −€634,000 | −€399,000 | −€1.3M |
| Cash from operating activities | −€16.6M | −€21.6M | −€13.1M | −€20.5M | −€16.7M | −€18.5M | −€12.2M | −€13.4M | −€11.3M | −€12.3M | −€11.7M | −€10.6M |
| Investing activities | ||||||||||||
| Capital expenditures | −€1.3M | −€727,752 | −€20,991 | −€23,000 | −€551,000 | −€210,000 | −€1.6M | −€776,000 | −€1.3M | −€2.4M | −€1.7M | −€3.6M |
| Investments (net) | −€20.5M | €5.0M | −€8.2M | €8.8M | €18.3M | €9.2M | −€6.6M | €5.8M | −€28.2M | €12.6M | €20.8M | €7.4M |
| Acquisitions & other investing | −€472,000 | €314,100 | €766,785 | €23,000 | €898,000 | −€869,000 | €1.6M | €776,000 | €1.3M | €2.4M | €1.7M | €3.6M |
| Cash from investing activities | −€22.3M | €4.6M | −€7.5M | €8.8M | €18.7M | €8.1M | −€6.6M | €5.8M | −€28.2M | €12.6M | €20.8M | €7.4M |
| Financing activities | ||||||||||||
| Dividends paid | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | −€2.8M | — | — | — | −€275,000 |
| Net borrowing (repayment) | €13.4M | −€300,000 | €22.1M | −€281,000 | −€309,000 | −€300,000 | −€590,000 | €9.5M | — | — | — | — |
| Shares issued | €0 | €0 | €20.8M | €49,000 | €0 | €0 | €24.0M | €87,000 | €45.6M | €62,000 | €0 | €62,000 |
| Other financing | €75.9M | −€69,397 | −€3.2M | −€73,000 | −€163,000 | −€430,000 | €4,000 | €2.3M | −€378,000 | −€315,000 | −€718,000 | −€7,000 |
| Cash from financing activities | €89.4M | −€369,397 | €39.7M | −€305,000 | −€472,000 | −€730,000 | €23.4M | €9.1M | €45.2M | −€253,000 | −€718,000 | −€220,000 |
| Summary | ||||||||||||
| Net change in cash | €51.2M | −€17.6M | €19.1M | −€11.9M | €335,000 | −€11.8M | €5.5M | €954,000 | €5.6M | €467,000 | €8.4M | −€3.4M |
| Cash at end of period | €64.1M | €13.0M | €30.0M | €10.9M | €22.7M | €22.4M | €34.2M | €28.7M | €27.7M | €22.1M | €21.6M | €13.2M |
| Free cash flow | −€17.9M | −€22.4M | −€13.1M | −€20.5M | −€17.3M | −€18.7M | −€13.7M | −€14.2M | −€12.6M | −€14.7M | −€13.4M | −€14.2M |
| Free cash flow margin | −232.7% | −303.7% | −232.7% | −1,040.0% | −1,289.6% | −1,760.6% | −1,088.5% | −1,122.7% | −1,639.9% | −1,203.3% | −735.5% | −1,452.7% |
| Capex / revenue | 16.7% | 9.9% | 0.4% | 1.2% | 41.1% | 19.7% | 123.0% | 61.3% | 172.5% | 197.6% | 95.2% | 364.3% |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported; data from EODHD.
NYXH cash generation
In fiscal 2025 (ended December 31, 2025), Nyxoah generated -€67.5 million of cash from operations and spent €0.8 million on capital expenditures, leaving free cash flow of -€68.3 million, −681.6% of revenue. Cash and equivalents fell by €0.1 million over the year.
Related: NYXH income statement, NYXH balance sheet. See the NYXH stock overview for the latest quote and news.
NYXH cash flow FAQ
What is Nyxoah's free cash flow?
Nyxoah's free cash flow was -€68.3 million in fiscal 2025: -€67.5 million of operating cash flow minus €0.8 million of capital expenditures It was -€55.3 million a year earlier..
How much cash does Nyxoah generate from operations?
Nyxoah generated -€67.5 million of cash from operating activities in fiscal 2025.
How much does Nyxoah spend on capital expenditures?
Nyxoah spent €0.8 million on capital expenditures in fiscal 2025, 8.0% of revenue, compared with €6.1 million the year before.