40					1	EUR
NAT.	Filing date		N°. 0817.149.675	P.	U.	D.		C-c 1
	ANNUAL ACCOUNTS AND OTHER DOCUMENTS TO BE FILED IN ACCORDANCE WITH THE BELGIAN COMPANIES AND ASSOCIATIONS CODE
		IDENTIFICATION DETAILS (at the filing date)
NAME:	NYXOAH
Legal form:	NV
Address:	Rue Edouard Belin							N°. 12
Postal code: Country:	1435 Belgium		Town: Mont-Saint-Guibert
Website :	1	Register of legal persons - commercial court:	Brabant Wallon
							Company registration number	0817.149.675
DATE		16/02/2022	of filing the most recent document mentioning the date of publication of the deed of incorporation and of the deed of amendment of the articles of association.
	ANNUAL ACCOUNTS		IN EURO (2 decimals)	2
				approved by the general meeting of				08/06/2022
	regarding the period from 01/01/2021 to 31/12/2021
Preceding period from 01/01/2020 to 31/12/2020
3 The amounts for the preceding period are are not identical to the ones previously published. /
Total number of pages filed: 136 Numbers of the sections of the standard model form not filed because they serve no useful purpose: 6.2.2, 6.2.3, 6.2.4, 6.2.5, 6.3.1, 6.3.4, 6.4.2, 6.5.2, 6.8, 6.17, 6.20, 9, 11, 12, 13, 14, 15

Signature (name and position) Olivier Taelman Managing Director

Signature (name and position)

Optional mention. 1

If necessary, change to currency in which the amounts are expressed. 2

³ Strike out what does not apply.

LIST OF DIRECTORS, BUSINESS MANAGERS AND AUDITORS AND DECLARATION REGARDING A COMPLIMENTARY REVIEW OR CORRECTION ASSIGNMENT

LIST OF DIRECTORS, BUSINESS MANAGERS AND AUDITORS

COMPLETE LIST with surname, first names, profession, place of residence (address, number, postal code and town) and position within the company

Taub Robert

Title : Director Mandate : 21/09/2020- 12/06/2024 Avenue des Eglantier 37, 1180 Ukkel, Belgium

Dittmer Janke

Title : Director Mandate : 21/09/2020- 07/07/2021 Sint Catharinastraat 32, 5611 JC Eindhoven, Netherlands

Rakin Kevin

Title : Director Mandate : 21/09/2020- 12/06/2024 Side Hill Road 14, CT06880 Westport, United States of America

Deyo Donald

Title : Director Mandate : 21/09/2020- 12/06/2024 Woodland Drive 598, MN55115 Mahomedi, United States of America

Gianello Pierre

Title : Director Mandate : 21/09/2020- 12/06/2024 Avenue de la Rochefoucauld 9, 1330 Rixensart, Belgium

Janssen Jan

Title : Director Mandate : 21/09/2020- 12/06/2024 Killaeton Street 206, Saint I Nouvelles-Galles du Sud, Australia

Hambrecht Jürgen

Title : Director Mandate : 21/09/2020- 12/06/2024 Römerweg 36, 6734 Neustadt, Germany

Johnson-Mills Rita

Title : Director Mandate : 27/08/2021- 12/06/2024 Governors Way 235, TN 3702 Brentwood, United States of America

Taelman Olivier

Title : Delegated director Mandate : 21/09/2020- 12/06/2024 Stokstraat 43, 3800 Zepperen, Belgium

Ernst & Young Réviseurs d'Entreprises CALL 0446.334.711

De Kleetlaan 2, 1831 Diegem, Belgium

Title : Auditor, Lidmaatschapsnummer : B00160

Mandate : 23/05/2019- 08/06/2022

Vertegenwoordigd door :

D'Addario Carlo- Sébastien De Kleetlaan 2 , 1831 Diegem, Belgium 1.

Company auditor, Lidmaatschapsnummer : A02506

DECLARATION REGARDING A COMPLIMENTARY REVIEW OR CORRECTION ASSIGNMENT

The managing board declares that not a single audit or correction assignment has been given to a person not authorized to do so by law, pursuant to articles 34 and 37 of the law of 22 April 1999 concerning accounting and tax professions.

The annual accounts were / were not * or corrected by an external accountant or by a company auditor who is not the statutory auditor.

If affirmative, should be mentioned hereafter: surname, first names, profession and address of each external accountant or company auditor and their membership number at their Institute, as well as the nature of their assignment:

A. Bookkeeping of the company **,
B. Preparing the annual accounts **,
C. Auditing the annual accounts and/or
D. Correcting the annual accounts.

If the tasks mentioned under A or B are executed by certified accountants or certified bookkeepers - tax experts, the following information can be mentioned hereafter: surname, first names, profession and address of each certified accountant or certified bookkeeper-tax expert and their membership number at the Institute of Accounting professionals and Tax Experts, as well as the nature of their assignment.

Surname, first names, profession and address	Membership number	Nature of the assignment (A, B, C and/or D)

^* Strike out what does not apply.

^** Optional mention.

ANNUAL ACCOUNTS

BALANCE SHEET AFTER APPROPRIATION

	Notes	Codes	Period	Preceding period
ASSETS
FORMATION EXPENSES	6.1	20	11.709.906,15	6.149.880,79
FIXED ASSETS		21/28	24.642.949,61	14.796.654,05
Intangible fixed assets	6.2	21	23.085.978,76	14.485.403,89
Tangible fixed assets	6.3	22/27	1.532.807,41	293.158,69
Land and buildings		22
Plant, machinery and equipment		23	609.315,94	37.396,75
Furniture and vehicles		24	100.288,24	61.198,21
Leasing and other similar rights		25
Other tangible fixed assets		26	131.725,24	194.563,73
Assets under construction and advance payments		27	691.477,99

Financial fixed assets	6.4 / 6.5.1	28	24.163,44	18.091,47
Affiliated Companies	6.15	280/1	64,48	62,69
Participating interests		280	64,48	62,69
Amounts receivable		281
Other companies linked by participating interests	6.15	282/3
Participating interests		282
Amounts receivable		283
Other financial fixed assets		284/8	24.098,96	18.028,78
Shares		284
Amounts receivable and cash guarantees		285/8	24.098,96	18.028,78

	Notes	Codes	Period	Preceding period
CURRENT ASSETS		29/58	133.871.124,53	91.294.625,06
Amounts receivable after more than one year		29
Trade debtors		290
Other amounts receivable		291
Stocks and contracts in progress		3	345.998,00	55.434,85
Stocks		30/36	345.998,00	55.434,85
Raw materials and consumables		30/31
Work in progress		32	83.440,00	41.902,85
Finished goods		33	262.558,00	13.532,00
Goods purchased for resale		34
Immovable property intended for sale		35
Advance payments		36
Contracts in progress		37
Amounts receivable within one year		40/41	632.770,46	695.237,81
Trade debtors		40	228.045,25	234.089,80
Other amounts receivable		41	404.725,21	461.148,01
Current investments	6.5.1 / 6.6	50/53
Own shares		50
Other investments		51/53
Cash at bank and in hand		54/58	131.247.463,30	90.446.825,79
Accruals and deferred income	6.6	490/1	1.644.892,77	97.126,61
TOTAL ASSETS		20/58	170.223.980,29	112.241.159,90

	Notes	Codes	Period	Preceding period
EQUITY AND LIABILITIES
EQUITY		10/15	164.065.475,12	105.771.636,59
Contributions	6.7.1	10/11	246.625.001,37	161.309.852,04
Capital		10	4.427.369,69	3.796.047,64
Issued capital		100	4.427.369,69	3.796.047,64
4 Uncalled capital		101
Beyond capital		11	242.197.631,68	157.513.804,40
Share premium account		1100/10	242.197.631,68	157.513.804,40
Other		1109/19
Revaluation surpluses		12
Reserves		13
Reserves not available		130/1
Legal reserve		130
Reserves not available statutorily		1311
Purchase of own shares		1312
Financial support		1313
Other		1319
Untaxed reserves		132
Available reserves		133
Accumulated profits (losses) (+)/(-)		14	-82.559.526,25	-55.538.215,45
Capital subsidies		15
Advance to shareholders on the distribution of net 5 assets		19
PROVISIONS AND DEFERRED TAXES		16	11.646,57	3.270,44
Provisions for liabilities and charges		160/5	11.646,57	3.270,44
Pensions and similar obligations		160
Taxes		161
Major repairs and maintenance		162
Environmental obligations		163
Other liabilities and charges	6.8	164/5	11.646,57	3.270,44
Deferred taxes		168

Amount to be deducted from the issued capital. 4

Amount to be deducted from the other components of equity. 5

	Notes	Codes	Period	Preceding period
AMOUNTS PAYABLE		17/49	6.146.858,60	6.466.252,87
Amounts payable after more than one year	6.9	17	1.275.843,36	1.537.177,02
Financial debts		170/4	1.275.843,36	1.537.177,02
Subordinated loans		170
Unsubordinated debentures		171
Leasing and other similar obligations		172
Credit institutions		173
Other loans		174	1.275.843,36	1.537.177,02
Trade debts		175
Suppliers		1750
Bills of exchange payable		1751
Advance payments on contracts in progress		176
Other amounts payable		178/9
Amounts payable within one year	6.9	42/48	3.866.733,08	4.574.573,83
Current portion of amounts payable after more than one year falling due within one year		42	442.999,99	544.666,65
Financial debts		43
Credit institutions		430/8
Other loans		439
Trade debts		44	2.470.069,73	2.806.379,29
Suppliers		440/4	2.470.069,73	2.806.379,29
Bills of exchange payable		441
Advance payments on contracts in progress		46
Taxes, remuneration and social security	6.9	45	566.583,99	479.345,20
Taxes		450/3	6.469,85	204.036,00
Remuneration and social security		454/9	560.114,14	275.309,20
Other amounts payable		47/48	387.079,37	744.182,69
Accruals and deferred income	6.9	492/3	1.004.282,16	354.502,02
TOTAL LIABILITIES		10/49	170.223.980,29	112.241.159,90

PROFIT AND LOSS ACCOUNT

	Notes	Codes	Period	Preceding period
Operating income		70/76A	11.636.219,97	10.482.876,16
Turnover	6.10	70	862.859,70	69.160,00
Stocks of finished goods and work and contracts in progress: increase (decrease) (+)/(-)		71	290.563,15	55.434,85
Produced fixed assets		72	9.502.672,00	9.381.247,89
Other operating income	6.10	74	980.125,12	977.033,42
Non-recurring operating income	6.12	76A
Operating charges		60/66A	39.461.322,49	19.460.012,95
Goods for resale, raw materials and consumables		60	303.484,73	85.514,85
Purchases		600/8	303.484,73	85.514,85
Stocks: decrease (increase) (+)/(-)		609
Services and other goods		61	39.737.035,55	23.374.090,26
Remuneration, social security and pensions (+)/(-)	6.10	62	3.931.747,52	1.968.509,72
Amortisations of and other amounts written down on formation expenses, intangible and tangible fixed assets		630	3.046.551,74	440.338,97
Amounts written down on stocks, contracts in progress and trade debtors: additions (write-backs) (+)/(-)	6.10	631/4
Provisions for liabilities and charges: appropriations (uses and write-backs) (+)/(-)	6.10	635/8	8.376,13	3.270,44
Other operating charges	6.10	640/8	21.386,82	69.789,23
Operating charges reported as assets under restructuring costs (-)		649
Non-recurring operating charges	6.12	66A	-7.587.260,00	-6.481.500,52
Operating profit (loss) (+)/(-)		9901	-27.825.102,52	-8.977.136,79

	Notes	Codes	Period	Preceding period
Financial income		75/76B	3.669.661,43	115.403,87
Recurring financial income		75	3.669.661,43	115.403,87
Income from financial fixed assets		750	77.096,55	49.947,84
Income from current assets		751	1.424,22	2.072,00
Other financial income	6.11	752/9	3.591.140,66	63.384,03
Non-recurring financial income	6.12	76B
Financial charges	6.11	65/66B	2.855.365,46	2.263.320,93
Recurring financial charges		65	1.036.497,10	1.300.804,72
Debt charges		650	305.016,86	123.846,53
Amounts written down on current assets other than stocks, contracts in progress and trade debtors: additions (write-backs) (+)/(-)		651		846.916,46
Other financial charges		652/9	731.480,24	330.041,73
Non-recurring financial charges	6.12	66B	1.818.868,36	962.516,21
Profit (Loss) for the period before taxes (+)/(-)		9903	-27.010.806,55	-11.125.053,85
Transfer from deferred taxes		780
Transfer to deferred taxes		680
Income taxes on the result(+)/(-)	6.13	67/77	10.504,25	621,60
Taxes		670/3	10.504,25	621,60
Adjustment of income taxes and write-back of tax provisions		77
Profit (Loss) of the period (+)/(-)		9904	-27.021.310,80	-11.125.675,45
Transfer from untaxed reserves		789
Transfer to untaxed reserves		689
Profit (Loss) of the period available for appropriation (+)/(-)		9905	-27.021.310,80	-11.125.675,45

APPROPRIATION ACCOUNT

Profit (Loss) to be appropriated (+)/(-)
Profit (Loss) of the period available for appropriation (+)/(-)
Profit (Loss) of the preceding period brought forward (+)/(-)	14P
Transfers from equity
from contributions	791
from reserves	792
Appropriations to equity
to contributions	691
to legal reserve
to other reserves
Profit (loss) to be carried forward (+)/(-)	(14)
Shareholders' contribution in respect of losses	794
Profit to be distributed
Compensation for contributions	694
Directors or managers	695
Employees	696
Other beneficiaries	697

Codes	Period	Preceding period
9906	-82.559.526,25	-55.538.215,45
(9905)	-27.021.310,80	-11.125.675,45
14P	-55.538.215,45	-44.412.540,00
791/2
791
792
691/2
691
6920
6921
(14)	-82.559.526,25	-55.538.215,45
794
694/7
694
695
696

NOTES ON THE ACCOUNTS

STATEMENT OF FORMATION, CAPITAL INCREASE OR INCREASE OF CONTRIBUTIONS EXPENSES, LOAN ISSUE EXPENSES AND RESTRUCTURING COSTS

	Codes	Period	Preceding period
Net book value at the end of the period	20P	xxxxxxxxxxxxxxx	6.149.880,79
Movements during the period
New expenses incurred	8002	7.587.260,11
Amortisation	8003	2.027.234,75
Other (+)/(-)	8004
Net book value at the end of the period	(20)	11.709.906,15
Of which
Formation, capital increase or increase of contributions expenses, loan issue expenses and other formation expenses	200/2	11.709.906,15
Restructuring costs	204

STATEMENT OF INTANGIBLE FIXED ASSETS

Codes		Period	Preceding period
DEVELOPMENT COSTS

Acquisition value at the end of the period	8051P	xxxxxxxxxxxxxxx	26.215.250,37
Movements during the period
Acquisitions, including produced fixed assets	8021	9.502.672,00
Sales and disposals	8031
Transfers from one heading to another (+)/(-)	8041
Acquisition value at the end of the period	8051	35.717.922,37
Amortisations and amounts written down at the end of the period	8121P	xxxxxxxxxxxxxxx	11.729.846,48
Movements during the period
Recorded	8071	902.097,13
Written back	8081
Acquisitions from third parties	8091
Cancelled owing to sales and disposals	8101
Transferred from one heading to another (+)/(-)	8111
Amortisations and amounts written down at the end of the period	8121	12.631.943,61
NET BOOK VALUE AT THE END OF THE PERIOD	81311	23.085.978,76

	Codes	Period	Preceding period
PLANT, MACHINERY AND EQUIPMENT


Acquisition value at the end of the period	8192P	xxxxxxxxxxxxxxx	144.255,15
Movements during the period
Acquisitions, including produced fixed assets	8162	644.523,57
Sales and disposals	8172
Transfers from one heading to another (+)/(-)	8182
Acquisition value at the end of the period	8192	788.778,72
Revaluation surpluses at the end of the period	8252P	xxxxxxxxxxxxxxx
Movements during the period
Recorded	8212
Acquisitions from third parties	8222
Cancelled	8232
Transferred from one heading to another (+)/(-)	8242
Revaluation surpluses at the end of the period	8252
Amortisations and amounts written down at the end of the period	8322P	xxxxxxxxxxxxxxx	106.858,40
Movements during the period
Recorded	8272	72.604,38
Written back	8282
Acquisitions from third parties	8292
Cancelled owing to sales and disposals	8302
Transferred from one heading to another (+)/(-)	8312
Amortisations and amounts written down at the end of the period	8322	179.462,78
NET BOOK VALUE AT THE END OF THE PERIOD	(23)	609.315,94

	Codes	Period	Preceding period

FURNITURE AND VEHICLES

Acquisition value at the end of the period	8193P	xxxxxxxxxxxxxxx	180.591,69
Movements during the period
Acquisitions, including produced fixed assets	8163	77.866,14
Sales and disposals	8173
Transfers from one heading to another (+)/(-)	8183
Acquisition value at the end of the period	8193	258.457,83
Revaluation surpluses at the end of the period	8253P	xxxxxxxxxxxxxxx
Movements during the period
Recorded	8213
Acquisitions from third parties	8223
Cancelled	8233
Transfers from one heading to another (+)/(-)	8243
Revaluation surpluses at the end of the period	8253
Amortisations and amounts written down at the end of the period	8323P	xxxxxxxxxxxxxxx	119.393,48
Movements during the period
Recorded	8273	38.776,11
Written back	8283
Acquisitions from third parties	8293
Cancelled owing to sales and disposals	8303
Transfers from one heading to another (+)/(-)	8313
Amortisations and amounts written down at the end of the period	8323	158.169,59
NET BOOK VALUE AT THE END OF THE PERIOD	(24)	100.288,24

	Codes	Period	Preceding period

OTHER TANGIBLE FIXED ASSETS

Acquisition value at the end of the period	8195P	xxxxxxxxxxxxxxx	291.555,91
Movements during the period
Acquisitions, including produced fixed assets	8165	12.539,38
Sales and disposals	8175	69.538,50
Transfers from one heading to another (+)/(-)	8185
Acquisition value at the end of the period	8195	234.556,79
Revaluation surpluses at the end of the period	8255P	xxxxxxxxxxxxxxx
Movements during the period
Recorded	8215
Acquisitions from third parties	8225
Cancelled	8235
Transferred from one heading to another (+)/(-)	8245
Revaluation surpluses at the end of the period	8255
Amortisations and amounts written down at the end of the period	8325P	xxxxxxxxxxxxxxx	96.992,18
Movements during the period
Recorded	8275	5.839,37
Written back	8285
Acquisitions from third parties	8295
Cancelled owing to sales and disposals	8305
Transferred from one heading to another (+)/(-)	8315
Amortisations and amounts written down at the end of the period	8325	102.831,55
NET BOOK VALUE AT THE END OF THE PERIOD	(26)	131.725,24

	Codes	Period
ASSETS UNDER CONSTRUCTION AND ADVANCE PAYMENTS


Acquisition value at the end of the period	8196P	xxxxxxxxxxxxxxx
Movements during the period
Acquisitions, including produced fixed assets	8166	691.477,99
Sales and disposals	8176
Transfers from one heading to another (+)/(-)	8186
Acquisition value at the end of the period	8196	691.477,99
Revaluation surpluses at the end of the period	8256P	xxxxxxxxxxxxxxx
Movements during the period
Recorded	8216
Acquisitions from third parties	8226
Cancelled	8236
Transferred from one heading to another (+)/(-)	8246
Revaluation surpluses at the end of the period	8256
Amortisations and amounts written down at the end of the period	8326P	xxxxxxxxxxxxxxx
Movements during the period
Recorded	8276
Written back	8286
Acquisitions from third parties	8296
Cancelled owing to sales and disposals	8306
Transferred from one heading to another (+)/(-)	8316
Amortisations and amounts written down at the end of the period	8326
NET BOOK VALUE AT THE END OF THE PERIOD	(27)	691.477,99

STATEMENT OF FINANCIAL FIXED ASSETS

	Codes	Period	Preceding period
AFFILIATED COMPANIES - PARTICIPATING INTERESTS AND SHARES
Acquisition value at the end of the period	8391P	xxxxxxxxxxxxxxx	62,69
Movements during the period
Acquisitions	8361	1,79
Sales and disposals	8371
Transfers from one heading to another (+)/(-)	8381
Acquisition value at the end of the period	8391	64,48
Revaluation surpluses at the end of the period	8451P	xxxxxxxxxxxxxxx
Movements during the period
Recorded	8411
Acquisitions from third parties	8421
Cancelled	8431
Transferred from one heading to another (+)/(-)	8441
Revaluation surpluses at the end of the period	8451
Amounts written down at the end of the period	8521P	xxxxxxxxxxxxxxx
Movements during the period
Recorded	8471
Written back	8481
Acquisitions from third parties	8491
Cancelled owing to sales and disposals	8501
Transferred from one heading to another (+)/(-)	8511
Amounts written down at the end of the period	8521
Uncalled amounts at the end of the period	8551P	xxxxxxxxxxxxxxx
Movements during the period (+)/(-)	8541
Uncalled amounts at the end of the period	8551
NET BOOK VALUE AT THE END OF THE PERIOD	(280)	64,48
AFFILIATED COMPANIES - AMOUNTS RECEIVABLE
NET BOOK VALUE AT THE END OF THE PERIOD	281P	xxxxxxxxxxxxxxx
Movements during the period
Appropriations	8581	1.818.868,36
Repayments	8591
Amounts written down	8601	1.818.868,36
Amounts written back	8611
Exchange differences (+)/(-)	8621
Other movements (+)/(-)	8631
NET BOOK VALUE AT THE END OF THE PERIOD	(281)
ACCUMULATED AMOUNTS WRITTEN DOWN ON AMOUNTS RECEIVABLE AT END OF THE PERIOD	8651	4.277.355,07

	Codes	Period	Preceding period

OTHER COMPANIES - PARTICIPATING INTERESTS AND SHARES
Acquisition value at the end of the period	8393P	xxxxxxxxxxxxxxx
Movements during the period
Acquisitions	8363
Sales and disposals	8373
Transfers from one heading to another (+)/(-)	8383
Acquisition value at the end of the period	8393
Revaluation surpluses at the end of the period	8453P	xxxxxxxxxxxxxxx
Movements during the period
Recorded	8413
Acquisitions from third parties	8423
Cancelled	8433
Transferred from one heading to another (+)/(-)	8443
Revaluation surpluses at the end of the period	8453

Amounts written down at the end of the period	8523P	xxxxxxxxxxxxxxx
Movements during the period
Recorded	8473
Written back	8483
Acquisitions from third parties	8493
Cancelled owing to sales and disposals	8503
Transferred from one heading to another (+)/(-)	8513
Amounts written down at the end of the period	8523
Uncalled amounts at the end of the period	8553P	xxxxxxxxxxxxxxx
Movements during the period (+)/(-)	8543
Uncalled amounts at the end of the period	8553
NET BOOK VALUE AT THE END OF THE PERIOD	(284)
OTHER COMPANIES - AMOUNTS RECEIVABLE
NET BOOK VALUE AT THE END OF THE PERIOD	285/8P	xxxxxxxxxxxxxxx	18.028,78
Movements during the period
Appropriations	8583	6.070,18
Repayments	8593
Amounts written down	8603
Amounts written back	8613
Exchange differences (+)/(-)	8623
Other movements (+)/(-)	8633
NET BOOK VALUE AT THE END OF THE PERIOD	(285/8)	24.098,96
ACCUMULATED AMOUNTS WRITTEN DOWN ON AMOUNTS RECEIVABLE AT END OF THE PERIOD	8653

PARTICIPATING INTERESTS INFORMATION

PARTICIPATING INTERESTS AND OTHER RIGHTS IN OTHER COMPANIES

The following list mentions the companies in which the company holds a participating interest (recorded in headings 280 and 282 of assets), as well as the companies in which the company holds rights (recorded in headings 284 and 51/53 of assets) for an amount of at least 10% of the capital, the equity or a class of shares of the company.

NAME, full address of the REGISTERED		Rights held				Data extracted from the most recent annual accounts
OFFICE and, for an entity governed by Belgian law, the COMPANY		Directly		Subs idiaries	Annual	Cur	Equity	Net result
REGISTRATION NUMBER	Nature	Number	%	%	accounts as per	rency code	(+) or (-) (in units)
NYXOAH LTD Yigal Alon st 126 64074 Tel Aviv Israel					31/12/2021	ILS	7.102.196	1.392.149
NYXOAH PTY LTD FC GIPPS STREET 58 VIC3066 COLLINGWOOD Australia	shares	100	100,00	0,00	31/12/2021	AUD	-7.340.412	-2.246.604
NYXOAH INC LITTLE FALLS DRIVE 251 19808 DELAWARE United States of America	shares	100	100,00	0,00	31/12/2021	USD	130.017	44.854
	Shares	1.000	100,00	0,00

CURRENT INVESTMENTS AND ACCRUALS AND DEFERRED INCOME

	Codes	Period	Preceding period
CURRENT INVESTMENTS - OTHER INVESTMENTS
Shares and investments other than fixed income investments Shares – Book value increased with the uncalled amount Shares – Uncalled amount	51 8681 8682
Precious metals and works of art	8683
Fixed-income securities	52
Fixed income securities issued by credit institutions Term accounts with credit institutions	8684 53
With a remaining term or notice up to one month	8686
between one month and one year over one year	8687 8688
Other investments not mentioned above	8689

ACCRUALS AND DEFERRED INCOME

Allocation of account 490/1 of assets if the amount is significant

Insurance D&O 1.067.979,00 Sponsoring Mannheim 143.781,00

Period

STATEMENT OF CAPITAL AND SHAREHOLDERS' STURCTURE

		Period	Preceding period
STATEMENT OF CAPITAL Capital
Issued capital at the end of the period	100P	XXXXXXXXXXXXXX	3.796.047,64
Issued capital at the end of the period	(100)	4.427.369,69

	Codes	Period	Number of shares
Modifications during the period
CAPITAL INCREASE		631.322,05	3.674.750
Composition of the capital Share types
Ordinary		4.427.369,69	25.772.359
Registered shares	8702	XXXXXXXXXXXXXX	16.968.809
Shares dematerialized	8703	XXXXXXXXXXXXXX	8.803.550

	Codes	Uncalled amount	Called up amount, unpaid
Unpaid capital
Uncalled capital	(101)		XXXXXXXXXXXXXX
Called up capital, unpaid	8712	XXXXXXXXXXXXXX
Shareholders that still need to pay up in full

	Codes	Period
Own shares
Held by the company itself
Amount of capital held	8721
Number of shares	8722
Held by a subsidiary
Amount of capital held	8731
Number of shares	8732
Commitments to issuing shares
Owing to the exercise of conversion rights
Amount of outstanding convertible loans	8740
Amount of capital to be subscribed	8741
Corresponding maximum number of shares to be issued	8742
Owing to the exercise of subscription rights
Number of outstanding subscription rights	8745	1.992.250
Amount of capital to be subscribed	8746	342.268,55
Corresponding maximum number of shares to be issued	8747	1.992.250
Authorised capital not issued	8751

	Codes	Period
Shares issued, non-representing capital
Distribution
Number of shares	8761
Number of voting rights attached thereto	8762
Allocation by shareholder
Number of shares held by the company itself	8771
Number of shares held by its subsidiaries	8781

ADDITIONAL NOTES REGARDING CONTRIBUTIONS (INCLUDING CONTRIBUTIONS IN THE FORM OF SERVICES OR KNOW-HOW)

	Period

SHAREHOLDERS' STRUCTURE OF THE COMPANY AT YEAR-END CLOSING DATE

As reflected in the notifications received by the company pursuant to article 7:225 of the Belgian Companies and Associations Code, article 14 fourth paragraph of the law of 2 May 2007 on the publication of major holdings and article 5 of the Royal Decree of 21 August 2008 on further rules for certain multilateral trading facilities.

Name	31/12/2021
Mr. Robert Taub	2.121.470	8.23%
MINV (Mr. Robert Taub)	696,000	2.70%
TOGETHER (the late Mr. Uwe Wascher)	2.503.500	9.71%
Mr. Jurgen Hambrecht	1.047.029	4.06%
Mr. Denis Solvay	313,000	1.21%
PG Invest	70.106	0.27%
Mrs Lieve Van Rompay	30,000	0.35%
Kris Seyssens	48.250	0.19%
Mark Seyssens	35.250	0.14%
Trustcapital	363.816	1.41%
Mrs. Hilde Famaey	38.684	0.15%
Zaum & Partners SC SPRL	425,000	1.65%
Société Régionale d'Investissement de Wallonie	464,500	1.80%
Mr. Don Devo	45.000	0.17%
Mr. Fabian Suarez	17,000	0.07%
Cochiear Investments PTY LTD	3.947.617	15,32%
ResMed	794.235	3.08%
Noshag	65.359	0.25%
Globe CP GmbH	2.941	0.01%
Rudolf Fuchs	44,117	0.17%
Luc Rysbrack	200	0.00%
Bernard Jolly	60.112	0.23%
BM Tesveil	171.500	0.67%
Dematerialised shares (CIK / Euroclear)	8.803.550	34.16%	traded on Europext
Computershare	3.603.123		13,98% traded on Nasdan
TOTAL	25.772.359	100.00%

	Codes	Period
BREAKDOWN OF AMOUNTS PAYABLE WITH AN ORIGINAL TERM OF MORE THAN ONE YEAR, ACCORDING TO THEIR RESIDUAL MATURITY
Current portion of amounts payable after more than one year falling due within one year
Financial debts	8801	442.999,99
Subordinated loans	8811
Unsubordinated debentures	8821
Leasing and other similar obligations	8831
Credit institutions	8841
Other loans	8851	442.999,99
Trade debts	8861
Suppliers	8871
Bills of exchange payable	8881
Advance payments on contracts in progress	8891
Other amounts payable	8901
Total current portion of amounts payable after more than one year falling due within one year	(42)	442.999,99
Amounts payable with a remaining term of more than one year, yet less than 5 years
Financial debts	8802	922.503,36
Subordinated loans	8812
Unsubordinated debentures	8822
Leasing and other similar obligations	8832
Credit institutions	8842
Other loans	8852	922.503,36
Trade debts	8862
Suppliers	8872
Bills of exchange payable	8882
Advance payments on contracts in progress	8892
Other amounts payable	8902
Total amounts payable with a remaining term of more than one year, yet less than 5 years	8912	922.503,36
Amounts payable with a remaining term of more than 5 years
Financial debts	8803	353.340,00
Subordinated loans	8813
Unsubordinated debentures	8823
Leasing and other similar obligations	8833
Credit institutions	8843
Other loans	8853	353.340,00
Trade debts	8863
Suppliers	8873
Bills of exchange payable	8883
Advance payments on contracts in progress	8893
Other amounts payable	8903
Amounts payable with a remaining term of more than 5 years	8913	353.340,00

	Codes	Period
AMOUNTS PAYABLE GUARANTEED (included in accounts 17 and 42/48 of liabilities)

Amounts payable guaranteed by the Belgian government agencies
Financial debts	8921
Subordinated loans	8931
Unsubordinated debentures	8941
Leasing and other similar obligations	8951
Credit institutions	8961
Other loans	8971
Trade debts	8981
Suppliers	8991
Bills of exchange payable	9001
Advance payments on contracts in progress	9011
Remuneration and social security	9021
Other amounts payable	9051
Total of the amounts payable guaranteed by the Belgian government agencies	9061

Amounts payable guaranteed by real securities given or irrevocably promised by the company on its own assets
Financial debts	8922
Subordinated loans	8932
Unsubordinated debentures	8942
Leasing and other similar obligations	8952
Credit institutions	8962
Other loans	8972
Trade debts	8982
Suppliers	8992
Bills of exchange payable	9002
Advance payments on contracts in progress	9012
Taxes, remuneration and social security	9022
Taxes	9032
Remuneration and social security	9042
Other amounts payable	9052
Total amounts payable guaranteed by real securities given or irrevocably promised by the company on its own assets	9062

	Codes	Period
TAXES, REMUNERATION AND SOCIAL SECURITY
Taxes (headings 450/3 and 178/9 of liabilities)
Outstanding tax debts	9072
Accruing taxes payable	9073
Estimated taxes payable	450	6.469,85
Remuneration and social security (headings 454/9 and 178/9 of liabilities)
Amounts due to the National Social Security Office	9076
Other amounts payable in respect of remuneration and social security	9077	560.114,14

ACCRUALS AND DEFERRED INCOME

Allocation of heading 492/3 of liabilities if the amount is significant

Loss provision re call/put option 333.726,00

Period Premium Call/Put 334.427,00 Sponsorship 107.367,00

OPERATING RESULTS

	Codes	Period	Preceding period
OPERATING INCOME
Net turnover
Allocation by categories of activity
Genio System		862.859,70	69.160,00
Allocation by geographical market
Germany		818.584,70	69.160,00
Rest of Europe		44.275,00
Other operating income
Operating subsidies and compensatory amounts received from public authorities	740		190.474,06
OPERATING CHARGES
Employees for whom the company submitted a DIMONA declaration or who are recorded in the general personnel register
Total number at the closing date	9086	24	15
Average number of employees calculated in full-time equivalents	9087	18,5	10,7
Number of actual hours worked	9088	31.749	18.278
Personnel costs
Remuneration and direct social benefits	620	2.613.238,18	1.466.123,25
Employers' contribution for social security	621	714.726,24	278.173,08
Employers' premiums for extra statutory insurance	622	174.354,78	104.979,10
Other personnel costs	623	429.428,32	119.234,29
Retirement and survivors' pensions	624

	Codes	Period	Preceding period

Provisions for pensions and similar obligations Appropriations (uses and write-backs) (+)/(-)	635
Depreciations
On stock and contracts in progress
Recorded	9110
Written back	9111
On trade debtors
Recorded	9112
Written back	9113
Provisions for liabilities and charges
Appropriations	9115	18.073,47	3.270,44
Uses and write-backs	9116	9.697,34
Other operating charges
Taxes related to operation	640	11.626,06	6.476,28
Other	641/8	9.760,76	63.312,95
Hired temporary staff and personnel placed at the company's disposal
Total number at the closing date	9096
Average number calculated in full-time equivalents	9097	0,6	0,1
Number of actual hours worked	9098	988	202
Costs to the company	617	72.007,86	8.932,56

FINANCIAL RESULTS

	Codes	Period	Preceding period

RECURRING FINANCIAL INCOME
Other financial income
Subsidies paid by public authorities, added to the profit and loss account
Capital subsidies	9125
Interest subsidies	9126
Allocation of other financial income
Exchange differences realized	754	8.759,21	13.834,21
Other
Bank charges		21.109,51	11.865,57

RECURRING FINANCIAL CHARGES
Depreciation of loan issue expenses	6501
Capitalised interests	6502	12.973,83	48.160,75
Depreciations on current assets
Recorded	6510		846.916,46
Written back	6511
Other financial charges
Amount of the discount borne by the company, as a result of negotiating amounts receivable	653	9.351,00	3.458,00
Provisions of a financial nature
Appropriations	6560
Uses and write-backs	6561
Allocation of other financial costs

INCOME AND CHARGES OF EXCEPTIONAL SIZE OR FREQUENCY

	Codes	Period	Preceding period

NON-RECURRING INCOME	76
Non-recurring operating income	(76A)
Write-back of depreciation and of amounts written off intangible and tangible fixed assets	760
Write-back of provisions for extraordinary operating liabilities and charges	7620
Capital profits on disposal of intangible and tangible fixed assets	7630
Other non-recurring operating income	764/8
Non-recurring financial income	(76B)
Write-back of amounts written down financial fixed assets	761
Write-back of provisions for extraordinary financial liabilities and charges	7621
Capital profits on disposal of financial fixed assets	7631
Other non-recurring financial income	769

NON-RECURRING CHARGES	66	-5.768.391,64	-5.518.984,31
Non-recurring operating charges	(66A)	-7.587.260,00	-6.481.500,52
Non-recurring depreciation of and amounts written off formation expenses, intangible and tangible fixed assets	660
Provisions for extraordinary operating liabilities and charges: appropriations (uses) (+)/(-)	6620
Capital losses on disposal of intangible and tangible fixed assets	6630
Other non-recurring operating charges	664/7
Non-recurring operating charges carried to assets as restructuring costs (-)	6690	-7.587.260,00	-6.481.500,52
Non-recurring financial charges	(66B)	1.818.868,36	962.516,21
Amounts written off financial fixed assets	661	1.818.868,36	962.516,21
Provisions for extraordinary financial liabilities and charges - appropriations (uses) (+)/(-)	6621
Capital losses on disposal of financial fixed assets	6631
Other non-recurring financial charges	668
Non-recurring financial charges carried to assets as restructuring costs (-)	6691

Period

TAXES

	Codes	Period
INCOME TAXES
Income taxes on the result of the period	9134	10.504,25
Income taxes paid and withholding taxes due or paid	9135	4.034,40
Excess of income tax prepayments and withholding taxes paid recorded under assets	9136
Estimated additional taxes	9137	6.469,85
Income taxes on the result of prior periods	9138
Additional income taxes due or paid	9139
Additional income taxes estimated or provided for	9140

Major reasons for the differences between pre-tax profit, as it results from the annual accounts, and estimated taxable profit
Rejected expenses		2.112.834,85

Influence of non-recurring results on income taxes on the result of the period

	Codes	Period
Sources of deferred taxes
Deferred taxes representing assets	9141	78.982.920,39
Accumulated tax losses deductible from future taxable profits	9142	78.982.920,39
Deferred taxes representing liabilities	9144
Allocation of deferred taxes representing liabilities

	Codes	Period	Preceding period
VALUE-ADDED TAXES AND TAXES BORNE BY THIRD PARTIES
Value-added taxes charged
To the company (deductible)	9145	1.786.455,10	765.831,32
By the company	9146	1.782,75	630,00
Amounts withheld on behalf of third party by way of
Payroll withholding taxes	9147	768.239,18	635.794,64
Withholding taxes on investment income	9148

N°.	0817.149.675	NYXOAH		C-c 6.14
		RIGHTS AND COMMITMENTS NOT REFLECTED IN THE BALANCE SHEET
			Codes	Period
		PERSONAL GUARANTEES PROVIDED OR IRREVOCABLY PROMISED BY THE COMPANY AS SECURITY FOR DEBTS AND COMMITMENTS OF THIRD PARTIES	9149
Of which
		Bills of exchange in circulation endorsed by the company	9150
		Bills of exchange in circulation drawn or guaranteed by the company	9151
		Maximum amount for which other debts or commitments of third parties are guaranteed by the company	9153
	REAL GUARANTEES
	security of debts and commitments of the company	Real guarantees provided or irrevocably promised by the company on its own assets as
	Mortgages
		Book value of the immovable properties mortgaged	91611
		Amount of registration	91621
		For irrevocable mortgage mandates, the amount for which the agent can take registration	91631

Maximum amount up to which the debt is secured and which is the subject of registration ..................................................................................................................................... For irrevocable mandates to pledge goodwill, the amount for which the agent can take the inscription ...................................................................................................................................... 91721 91711 Pledging of goodwill Pledging of other assets or irrevocable mandates to pledge other assets Book value of the immovable properties mortgaged ...................................................................... Maximum amount up to which the debt is secured ........................................................................ 91811 91821 Guarantees provided or irrevocably promised on future assets Amount of assets in question ......................................................................................................... Maximum amount up to which the debt is secured ......................................................................... 91911 91921 Vendor's privilege Book value of sold goods ............................................................................................................... Amount of the unpaid price ............................................................................................................ 92011 92021

	Codes	Period
Real guarantees provided or irrevocably promised by the company on its own assets as security of debts and commitments of third parties
Mortgages
Book value of the immovable properties mortgaged	91612
Amount of registration	91622
For irrevocable mortgage mandates, the amount for which the agent can take registration	91632
Pledging of goodwill
Maximum amount up to which the debt is secured and which is the subject of registration	91712
For irrevocable mandates to pledge goodwill, the amount for which the agent can take the inscription	91722
Pledging of other assets or irrevocable mandates to pledge other assets
Book value of the immovable properties mortgaged	91812
Maximum amount up to which the debt is secured	91822
Guarantees provided or irrevocably promised on future assets
Amount of assets in question	91912
Maximum amount up to which the debt is secured	91922
Vendor's privilege
Book value of sold goods	92012
Amount of the unpaid price	92022

N°. 0817.149.675 NYXOAH C-c 6.14

Codes	Period





9213
9214
9215
9216

Period COMMITMENTS RELATING TO TECHNICAL GUARANTEES IN RESPECT OF SALES OR SERVICES

N°.	0817.149.675	NYXOAH	C-c 6.14
			Period
	AMOUNT, NATURE AND FORM CONCERNING LITIGATION AND OTHER IMPORTANT COMMITMENTS

	Vairiable part RCA région wallonne		6.921.048,00

SETTLEMENT REGARDING THE COMPLEMENTARY RETIREMENT OR SURVIVORS' PENSION FOR PERSONNEL AND BOARD MEMBERS

Brief description

Pension plan

The company Nyxoah has set up an additional pension plan for the benefit of all its employees since the year 2012. This pension plan is a so-called "defined contribution" plan and is outsourced and financed by a group insurance contract (a pension fund). This plan defines the payment of contributions paid by the employer. The goal is to finance a capital that will be paid out to employees in case of life at the age of 65.

Employer's allowances and personal contributions are paid periodically to the organization responsible for financing the pensions. According to Belgian legislation, the employer must guarantee a minimum return on both the employer's allowances and the personal contributions. At the balance sheet date, the insurance company informed us that there is no underfunding of the legal reserves compared to the mathematical reserves. The calculation method corresponds to the underfunding determined according to the intrinsic value method. This method consists of comparing the reserves defined in the pension plan and available in the individual contracts at the balance sheet date with the individual minimum reserve calculated at the balance sheet date. The negative difference determines the individual underfunding at the balance sheet date. The total underfunding is the sum of the individual underfunding.

Measures taken to cover the related charges

	Code	Period
PENSIONS FUNDED BY THE COMPANY ITSELF
Estimated amount of the commitments resulting from past services	9220	80.175,00
Methods of estimation


		Period
NATURE AND FINANCIAL IMPACT OF SIGNIFICANT EVENTS AFTER THE CLOSING DATE not reflected in the balance sheet or income statement

0817.149.675	NYXOAH	C-c 6.14
		Period
SALE OR PURCHASE	COMMITMENTS TO PURCHASE OR SALE AVAILABLE TO THE COMPANY AS ISSUER OF OPTIONS FOR
Call on currencies		2.500.000,00
Put on currencies		30.000.000,00

		Period
REFLECTED IN THE BALANCE SHEET	NATURE, COMMERCIAL OBJECTIVE AND FINANCIAL CONSEQUENCES OF TRANSACTIONS NOT
	If the risks and benefits resulting from such transactions are of any meaning and if publishing such risks and benefits is necessary to appreciate the financial situation of the company

		Period
	OTHER RIGHTS AND COMMITMENTS NOT REFLECTED IN THE BALANCE SHEET (including those that

cannot be calculated) Rental garantee 46.275,00

	Codes	Period	Preceding period
AFFILIATED COMPANIES
Financial fixed assets	(280/1)	64,48	62,69
Participating interests	(280)	64,48	62,69
Subordinated amounts receivable	9271
Other amounts receivable	9281
Amounts receivable	9291	1.226.873,58
Over one year	9301
Within one year	9311	1.226.873,58
Current investments	9321
Shares	9331
Amounts receivable	9341
Amounts payable	9351	1.613.952,95	744.182,69
Over one year	9361
Within one year	9371	1.613.952,95	744.182,69
Personal and real guarantees
Provided or irrevocably promised by the company as security for debts or commitments of affiliated companies	9381
Provided or irrevocably promised by affiliated companies as security for debts or commitments of the company	9391
Other significant financial commitments	9401
Financial results
Income from financial fixed assets	9421
Income from current assets	9431
Other financial income	9441
Debt charges	9461
Other financial charges	9471
Disposal of fixed assets
Capital profits realised	9481
Capital losses realised	9491

RELATIONSHIPS WITH AFFILIATED COMPANIES, ASSOCIATED COMPANIES AND OTHER COMPANIES LINKED BY PARTICIPATING INTERESTS

	Codes	Period	Preceding period
ASSOCIATED COMPANIES
Financial fixed assets	9253
Participating interests	9263
Subordinated amounts receivable	9273
Other amounts receivable	9283
Amounts receivable	9293
Over one year	9303
Within one year	9313
Amounts payable	9353
Over one year	9363
Within one year	9373
Personal and real guarantees
Provided or irrevocably promised by the company as security for debts or commitments of affiliated companies	9383
Provided or irrevocably promised by affiliated companies as security for debts or commitments of the company	9393
Other significant financial commitments	9403
COMPANIES LINKED BY PARTICIPATING INTERESTS
Financial fixed assets	9252
Participating interests	9262
Subordinated amounts receivable	9272
Other amounts receivable	9282
Amounts receivable	9292
Over one year	9302
Within one year	9312
Amounts payable	9352
Over one year	9362
Within one year	9372

TRANSACTIONS WITH AFFILIATED PARTIES BEYOND NORMAL MARKET CONDITIONS

Mention of these transactions if they are significant, including the amount of the transactions, the nature of the link, and all information about the transactions that should be necessary to get a better understanding of the financial situation of the company

Nihil

NYXOAH

FINANCIAL RELATIONSHIPS WITH

	Codes	Period
DIRECTORS AND MANAGERS, INDIVIDUALS OR LEGAL PERSONS WHO CONTROL THE COMPANY DIRECTLY OR INDIRECTLY WITHOUT BEING ASSOCIATED THEREWITH, OR OTHER COMPANIES CONTROLLED DIRECTLY OR INDIRECTLY BY THESE PERSONS
Amounts receivable from these persons	9500
Principal conditions regarding amounts receivable, rate of interest, duration, any amounts repaid, cancelled or written off
Guarantees provided in their favour	9501
Other significant commitments undertaken in their favour	9502
Amount of direct and indirect remunerations and pensions, reflected in the income statement, as long as this disclosure does not concern exclusively or mainly, the situation of a single identifiable person
To directors and managers	9503	204.556,91
To former directors and former managers	9504

	Codes	Period
THE AUDITOR(S) AND THE PERSONS WHOM HE (THEY) IS (ARE) COLLABORATING WITH
Auditors' fees	9505	38.000,00

Fees for exceptional services or special assignments executed within the company by the auditor
Other audit assignments	95061	4.000,00
Tax consultancy assignments	95062
Other assignments beyondthe audit	95063	232.000,00

Fees for exceptional services or special assignments executed within the company by people the auditor(s) is (are collaborating with
Other audit assignments	95081
Tax consultancy assignments	95082
Other assignments beyondthe audit	95083

Mentions related to article 3:64, § 2 and § 4 of the Belgian Companies and Associations Code

DECLARATION WITH REGARD TO THE CONSOLIDATED ANNUAL ACCOUNTS

INFORMATION TO DISCLOSE BY EACH COMPANY GOVERNED BY THE BELGIAN COMPANIES AND ASSOCIATIONS CODE ON THE CONSOLIDATED ANNUAL ACCOUNTS

The company has prepared and published consolidated annual accounts and a consolidated annual report*

The company has not prepared consolidated annual accounts and a consolidated annual report, because of an exemption for the following reason(s)*

The company and its subsidiaries exceed, on a consolidated basis, not more than one of the criteria mentioned in article 1:26 of the Belgian Companies and Associations Code*

The company only has subsidiaries that, considering the evaluation of the consolidated capital, the consolidated financial position or the consolidated result, individually or together, are of negligible interestError! Bookmark not defined. (article 3:23 of the Belgian Companies and Associations Code)

The company itself is a subsidiary of a parent company that prepares and publishes consolidated annual accounts, in which the annual accounts are integrated by consolidation*

Name, full address of the registered office and, if it concerns companies under Belgian law, the company registration number of the parent company(ies) and the indication if this (these) parent company(ies) prepares (prepare) and publishes (publish) consolidated annual accounts, in which the annual accounts are included by means of consolidation**:

If the parent company(ies) is (are) (a) company(ies) governed by foreign law, the location where the abovementioned annual accounts are available**:

^* Strike out what does not apply.

^** Where the annual accounts of the company are consolidated at different levels, the information should be given, on the one hand at the highest and on the other at the lowest level of companies of which the company is a subsidiary and for which consolidated accounts are prepared and published.

FINANCIAL RELATIONSHIPS OF THE GROUP THE COMPANY IS IN CHARGE OF IN BELGIUM WITH THE AUDITOR(S) AND THE PERSONS WITH WHOM HE (THEY) IS (ARE) LINKED

	Codes	Period
Mentions related to article 3:65, § 4 and § 5 of the Belgian Companies and Associations Code Fees to auditors according to the mandate at the group level led by the company publishing the information	9507	79.000,00
Fees for exceptional services or special missions executed by the auditor(s) at this group
Other audit assignments	95071	268.000,00
Tax consultancy assignments	95072
Other assignments beyondthe audit	95073
Fees to people auditors are linked to according to the mandate at the group level led by the company publishing the information Fees for exceptional services or special assignments executed at this group by people the	9509
auditor(s) is (are) linked to
Other audit assignments	95091
Tax consultancy assignments	95092
Other assignments beyond the audit	95093

Mentions related to article 3:64, § 2 and § 4 of the Belgian Companies and Associations Code

VALUATION RULES

The annual accounts have been drawn up in accordance with the Royal Decree of 29 April 2019 regarding the implementation of the Code of Companies and Associations.

The annual accounts give a true and fair view of the assets, liabilities, financial position and results of the company. The amounts relating to the financial year are established in a consistent way with those of the previous financial year.

Assets and liabilities are valued in accordance with article 3:108 of the Royal Decree of 29 April 2019 on the assumption that the company will continue as a going concern.

Each component of the assets and liabilities is valued separately. Depreciations, write-off and revaluations are specific to each asset to which they relate. Provisions for liabilities and charges are individualized. Valuations, depreciations, write-off and provisions for liabilities and charges meet the requirements of prudence, sincerity and good faith.

The valuation rules have been modified compared to the previous financial year for the following areas:

-Intangible assets

-Cash Flow hedges

There is no impact on the annual accounts related to these modifications to mention.

Formation expenses amortized over a period of 5 years.

Formation expenses will be amortized over a period of 5 years as from the finalization of the capital round.

Intangible assets

Intangible fixed assets are stated at net book value, i.e. the acquisition value less depreciations and write-downs recorded. If they were set up by the company itself, they are recorded at the lower of cost or production cost, or at a conservative estimate of their value in use, with an estimate of future yield acting as a ceiling.

Intangible assets are amortized on a straight-line basis. The following amortization percentage applies: 20%

Research and development expenses - Patents

The development costs are capitalized as intangible asset on the balance sheet if the potential profitability are identifiable and probable. Development expenses will be capitalized for the first time in the year in which the CE mark is obtained.

Research and development expenses - Device treating Obstructive Sleep Apnea.

The development costs were capitalized as intangible asset on the balance sheet if the potential profitability are identifiable and probable. Part of the capitalization will stop following the sales made. Nevertheless, part of the capitalization will continue, i.e.: indirect and direct costs of clinical studies conducted in Europe, United-States and Australia ; Development costs incurred in Israel.

Research and development costs are amortized over the estimated life of the Genio system based on the expiration of the last patent of this technology. The company concludes that the useful life of the technology and related improvements is at least 14 years from January 1, 2021.

Property, plant and equipment

Fixed assets are stated at net book value, i.e. the acquisition value less depreciations and impairments.

Fixed assets are depreciated using the straight-line method. Additional costs are immediately recognized in the income statement. The following depreciation percentages apply:

Computer hardware: 33%.

Fitting-out of rented buildings 20%

Machinery and tools 20%.

Furniture 10%

Interest expenses are not included in the acquisition value .

Property, plant and equipment that are no longer in use or that have no planned use on a long-term basis for the company's business are, where applicable, subject to exceptional depreciation or impairment to bring their valuation into line with their probable realizable value. Long-term financial assets

Financial fixed assets are valued at their acquisition cost and impairments are accounted for in case sustainable minus values are identified considering applicable circumstances, considering expected profitability or perspectives for which the investment or shares are held.

Guarantees are booked at their nominal value.

Write-off are applied to receivables included in financial fixed assets in the event of uncertainty regarding the payment of those on the due date.

Receivables

Receivables are recorded in the balance sheet at their nominal value. Receivables are subject to write-off in the event of uncertainty as to the payment of all or part of the receivable on the due date.

? VALUATION RULES

Receivables are recorded in the balance sheet at their nominal value taking into consideration liabilities recorded in accruals and deferred income on the basis of pro rata temporis of interest:

a. interest conventionally included in the nominal value of the receivables;

b. the difference between the acquisition value and the nominal value of the receivables;

c. the discounting of non-interest-bearing or abnormally low-interest receivables,

Cash and cash equivalents

Cash and cash equivalents are recorded at their nominal value. Write-off are applied if their realizable value is lower than their nominal value on the closing date of the financial year. Additional write-off are booked in the same way as for investments. Accrued charges and deferred income

Income and expenses relating to the financial year or to the previous financial years are taken into account, regardless of the date of payment or collection of such income and expenses, unless the actual collection of such income is uncertain. If income or expenses are significantly influenced by income or expenses attributable to another financial year, this is mentioned in the notes to the accounts. Statement of liabilities

Recoverable advances

Recoverable advances contracted with the Direction Générale d'Aide à la Recherche de la Région Wallonne (DGO6) are recognized as other operating income in the fiscal year in which the Company obtains confirmation of the settlement of the DGO6's claims. When the Company decides to use the results of the research or development project (decision subject to written notification by the Company to DGO6), the portion of the recoverable cash advance that is repayable at the time of the decision to start using the results of the research or development project independently of sales (i.e. 30% of the recoverable advance) will be recognized as a debt on the balance sheet. The remaining 70% of the amount of the recoverable advance, which is repayable based on sales, will be recorded as an off-balance

VALUATION RULES

sheet item.

Accrued charges and deferred revenues

These debts are valued at their nominal value. These debts do not include any long-term debts, either interest-free or with a low interest rate. If this is the case, a discount must be applied to these debts that should be capitalized.

Transactions in foreign currencies

Transactions in foreign currencies are translated at the exchange rate applicable at the date of the transaction.

Non-current assets and shareholders' equity are translated into euros at the historical exchange rate.

Other assets and liabilities in foreign currencies are translated into euros at the exchange rate applicable at the balance sheet date.

Realized and unrealized exchange differences are immediately recognized in the income statement.

Cash flow hedges

The effects of changes in the fair value of cash flow hedges are recognized as off-balance sheet commitments and disclosed in the notes to the financial statements. In the case of cash flow hedges (Call & Put; Swaps); premiums received are recorded in an accrual account; changes in financial instruments are recorded in the income statement.

Income and expense recognition

Income and expenses related to the disposal of an asset will be recognized in the year in which the main risks and rewards on the asset are transferred to the purchaser. In principle, the transfer of the main risks and rewards correspond to the transfer of ownership of the asset or, if it is separated from it, to the transfer of the risks of loss or deterioration of the asset.

With respect to the provision of services, the income and expenses related to the provision of services will be allocated to the financial year in which the essential part of the service is performed.

Expenses will be recognized as they are incurred. Invoiced expenses that are related to the following financial year will be accounted for on an deferred charges account on the assets side of the balance sheet.

Justification of the application of the continuity accounting rules

The company has a loss carried forward of 82 million on its balance sheet. We confirm in this report, in accordance with Article 3:6 6° of the Code of Companies and Associations (Book 3, Title 1, Chapter 1, Section 2), the application of the going concern principle for the accounting. We believe that the going concern assessment is justified because the losses carried forward result from the fact that the Company is still in the development phase. The sales have started at the end of 2020. Nevertheless, during this year, the Company devoted most of its resources to the development of the Genio product.

The Company strengthened its cash position in July 2021 following the completion of its initial public offering on the Nasdaq. This transaction allowed the company to raise €85.1 million. However, given the significant research & development activities, the Board of Directors analysed the evolution of the cash position in order to ensure that it was sufficient to meet the Company's commitments until that date. Based on the assumptions used by the Board of Directors in forecasting cash inflows and outflows, the analysis shows that the company has sufficient financial resources to carry out its activities over the coming years. Intangible

There is one development project: the Genio® system. The Company has capitalized a total of KEUR 23,690 as at 31 December 2021 (2020: KEUR 14 485) related to the first generation of the Genio® system. During 2020, the Company launched the commercialization of Genio® system in Europe. As at 31 December 2020, the Company was still in the early stage of the commercialization and production in

that region. The Company will start amortizing the first-generation Genio® system as from 1 January 2021. In accordance with the accounting principle, the intangible assets have to be tested annually for impairment during the development period, prior to the start of its amortization. The Genio® system is currently the unique product line developed by the Company and the Company determined that it has only one cash generating unit for which a value in use analysis has been performed. The discount rate and growth rate (in perpetuity) used are respectively 11% and 3.5%. The discount has been determined by reference to the analyst reports covering the Company which are publicly available.

Based on the current operating budget as approved by the Board of Directors, the Company's management prepared cash flow forecasts, which covers a six-year period and an appropriate extrapolation of cash flows beyond this 2028. A sensitivity analysis has been performed concluding that no reasonable change in the WACC and/or the long-term growth rate would not lead to an impairment. In conclusion, and following the impairment test carried out, no impairment should be made.

Qutcome	Baseline (n=22)	G-months (n=22)	Mean Difference (95% CI)	P-value
AHI. events/hour	$23.7 \pm (12.2)$	$12.9 \pm (10.1)$	$10.8 \pm (14.6 \text{ to } 7.0)$	0.0001
ODI, events/hour	$19.1 \pm (11.2)$	$9.8 \pm (6.9)$	$9.3 \pm (13.1 \text{ to } 5.5)$	$-0.0001$
FOSQ-10	$15.3 \pm (3.3)$	$17.2 \pm (3.0)$	$1.9 \pm (0.4$ to 3.4)	0.0157

Outcome	Baseline (n=22)	$6$ -months (n=22)	Mean Difference (95% CI)	P-value
ESS	$11.0 \pm (5.3)^{*}$	$8.0 \pm 15.4$	$3.0 \pm (5.7 \text{ to } 0.8)$	0.0113
SaO2<90%, % time	$5.0 + (6.0)$	$2.1 + (3.0)$	7.91(4.6 to 1.3)	0.0015
Arousal Index, events per hour	$28.7 \pm (11.5)$	$15.0 \pm (8.0)$	$12.7 \pm (16.6 \text{ to } 8.9)$	0.0001
Sleep efficiency (%)	$8.1.0 \pm (10.8)$	$87.3 \pm (8.9)$	$3.2 \pm (0 - 01$ to $6.4)$	0.0494
Responder rate (Sher Criteria) at 6-month.		11 patients out of 22 (50%)	NA

		As of 31 December
	2021	2020	Variation	Variation [%]
ASSETS
Formation expenses	11,709,906	6,149,831	5,560,025	90元
Fixed assets
Intangible assets	23,085,979	14.485,404	8,600,575	50%
Property, plant & equipment	1,532,807	293,159	1,239,648	423%
Financial assets	24,164	18,091	6,073	74%
	24,642,950	14,796,654	9,846,296	67%
Current assets
Stork	345,998	55,435	290,563	524%
Receivable	532,770	595,238	$-52.468$	$-9%$
	978,768	750,673	228,095	30%
Cash	131, 247, 463	90,446,826	40,800,637	45%
Prepaid charges	1,544,893	97,126	1,547,767	1,594%
Total assets	170,223,980	112,241,160	57,982,820	52%

		As of 31 December
	2021	2020	Variation	Variation (%)
EQUITY AND LIABILITIES
Equity	154.065,475	105,771,637	58.293.838	55%
Provisions and deferred taxes	11,547	3,270	8,377	256%
Long term debt	1,275,843	1,537,177	$-261,334$	$-17%$
Short term debt
Short term debt	443,000	544,567	$-101,667$	$-19%$
Account payable	2.470,070	2.806.375	$-335,309$	$-12%$
Remuneration	566,584	479,345	87,239	18%
Other debt	387,079	744,183	$-357,104$	$-48%$
	3,866,733	4,574,574	$-707,841$	$-15%$
Accrual and deterred income	1,004,282	354,502	649,779	184%
Total equity and liabilities	170,223,980	112,241,160	57,982,820	52%

Agreement	Amount (Contract)	Amount received	initial Debt	Amount reimbursed	LT Debt	ST Debt
6472	1.600.000.00	1 600,000.00	480,000 00	450,000.00	0.00	30,000.00
6839	2,160,000.00	2 160,000.00	648,000.00	184,000.00	224,000.00	240.000.00
6840	2,400,000.00	2.400,000.00	720,000.00	135,000.00	510,000.00	75,000.00
7388	1,456.701.00	1 466,701.00	440,010 00	29,334.00	395,009.00	14,667.00
Total	7,626,701.00	7,626,701.00	2,285,010.00	798,334.00	1,130,009.00	359,667.0

	As of 31 December
	2021	2020	Varietion	Variation 36
Income statement
Revenue
Turnover	852,860	69,160	793,700	1, 148%
Increase (decrease) in stock and in contracts in progress.	290.563	55,435	$735 - 78$	424%
Cther operating income	980,125	977,033	3,092	0%
Produced Fixed assets	9,502.672	9,381,248	121,424	$1\%$
	11,636,220	10,482,876	1,153,344	11%
Operating costs
COGS	$-303,485$	$-30,080$	$-273,405$	979%
Work in Progress	0.00	$-55,435$	55,435	$-130%$
Research and development costs.	$-23,530,444$	$-14, 253, 789$	$-9,276,655$	55%
- Services and other encits.	$-22, 285, 873$	$-13,147,814$	$-9,135,059$	70%
- Remuneration, social security and pensions	$-1, 244, 521$	$-1,105,975$	$-138,546$	13%
Cverhead costs	$-20.138.389$	$-11,088,313$	$-9.049.576$	32%
- Services and other eoods	$-17,451,163$	$-10, 226, 275$	$-7,224,837$	71%
- Remuneration, social security and pensions	$-2,637.226$	$-862.537$	$-1.824.639$	212%
Depreciation	$-3,046,552$	$-440,339$	$-2,606,213$	592%
Provisions for labilities and charges	$-8.376$	$-3,270$	$-5,106$	156%
Other operating costs	$-21.387$	$-69.789$	45,404	$-59%$
Non recurring operating or financial charges	7,587,260	6,481,501	1,105,759	17%
Operating loss	$-27,825,103$	$-8,977,137$	$-18,847,966$	210%
Financial income	3,669,661	115,404	3,554,257	3080%
Financial charges	$-2,855,365$	$-2, 263, 321$	$-592,044$	26%
Income taxes	$-10,504$	$-521$	$-9,833$	1592%
Lass of the period	$-27.021.311$	$-11.125.675$	$-15,895,636$	140%

Loss to be carried forward:	(82, 549, 526)
Profit (loss) of previous years:	(55,538,215)
Profit (loss) of the year:	(27.021.311)

Name.	Position	Start of Term	End of Term
Robert Taub	Non-executive Director / Chairman of the Roard or Directors	2020	Annual general shareholders' meeting of 2024
Kevin Rakin	Independent Non- executive Director	2020	Annual general shareholders' meeting of 2024
Donald Devo	Independent Non- executive Director	2020	Annual general shareholders' meeting of 2024
Jürgen Hambrecht	Independent Non- executive Director	2020	Annual general shareholders' meeting of 2024
Rita Johnson-Mills	Independent Non- executive Director	2021	Annual general shareholders' meeting of 2024
Pierre Gianello	Non-executive Director	2020	Annual general shareholders' meeting of 2024
Jan Janssen	Non-executive Cirector	2020	Annual general shareholders' meeting of 2024
Olivier Taelman	Executive Director / CEO		Annual general shareholders' meeting of 2024

Hoard members	14/11/17/11/1	111 814 (2012)	08/04/2321	21/05/2021	E4/06/2021	アゾロリオマ1	27,800/2021	BIG TH/ATT	17/09/2021	19/11/2021
Hooset laub	Fresent	Pre Lard	Frecent	Precent	Present	Present	Present	Passent	2.00011	Fresent
Janke Dictmen-11	Fresent	Pre cort	Fresent	Precant	Present	Precent	N/J	NiA	N/F.	N/A
Ke vir. Barcis.	Entre té	PER LINET	Freshot	Present	Present	Replacement	Present	Repairs and State Co.	Represented	Fresent
Jurger, Namprecht	Fresent	Pre cont	Fresent	Precent	Present	Keg recented	Present	Representac	$2$ 'etert	Fresent
Finnald Deva	Enrice to	Pre cent	Freshor	Present	Present	Replacement	Present	Represented.	Represented	Fresent
Fita .o in so in Mills (2)	N/A	N/A	N/A	N/A	N/A	h/A	P'ese et		Reciesented Represented	Frese it
Plane Glane In	Environ	Present	Freshor	Present.	Present	Replacement	Present	К ермантинг	Represented	For self
Jar Janssen	Frese it	Present	Fresent	Present	Present	Represented	Present	Reguesented	Represented	Fresent
Olivier Teel han	Frese is	Present	Fresent	Present	Present	Piesent	Pesent	Pacient	Present	Fresent

Audit committee members	08/04/2021	15/04/2021	15/06/2021	06/08/2021	15/12/2021
Kevin Rakin	Fresent	Present	Present	Present	Present
lingen Hambrecht	Fresent	Present.	Present	Present	Present
Donald Devo	Fresent	Present	Present	Present	Fresent

Remuneration committee members	02/04/2021	22/06/2021	17/09/2021	03/11/2021	15/11/2021
Robert Taub	Fresent	Prasent	Present	Fresent	Present
Jürgen Hambrecht	Fresent	Prasent	Present	Absent	Fresent
Donald Deyo (1)	Present	Present	Present	N/A	N/A
Rita Johnson-Mills (2)	N/A	NAY	N/A	Present	Present

Nominating and corporate
governance committee members	02/04/2021	22/06/2021	17/09/2021	24/03/2021	12/11/2021
Robert Taub	Fresent	Present	Present	Fresent	Present
Jürgen Hamprecht	Fresent	Present	Present	Present	Absent
Donald Deyo (1)	Fresent	Present	Present	N/A	N/A
Rita Johnson-Mills (2)	N/A	NA	N/A	Present	Present

Name	Position
Olivier Taelman	CEO
Loïc Moreau	CFO

DIRECTORS
Remuneration component	Short description of main provisions
Base remuneration	Chairman of the Board - Non-executive director	Annual fixed fee of £50,000
	independent non-executive directors.	Annual fixed fue of £25,000
	Other non-executive directors.	Annual fixed fee of £25,000
	Chairman of the audit committee	Annual fixed fee of £5,000
	Members of audit committee	Annual fixed fee of E 2,500
	Members of remuneration committee	Annual fixed fee of £2,500
	Members of science & technology committee	Annual fixed fee of £2,500
	Members of the nominating and corporate governance committee	No feu
	Members of Cochlear project steering committee	Annual fixed fee of £10,000
	Executive directors:	Not remunerated for mandate as executive director; remunerated as member of executive management
Fringe benefits	Non-executive directors	Reimbursement of reasonable out-of-pocket expenses (including travel and hotel expenses]

MEMBERS OF EXECUTIVE MANAGEMENT
Remuneration component	Short description of main provisions.
Pase remuneration.	Fixed amount
Tringe benefits	Company car, laptop, phone, representation allowance
Age and risk provisions.	Pension plan (fixed contribution); health insurance
Short term incentive (STI)	Yearly performance bonus, as further detailed below
ong term incentive (LTI).	Participation in share option plans, as further detailed below.
Short term incentive plan: YEARLY PERFORMANCE BONUS
Main provisions	Short description
Performance cycle	One calendar vear
Target bonus	NG.
Performance criteria and corresponding payout PUP ₅	One or more individual or Company performance criteria (objectives) are her ignored For each objective, a target and corresponding payout level are determined: - If objective is 100% achieved: full payout of targeted payout level - If objective is achieved <75%; in principle no payout (but Board can decides otherwise) - If objective is achieved > 75% and <125%; payout between 75% and 125%, based on linear calculation - If objective is achieved >125%; board can decide paybut >125%.
Calculation of bonus.	The total bonus is composed of the sum of the payour levels related to the verious performance criteria (if more than one)
Payment modalities	Payment in cash or equivalent (but not in Company warrants). 100% of the bonus is paid at once.

Long term incentive plan: SHARE OPTION PLANS
Main provisions	Short description
Frequency of offer	No pre-set frequency
³ erformance cycle	NA.
Target number of offered share options	NG.
Exercise price	Value of underlying shares at date of offer of share options.
Exercise puriod	Five vears from date of offer of share options.
and corresponding Performance criteria. offering levels	NA.
Calculation of number of offered share aptions.	NG.
Vesting	Options issued prior to 2021: vesting in three tranches: - 1/3 of offered share options vests upon offer
	- 1/3 of offered share options vests on first anniversary of offer - 1/3 of offered share options vests on second anniversary of offer- Options issued pursuant to 2021 plan: vesting in four tranches: - 1/4 of offered share options vests upon offer - 1/4 of offered share options vests on first anniversary of offer
	- 1/4 of offered share options wests on second anniversary of offer- - 1/4 of offered share options vests on third anniversary of offer-
Retention	NG.

Name, position		Fixed remuneration			Vanable remuneration
	Base remunera- tion	Attendance fpas	Fringe benefits	Cap- ycar variable	Multi- year variable	Extra- ord nary hems.	Pension expense	Total remuneration	Proportion of fixed and variable remuneration
Robart Taub. his ye-	52.500,00		9.150.54						Fixed:	100,00%
executive CINACORA!	(c)	0.07	(e)	C.00	0.01	0.00	0,03	61.630.54	Variable:	3.00%
Janke Dittmen	C,UO								Fixed:	N/c
AICI7- EXELULIVE director	(b)	0.07	0.00	D,00	0.01	0.00	0,00	0,00	Variable:	N/c
Jürgen Hamborcht	30.000.00								Tixed:	100.00%
NGT- EXPOUTIVE director	(c)	0.07	0.00	C.00	0.01	0.0C	0,03	30.000,00	Variable:	0,00%

Keyin Rakin	30.000,00								Fixed	100,00%
Nicm PERMINE director	(c)	0.00	0.00	0,00	0,01	0.00	0,00	30.000,00	Variable:	1,10%
Donald Devo har.ve-	40 811.53	0.00	0.00	0.00	0.07	0.0C	0,03	40.833.33	Tixed:	100.00%
EXICUTIVE director	候								Variable:	0.00%
Rita Johnson-	9.156,67								Fixert:	100,00%
Mills Non- EXICUTIVE	u)	0.07	0.0C	0.001	0,0.7	0.00	0,07	9.156,67
director									Variable:	3,00%
Pierre Gianello - Final gre	86.536,68 (d)	U.UL	0.00	D,UU	0,01	U.UL	0, 0.1	86.536,68
Non EXECUTIVE director	27.500,00 停	0.00	0.00	00.1	0.01	0.00	0.01	27.500.00
Pierre Glanello	114.096,68	0.00	0.00	0,00	0,01	0.00	0,00	114.096,68	Tixed:	100,00%
TOTAL									Variable:	3,00%
lan lanssen Non-	27.530,00	0.00	0.00		0,01	0.00	0,00	27.500,00	Fixedi	100,00%
PERMITHE director	(c)			0,00					Variable:	3,00%
Olivier Taciman (*) Formine director, CFO	0.00	0.07	0.00	0.001	0,07	0.05	0,07	0,00

					2021 board fees
	Fixed annual fee for $101 -$ avecut va chairman	Fixed annual tee for independent $non-$ executive di-ector	Eixed leunna tee for other $101 -$ evecutive director	Fxed annual fee 10 ² chairman. of audit committee	Fixed annual fee tor merr ber of audit committee	Fixed annual fee for member of remuneration committee	Fixed annual fee for member of science z. technology committee	Tixed annual fee for member of. Cochlear project steering committee	Total
Robert Taub	50,000,00					2.500,00			\$2,500,00
Janke Dittme ^*									0.00
Jürgen Hambrecht		25.000,00			2,500.00	2.500,00			30 000,00
Kevin Rakio		25.000,00		5,000.00					30,000,00
Docald Deyo		25.000.00			2,500.00	1.665.67	2.500.00	9.165.57	40 833.33
Rita Johnson- Mills		8.333,33				833,33			9 156,57
Pierre Gianello			25.000,00				2.500,00		27 500,00
lan anssen			25,000.00				2.500,00		27.500,00

	TABLE 2 - TOTAL REMUNERATION MEMBERS OF EXECUTIVE MANAGEMENT We ristble
	Fixed remuneration				remunaration
Name, position	Bow DESTURBANCH- tion	Attendence Facs	Fringe barefit:	Опе-тент variable	Multi-year variable	Fairs- ordinary items	Panticn crocnse	ota! renuneration	Proportion of fixed and variable remuneration
O ivier Taalman	412.722.16	NA.	17.747,61	287 381.14	r.m fiik (r)	0.00	17 682 TO ω	730.532.91	813021	60,66%
CEO			(r)						Vanable:	39,34%
Fabian Suarez Gonzalez (*) CFO (until December 31, 2021)	230.000.04	NA.	0.00	n, nel	r.m	3.709.285.64	0, 20	1919 796.08	513022	5,84%
						(e)			Variable:	54,16%

Exi: Value(E)	Variable compensation
	[n % of the Exit Value, excl. VAT]
< 65,000,000	$\square$ %
2 65,000,000 < 300,000,000	0.35%
2 300,000,000	0.50%

Description of performance criteria and type of applicable remuneration	Relative weight of performance criteria		a) Measured performance b) Corresponding remuneration (EUR)
Clinical objectives	339%	ai	90%
		Ъŀ	45.290.49
Commercial objectives	33%	ai	60%
		ÞИ	30.193,65
Operational objectives.	33%	яì	125%
		b)	61.597.07
TOTAL			137.381,15
None	N/n	31	$N/f_k$
		b۱	N/A
TOTAL			N/A
			TABLE 3 - PERFORMANCE (ONE-YEAR VARIABLE REMUNERATION)

					TABLE 4 - REMUNERATION IN SHARE OF TONS
									information regarding the reported financial year.
			Main concitions of the stura opt on plans				Dpening Estance		During the year.	Eleking balance
Nemic, position	leentification of the plan	Date of cffer	Date of vesting of est trenche	End of holding period	Exercise peried ifrom - tol	Expresse price	a) Number of thare options vasted bi Value of Number of ancerty ag share tharat @ date of al Bumbar ch options share options veiting old but not ottened c) union gr yet vested b) Value of exercise price at the urderlying d) Surplus volue beginning sheres @ date @ datz of of the year of offer veiting 111 [11] (11)	Share ton ancibao yet vested
Robert Fould	NA
Non executive cheire an
Janke Diktmer	NA
Non executive
aircelor. Jürgen Hamiltrecht NA
Noresculve nt-erane
Revis Rekin	ESOP 2016		03/11/2015 03/11/2018 NA		CS/11/2015	2.565.32		C(e)	$\Phi$ a) û
Novemer the					CV11/2021
ntrenne Donald Orga	FSOP 2016		09/11/2015 29/11/2015 14:		(3/11/2015)	2.585,82		f[3]	ň
Not-tit-the					CS/11/2021				0(a)
atreav
Flerie Glanello	FSOP 2016		09/12/2015 09/12/2018 5A		09/12/2015	2.985,82		f(z)	0(x) ñ
Not-execute ntrenne					(9/12/2021
Pits Johnson-Milk NA Novements nisering
lan Jenssen	NA
Non executive aircetor
Olivier Desman	FSOP 2013.		07/04/2020 02/04/2020 NA		07/04/2020	5.966.59		$\lceil z \rceil$	$\pi)$ $\Omega$
$\epsilon$ ro					25/12/2024			h	bþ
									d)
	FSOP 2018		29/C7/2019 25/07/2021 VA		29/07/2019	1,259,91		$\lceil z \rceil$	0(x) n
					29/07/2024			b)	bþ
									d)
	ESCP AGE		DJA-72023 37/04/2022 SA		L 7/04/2023	3.366, 55	t	۰ $\leq 1$	ü a)
					LONG/TIME			hì	h)
									d)
	ESCP 2020		DJA-72023 37/04/2022 VA		07/04/2020	11,91	t	$\pm 1$ o	a) Ü
					L/(104/1002)			b)	b)
									5
	ESOP 2021	17/09/2021 17/09/2024 SA			17,09/2021	25.31		33 240 a) c[e]	d) 3.310	24.933
					17709/2025			b) $K11.401/000$	21.1335.10
									213.326,10
TOTAL								33 240 a) $C[\epsilon]$	15,00 di 3.310	24.931
								$b$ ] $84130440$ b)	213.326,10
									$e = 213.326, 10$
Fabian Suares									dj 0.00
Consoles (*)	ESGP 2016		13/06/2017 13/06/2010 NA		13,06/2017	2.585,32		$C$ $c$ ]	$\Phi a\rangle$ Ű
$00^{\circ}$					13/06/2022

Yearly remuneration	2021	2020
Non-executive directors
Total remuneration (all non-executive directors collectively) (*)	331.560,55	383.653,86
Members of executive management
Fixed remuneration (all members of executive management collectively)	673,151.81	516,472.57
Variable remuneration. members of executive (all management collectively) (**)	287,381.14	1,666,010.00
Total remuneration (all members of executive management collectively)	960,532.95	2,182,482.57

Company performance	2021	2020
Financial performance criteria (number out of total performance criteria)	1/6	0/2
Non-financial performance criteria (number out of total performance criteria)	5/6	2/2
Net profit (net loss) (consolidated) (KEUR)	(25, 301)	(12, 245)

Average remuneration of employees on a full-time equivalent basis	2021	2020
Employees of the consolidated group	90,798.95	86,550.49

Ratio highest remuneration / lowest remuneration	2021	2020
Highest remuneration of the members of executive management $(*)$	730,532.91	1,913,149.21
Lowest remuneration (in full-time equivalent) of the employees	27,644.91	30,586.50
Ratio highest remuneration / lowest remuneration	26.43	62.55

Shareholder	Number of shares declared in most recent transparency notification (1)	% of shares at time. of most recent transparency notification (2)	% of shares (simulation) based on denominator on December 31, 2021 (3)
Cochlear Investments Pty Ltd (4)	3, 347, 617	13.43%	15.32%
Cooperatieve Gilde Healthcare III Sub-Holding UA +
Cooperatieve Gilde Healthcare III Sub-Holding 2 UA (5)	3,153,822	14.72%	12.24%
Robert Taub + Robelga SRL (6)	2,817,470	13.15%	10.93%
Together Partnership [7]	2,505,500	11.59%	9.71%
ürgen Hambrecht.	1,047,029	4.89%	4.05%
Deerfield Parnters (8)	899,300	3.E0%	3.43%
Resmed Inc. (7)	794,235	3.71%	3.08%
Cthers (9)	10,509,386		41.27%
Total (denominator) on December 31, 2021	25, 772, 359		100,00%

Entity name	Country	Field of activity
Nyxoah Ltd	Israel	R&D center	100%
Nykoah Pty Ind	Australia	Clinical study center	100%
Nyxoan Inc	United States	Clinical study center	100%

AUDITORS' REPORT

SOCIAL BALANCE SHEET

Numbers of the joint industrial committees competent for the company: 218

STATEMENT OF THE PERSONS EMPLOYED

EMPLOYEES FOR WHOM THE COMPANY SUBMITTED A DIMONA DECLARATION OR WHO ARE RECORDED IN THE GENERAL PERSONNEL REGISTER

During the period	Codes	Total	1. Men	2. Women
Average number of employees
Full-time	1001	18,3	11,0	7,3
Part-time	1002	1,0	1,0
Total in full-time equivalents (FTE)	1003	18,5	11,2	7,3
Number of actual hours worked
Full-time	1011	31.358	18.905	12.453
Part-time	1012	391	391
Total	1013	31.749	19.296	12.453
Personnel costs
Full-time	1021	2.795.963,81
Part-time	1022	107.944,20
Total	1023	2.903.908,01	2.391.309,87	512.598,14
Benefits in addition to wages	1033	27.727,03	17.006,15	10.720,88

During the preceding period	Codes	P. Total	1P. Men
Average number of employees in FTE	1003	10,7	6,7	4,0
Number of actual hours worked	1013	18.278	11.917	6.361
Personnel costs	1023	1.968.509,72	1.283.440,77	685.068,95
Benefits in addition to wages	1033	16.365,17	10.880,06	5.485,11

EMPLOYEES FOR WHOM THE COMPANY SUBMITTED A DIMONA DECLARATION OR WHO ARE RECORDED IN THE GENERAL PERSONNEL REGISTER (continuation)

	Codes	1. Full-time	2. Part-time	3. Total in full-time equivalents
At the closing date of the period
Number of employees	105	23	1	23,2
By nature of the employment contract
Contract for an indefinite period	110	23	1	23,2
Contract for a definite period	111
Contract for the execution of a specifically assigned work	112
Replacement contract	113
According to gender and study level
Men	120	12	1	12,2
primary education	1200
secondary education	1201
higher non-university education	1202	4		4,0
university education	1203	8	1	8,2
Women	121	11		11,0
primary education	1210	1		1,0
secondary education	1211	2		2,0
higher non-university education	1212	2		2,0
university education	1213	6		6,0
By professional category
Management staff	130
Salaried employees	134	23	1	23,2
Hourly employees	132
Other	133

HIRED TEMPORARY STAFF AND PERSONNEL PLACED AT THE DISPOSAL OF THE COMPANY

During the period	Codes	1. Hired temporary staff
Average number of persons employed	150	0,6
Number of actual hours worked	151	988
Costs to the company	152	72.007,86

LIST OF PERSONNEL MOVEMENTS DURING THE PERIOD

ENTRIES	Codes	1. Full-time	3. Total in full-time equivalents
Number of employees for whom the company submitted a DIMONA declaration or who have been recorded in the general personnel register during the period	205	16	16,0
By nature of the employment contract
Contract for an indefinite period	210	16	16,0
Contract for a definite period	211
Contract for the execution of a specifically assigned work	212
Replacement contract	213

DEPARTURES	Codes	1. Full-time	3. Total in full-time equivalents
Number of employees whose contract-termination date has been included in the DIMONA declaration or in the general personnel register during the period	305	7	7,0
By nature of the employment contract
Contract for an indefinite period	310	7	7,0
Contract for a definite period	311
Contract for the execution of a specifically assigned work .	312
Replacement contract	313
By reason of termination of contract
Retirement	340
Unemployment with extra allowance from enterprise	341
Dismissal	342	1	1,0
Other reason	343	6	6,0
Of which: the number of persons who continue to render services to the company at least half-time on a self-employment basis	350

INFORMATION ON TRAINING PROVIDED TO EMPLOYEES DURING THE PERIOD

Total of initiatives of formal professional training at the expense of the employer	Codes	Codes
Number of employees involved	5801	5811
Number of actual training hours	5802	5812
Net costs for the company	5803	5813
of which gross costs directly linked to training	58031	58131
of which contributions paid and payments to collective funds	58032	58132
of which grants and other financial advantages received (to deduct)	58033	58133

Total of initiatives of less formal or informal professional training at the expense of the employer
Number of employees involved	5821	5831
Number of actual training hours	5822	5832
Net costs for the company	5823	5833

Total of initial initiatives of professional training at the expense of the employer
Number of employees involved	5841	5851
Number of actual training hours	5842	5852
Net costs for the company	5843	5853

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Nyxoah SA

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LIST OF DIRECTORS, BUSINESS MANAGERS AND AUDITORS AND DECLARATION REGARDING A COMPLIMENTARY REVIEW OR CORRECTION ASSIGNMENT

LIST OF DIRECTORS, BUSINESS MANAGERS AND AUDITORS

Taub Robert

Dittmer Janke

Rakin Kevin

Deyo Donald

Gianello Pierre

Janssen Jan

Hambrecht Jürgen

Johnson-Mills Rita

Taelman Olivier

Ernst & Young Réviseurs d'Entreprises CALL 0446.334.711

DECLARATION REGARDING A COMPLIMENTARY REVIEW OR CORRECTION ASSIGNMENT

ANNUAL ACCOUNTS

BALANCE SHEET AFTER APPROPRIATION

PROFIT AND LOSS ACCOUNT

APPROPRIATION ACCOUNT

NOTES ON THE ACCOUNTS

STATEMENT OF FORMATION, CAPITAL INCREASE OR INCREASE OF CONTRIBUTIONS EXPENSES, LOAN ISSUE EXPENSES AND RESTRUCTURING COSTS

STATEMENT OF INTANGIBLE FIXED ASSETS

STATEMENT OF FINANCIAL FIXED ASSETS

PARTICIPATING INTERESTS INFORMATION

PARTICIPATING INTERESTS AND OTHER RIGHTS IN OTHER COMPANIES

CURRENT INVESTMENTS AND ACCRUALS AND DEFERRED INCOME

ACCRUALS AND DEFERRED INCOME

STATEMENT OF CAPITAL AND SHAREHOLDERS' STURCTURE

SHAREHOLDERS' STRUCTURE OF THE COMPANY AT YEAR-END CLOSING DATE

ACCRUALS AND DEFERRED INCOME

Allocation of heading 492/3 of liabilities if the amount is significant

OPERATING RESULTS

FINANCIAL RESULTS

INCOME AND CHARGES OF EXCEPTIONAL SIZE OR FREQUENCY

TAXES

Period COMMITMENTS RELATING TO TECHNICAL GUARANTEES IN RESPECT OF SALES OR SERVICES

SETTLEMENT REGARDING THE COMPLEMENTARY RETIREMENT OR SURVIVORS' PENSION FOR PERSONNEL AND BOARD MEMBERS

Brief description

Measures taken to cover the related charges

RELATIONSHIPS WITH AFFILIATED COMPANIES, ASSOCIATED COMPANIES AND OTHER COMPANIES LINKED BY PARTICIPATING INTERESTS

TRANSACTIONS WITH AFFILIATED PARTIES BEYOND NORMAL MARKET CONDITIONS

FINANCIAL RELATIONSHIPS WITH

DECLARATION WITH REGARD TO THE CONSOLIDATED ANNUAL ACCOUNTS

INFORMATION TO DISCLOSE BY EACH COMPANY GOVERNED BY THE BELGIAN COMPANIES AND ASSOCIATIONS CODE ON THE CONSOLIDATED ANNUAL ACCOUNTS

FINANCIAL RELATIONSHIPS OF THE GROUP THE COMPANY IS IN CHARGE OF IN BELGIUM WITH THE AUDITOR(S) AND THE PERSONS WITH WHOM HE (THEY) IS (ARE) LINKED

VALUATION RULES

? VALUATION RULES

VALUATION RULES

sheet item.

Cash flow hedges

Income and expense recognition

AUDITORS' REPORT

SOCIAL BALANCE SHEET

STATEMENT OF THE PERSONS EMPLOYED

EMPLOYEES FOR WHOM THE COMPANY SUBMITTED A DIMONA DECLARATION OR WHO ARE RECORDED IN THE GENERAL PERSONNEL REGISTER

EMPLOYEES FOR WHOM THE COMPANY SUBMITTED A DIMONA DECLARATION OR WHO ARE RECORDED IN THE GENERAL PERSONNEL REGISTER (continuation)

HIRED TEMPORARY STAFF AND PERSONNEL PLACED AT THE DISPOSAL OF THE COMPANY

LIST OF PERSONNEL MOVEMENTS DURING THE PERIOD

INFORMATION ON TRAINING PROVIDED TO EMPLOYEES DURING THE PERIOD

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