Nyxoah SA

Registration Form • May 9, 2025

40 NAT.	Filing date	N°. 0817.149.675	P.	1 U.	EUR 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:	1435	Town: Mont-Saint-Guibert
Country:	Belgium
Website :	Register of legal persons - commercial court: 1	Brabant Wallon
						Company registration number	0817.149.675
21/11/2024 DATE 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				11/06/2025
		regarding the period from		01/01/2024		to	31/12/2024
		Preceding period from		01/01/2023		to	31/12/2023
3 The amounts for the preceding period are are not identical to the ones previously published. /
Total number of pages filed: 48 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, 6.17, 6.20, 7, 8, 9, 11, 12, 13, 14, 15
	Signature (name and position) Olivier Taelman					Signature (name and position)

CEO

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 : President of the board of directors Mandate : 21/09/2020- 12/06/2024 Chatzievangelou 8, 16777 Elliniko, Greece

ROBELGA BV 0894.734.532

Title : President of the board of directors Mandate : 12/06/2024- 11/06/2025 Avenue des Croix de Guerre 149, box b13, 1120 Brussel 12, Belgium Vertegenwoordigd door : TAUB Robert 1.

Chatzievangelou 8 , 16777 Elliniko, Greece

Taelman Olivier

Title : Delegated director Mandate : 21/09/2020- 11/06/2025 Stokstraat 43, 3800 Zepperen, Belgium

Hambrecht Jürgen

Title : Director Mandate : 21/09/2020- 11/06/2025 Römerweg 36, 6734 Neustadt, Germany

Rakin Kevin

Title : Director Mandate : 21/09/2020- 11/06/2025 Side Hill Road 14, CT06880 Westport, United States of America

Gianello Pierre

Title : Director Mandate : 21/09/2020- 11/06/2025 Avenue de la Rochefoucauld 9, 1330 Rixensart, Belgium

Johnson-Mills Rita

Title : Director Mandate : 08/06/2022- 11/06/2025 Governors Way 235, TN 3702 Brentwood, United States of America

Kirby Virginia M. Title : Director Mandate : 08/06/2022- 11/06/2025 West Bald Eagle Blvd 5636, 55110 White Bear Lake, United States of America

LIST OF DIRECTORS, BUSINESS MANAGERS AND AUDITORS (continued from previous page)

Wildman Ventures LLC FC

Sunnydale Drive 12520, FL 3341 Wellington, United States of America

Title : Director

Mandate : 08/01/2023- 11/06/2025

Vertegenwoordigd door :

• Wildman Daniel 1.
  • Sunnydale 12520 , FL 3341 Wellington, United States of America

Ernst & Young Réviseurs d'Entreprises CALL 0446.334.711

Kouterveldstraat 7b, box bus1, 1831 Diegem, Belgium

Title : Auditor, Lidmaatschapsnummer : B00160

Mandate : 08/06/2022- 11/06/2025

Vertegenwoordigd door :

D'Addario Carlo- Sébastien Company auditor, Lidmaatschapsnummer : A02506 Kouterveldstraat 7b , box bus01, 1831 Diegem, Belgium 1.

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)
Accountants & Tax Advisors BV 0472.250.042	50037549	B
Bosdellestraat 120 , box 14, 1933 Sterrebeek, Belgium
Title : External accountant
Represented by :
1. HEIRMAN Joël	10628469
Stenedorpstraat 15 , 8400 Oostende, Belgium
Certified Public Accountant

^* Strike out what does not apply.

^** Optional mention.

ANNUAL ACCOUNTS

BALANCE SHEET AFTER APPROPRIATION

	Notes	Codes	Period	Preceding period
ASSETS
FORMATION EXPENSES		20	6.857.007,17	6.374.644,61
FIXED ASSETS		21/28	53.753.341,62	49.023.447,99
Intangible fixed assets		21	49.522.386,89	45.388.057,76
Tangible fixed assets	6.3	22/27	4.153.424,45	3.583.499,15
Land and buildings		22
Plant, machinery and equipment		23	768.713,87	724.534,63
Furniture and vehicles		24	144.190,67	159.727,22
Leasing and other similar rights		25
Other tangible fixed assets		26	981.870,55	644.607,07
Assets under construction and advance payments		27	2.258.649,36	2.054.630,23
Financial fixed assets	6.4 / 6.5.1	28	77.530,28	51.891,08
Affiliated Companies	6.15	280/1	29.064,48	29.064,48
Participating interests		280	29.064,48	29.064,48
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	48.465,80	22.826,60
Shares		284
Amounts receivable and cash guarantees		285/8	48.465,80	22.826,60

	Notes	Codes	Period	Preceding period
CURRENT ASSETS		29/58	91.660.608,56	62.996.339,04
Amounts receivable after more than one year		29	1.202.029,37	1.107.072,04
Trade debtors		290
Other amounts receivable		291	1.202.029,37	1.107.072,04
Stocks and contracts in progress		3	4.716.436,82	3.315.190,63
Stocks		30/36	4.716.436,82	3.315.190,63
Raw materials and consumables		30/31	1.080.158,30	1.328.765,22
Work in progress		32	2.545.317,00	1.530.363,14
Finished goods		33	1.090.961,52	456.062,27
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	6.435.814,61	4.305.830,22
Trade debtors		40	4.086.937,94	2.914.721,26
Other amounts receivable		41	2.348.876,67	1.391.108,96
Current investments	6.5.1 / 6.6	50/53	76.013.314,08	45.262.430,83
Own shares		50
Other investments		51/53	76.013.314,08	45.262.430,83
Cash at bank and in hand		54/58	1.696.193,37	7.738.387,26
Accruals and deferred income	6.6	490/1	1.596.820,31	1.267.428,06
TOTAL ASSETS		20/58	152.270.957,35	118.394.431,64

	Notes	Codes	Period	Preceding period
EQUITY AND LIABILITIES
EQUITY		10/15	120.840.502,14	108.601.387,71
Contributions	6.7.1	10/11	339.009.379,14	265.557.551,54
Capital		10	6.429.682,56	4.925.869,05
Issued capital		100	6.429.682,56	4.925.869,05
4 Uncalled capital		101
Beyond capital		11	332.579.696,58	260.631.682,49
Share premium account		1100/10	332.579.696,58	260.631.682,49
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	-218.168.877,00	-156.956.163,83
Capital subsidies		15
Advance to shareholders on the distribution of net 5 assets		19
PROVISIONS AND DEFERRED TAXES		16	4.204.267,04	185.252,00
Provisions for liabilities and charges		160/5	4.204.267,04	185.252,00
Pensions and similar obligations		160
Taxes		161
Major repairs and maintenance		162
Environmental obligations		163
Other liabilities and charges	6.8	164/5	4.204.267,04	185.252,00
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	27.226.188,17	9.607.791,93
Amounts payable after more than one year	6.9	17	11.814.984,12	642.624,04
Financial debts		170/4	11.814.984,12	642.624,04
Subordinated loans		170	10.497.981,52
Unsubordinated debentures		171
Leasing and other similar obligations		172
Credit institutions		173
Other loans		174	1.317.002,60	642.624,04
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		42/48	14.246.517,71	8.650.150,67
Current portion of amounts payable after more than one year falling due within one year		42	144.642,52	301.680,94
Financial debts		43
Credit institutions		430/8
Other loans		439
Trade debts		44	6.065.972,99	3.850.620,09
Suppliers		440/4	6.065.972,99	3.850.620,09
Bills of exchange payable		441
Advance payments on contracts in progress		46
Taxes, remuneration and social security	6.9	45	2.199.957,66	1.848.616,38
Taxes		450/3	183.110,56	183.267,09
Remuneration and social security		454/9	2.016.847,10	1.665.349,29
Other amounts payable		47/48	5.835.944,54	2.649.233,26
Accruals and deferred income	6.9	492/3	1.164.686,34	315.017,22
TOTAL LIABILITIES		10/49	152.270.957,35	118.394.431,64

PROFIT AND LOSS ACCOUNT

	Notes	Codes	Period	Preceding period
Operating income		70/76A	9.887.571,88	17.014.137,35
Turnover	6.10	70	4.531.913,22	4.378.148,78
Stocks of finished goods and work and contracts in progress: increase (decrease) (+)/(-)		71	133.302,20	3.737.883,65
Produced fixed assets		72	4.914.647,16	8.437.144,70
Other operating income	6.10	74	307.709,30	460.960,22
Non-recurring operating income	6.12	76A
Operating charges		60/66A	75.297.333,32	63.611.419,69
Goods for resale, raw materials and consumables		60	3.756.033,04	1.992.409,66
Purchases		600/8	2.953.027,13	4.089.124,27
Stocks: decrease (increase) (+)/(-)		609	803.005,91	-2.096.714,61
Services and other goods		61	56.596.214,39	46.813.832,71
Remuneration, social security and pensions (+)/(-)	6.10	62	8.455.358,54	7.093.199,63
Amortisations of and other amounts written down on formation expenses, intangible and tangible fixed assets		630	4.541.160,78	4.058.349,61
Amounts written down on stocks, contracts in progress and trade debtors: additions (write-backs) (+)/(-)	6.10	631/4	-2.070.949,90	3.401.388,60
Provisions for liabilities and charges: appropriations (uses and write-backs) (+)/(-)	6.10	635/8	4.019.015,04	126.234,55
Other operating charges	6.10	640/8	501,43	126.004,93
Operating charges reported as assets under restructuring costs (-)		649
Non-recurring operating charges	6.12	66A
Operating profit (loss) (+)/(-)		9901	-65.409.761,44	-46.597.282,34

	Notes	Codes	Period	Preceding period
Financial income		75/76B	7.624.327,53	4.077.993,97
Recurring financial income		75	7.624.327,53	4.077.993,97
Income from financial fixed assets		750	309.499,10	329.639,42
Income from current assets		751	2.446.005,72	2.570.782,26
Other financial income	6.11	752/9	4.868.822,71	1.177.572,29
Non-recurring financial income	6.12	76B
Financial charges	6.11	65/66B	3.505.498,67	3.343.856,61
Recurring financial charges		65	3.505.498,67	2.707.268,12
Debt charges		650	538.340,69	108.639,57
Amounts written down on current assets other than stocks, contracts in progress and trade debtors: additions (write-backs) (+)/(-)		651
Other financial charges		652/9	2.967.157,98	2.598.628,55
Non-recurring financial charges	6.12	66B		636.588,49
Profit (Loss) for the period before taxes (+)/(-)		9903	-61.290.932,58	-45.863.144,98
Transfer from deferred taxes		780
Transfer to deferred taxes		680
Income taxes on the result(+)/(-)	6.13	67/77	-78.219,41	-1.092.326,14
Taxes		670/3
Adjustment of income taxes and write-back of tax provisions		77	78.219,41	1.092.326,14
Profit (Loss) of the period (+)/(-)		9904	-61.212.713,17	-44.770.818,84
Transfer from untaxed reserves		789
Transfer to untaxed reserves		689
Profit (Loss) of the period available for appropriation (+)/(-)		9905	-61.212.713,17	-44.770.818,84

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	-218.168.877,00	-156.956.163,83
(9905)	-61.212.713,17	-44.770.818,84
14P	-156.956.163,83	-112.185.344,99
791/2
791
792
691/2
691
6920
6921
(14)	-218.168.877,00	-156.956.163,83
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	6.374.644,61
Movements during the period
New expenses incurred	8002	3.730.267,73
Amortisation	8003	3.247.905,17
Other (+)/(-)	8004
Net book value at the end of the period	(20)	6.857.007,17
Of which
Formation, capital increase or increase of contributions expenses, loan issue expenses and other formation expenses	200/2
Restructuring costs	204

STATEMENT OF INTANGIBLE FIXED ASSETS

	Codes	Period	Preceding period
DEVELOPMENT COSTS
Acquisition value at the end of the period	8051P	xxxxxxxxxxxxxxx	59.557.107,56
Movements during the period
Acquisitions, including produced fixed assets	8021	4.914.647,12
Sales and disposals	8031
Transfers from one heading to another (+)/(-)	8041
Acquisition value at the end of the period	8051	64.471.754,68
Amortisations and amounts written down at the end of the period	8121P	xxxxxxxxxxxxxxx	14.169.049,80
Movements during the period
Recorded	8071	780.317,99
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	14.949.367,79
NET BOOK VALUE AT THE END OF THE PERIOD	81311	49.522.386,89

........... ........... ........... ...

	Codes	Period	Preceding period
PLANT, MACHINERY AND EQUIPMENT
Acquisition value at the end of the period	8192P	xxxxxxxxxxxxxxx	1.337.913,23
Movements during the period
Acquisitions, including produced fixed assets	8162	322.684,79
Sales and disposals	8172
Transfers from one heading to another (+)/(-)	8182
Acquisition value at the end of the period	8192	1.660.598,02
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	613.378,60
Movements during the period
Recorded	8272	278.505,55
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	891.884,15
NET BOOK VALUE AT THE END OF THE PERIOD	(23)	768.713,87

..............................

............ ............ ............ ............ .......

	Codes	Period	Preceding period
FURNITURE AND VEHICLES
Acquisition value at the end of the period	8193P	xxxxxxxxxxxxxxx	443.399,62
Movements during the period
Acquisitions, including produced fixed assets	8163	56.695,81
Sales and disposals	8173
Transfers from one heading to another (+)/(-)	8183
Acquisition value at the end of the period	8193	500.095,43
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	283.672,40
Movements during the period
Recorded	8273	72.232,36
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	355.904,76
NET BOOK VALUE AT THE END OF THE PERIOD	(24)	144.190,67

..............................

............ ............ ............ ............ .......

	Codes	Period	Preceding period
OTHER TANGIBLE FIXED ASSETS
Acquisition value at the end of the period	8195P	xxxxxxxxxxxxxxx	864.537,08
Movements during the period
Acquisitions, including produced fixed assets	8165	10.935,19
Sales and disposals	8175
Transfers from one heading to another (+)/(-)	8185	488.528,00
Acquisition value at the end of the period	8195	1.364.000,27
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	219.930,01
Movements during the period
Recorded	8275	162.199,71
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	382.129,72
NET BOOK VALUE AT THE END OF THE PERIOD	(26)	981.870,55

........... ........... ........... ........... ........... ...

	Codes	Period	Preceding period
ASSETS UNDER CONSTRUCTION AND ADVANCE PAYMENTS
Acquisition value at the end of the period	8196P	xxxxxxxxxxxxxxx	2.054.630,23
Movements during the period
Acquisitions, including produced fixed assets	8166	692.547,13
Sales and disposals	8176
Transfers from one heading to another (+)/(-)	8186	-488.528,00
Acquisition value at the end of the period	8196	2.258.649,36
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)	2.258.649,36

..............................

............ ............ ............ ............ .......

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	29.064,48
Movements during the period
Acquisitions	8361
Sales and disposals	8371
Transfers from one heading to another (+)/(-)	8381
Acquisition value at the end of the period	8391	29.064,48
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)	29.064,48
AFFILIATED COMPANIES - AMOUNTS RECEIVABLE
NET BOOK VALUE AT THE END OF THE PERIOD	281P	xxxxxxxxxxxxxxx
Movements during the period
Appropriations	8581
Repayments	8591
Amounts written down	8601
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

	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	22.826,60
Movements during the period
Appropriations	8583	25.639,20
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)	48.465,80
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 REGISTRATION NUMBER	Nature	Directly		Subs idiaries	Annual	Cur	Equity	Net result
		Number	%	%	accounts as per	rency code	(+) or (-) (in units)
NYXOAH LTD Yigal Alon st 126 64074 Tel Aviv Israel					31/12/2024	ILS	15.106.659	2.647.650
NYXOAH PTY LTD FC GIPPS STREET 58 VIC3066 COLLINGWOOD Australia	shares	100	100,00	0,00	31/12/2024	AUD	-11.600.799	-756.840
NYXOAH INC LITTLE FALLS DRIVE 251 19808 DELAWARE United States of America	shares	100	100,00	0,00	31/12/2024	USD	2.902.941	1.287.531
NYXOAH GMBH FC ALFRED-HERRHAUSEN-ALLEE 3-5 65760 ESCHBORN Germany	Shares	1.000	100,00	0,00	31/12/2024	EUR	118.184	115.054
	Shares	25.000	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	51	23.961.504,48	18.001.616,70
Shares – Book value increased with the uncalled amount	8681	23.961.504,48	18.001.616,70
Shares – Uncalled amount	8682
Precious metals and works of art	8683
Fixed-income securities	52
Fixed income securities issued by credit institutions	8684
Term accounts with credit institutions	53	52.051.809,60	27.260.814,13
With a remaining term or notice
up to one month	8686
between one month and one year	8687	45.313.913,75	14.559.899,53
over one year	8688	6.737.895,85	12.700.914,60
Other investments not mentioned above	8689

ACCRUALS AND DEFERRED INCOME

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

Period Acquired product 739.337,81 Deffered charges 857.482,50

STATEMENT OF CAPITAL AND SHAREHOLDERS' STURCTURE

		Period	Preceding period
STATEMENT OF CAPITAL
Capital
Issued capital at the end of the period	100P	XXXXXXXXXXXXXX	4.925.869,05
Issued capital at the end of the period	(100)	6.429.682,56
	Codes	Period	Number of shares
Modifications during the period
Capital increase		1.503.813,51	8.753.280
Composition of the capital Share types
Ordinary		6.429.682,56	37.427.265
Registered shares	8702	XXXXXXXXXXXXXX	22.139.057
Shares dematerialized	8703	XXXXXXXXXXXXXX	15.288.208

	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	2.258.319
Amount of capital to be subscribed	8746	387.979,20
Corresponding maximum number of shares to be issued	8747	2.258.319
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.

Shareholder	Number of shares declared in most recent public filing (1)	% of shares based on denominator at time of triggering event (2)	% of shares (simulation) based on denominator on December 31, 2024 (3)
Cochlear Investments Pty Ltd (4)	5 631 319	15.06%	15.05%
Robert Taub + Robelga SRL + BMI Estate (5)	3 975 994	11.67%	10.62%
Vestal Point Capital (6)	3 000 688	8.03%	8.02%
Together Partnership (7)	2 940 258	8.63%	7.86%
Cooperatieve Gilde Healthcare III Sub-Holding UA + Cooperatieve Gilde Healthcare III Sub-Holding 2 UA (8)	2 936 890	8.62%	7.85%
Resmed Inc. (7)	1 727 864	4.62%	4.62%
FMR LLC (9)	1 698 402	4.99%	4.54%
Jürgen Hambrecht + JH Capital GmbH (10)	1 344 000	3.91%	3.59%
BlackRock (11)	1 124 630	3.00%	3.00%
Others (12)	13 047 220		34.86%
Total (denominator) on December 31, 2024	37 427 265		100.00%

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25/48

PROVISIONS FOR OTHER LIABILITIES AND CHARGES

ALLOCATION OF ACCOUNT 164/5 OF LIABILITIES IF THE AMOUNT IS SIGNIFICANT

Provisions for other liabilities and charges 3.532.412,04

Period

	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	144.642,52
Subordinated loans	8811
Unsubordinated debentures	8821
Leasing and other similar obligations	8831
Credit institutions	8841
Other loans	8851	144.642,52
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)	144.642,52
Amounts payable with a remaining term of more than one year, yet less than 5 years
Financial debts	8802	11.814.984,12
Subordinated loans	8812	10.497.981,52
Unsubordinated debentures	8822
Leasing and other similar obligations	8832
Credit institutions	8842
Other loans	8852	1.317.002,60
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	11.814.984,12
Amounts payable with a remaining term of more than 5 years
Financial debts	8803
Subordinated loans	8813
Unsubordinated debentures	8823
Leasing and other similar obligations	8833
Credit institutions	8843
Other loans	8853
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

	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	183.110,56
Estimated taxes payable	450
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	2.016.847,10

	Period
ACCRUALS AND DEFERRED INCOME
Allocation of heading 492/3 of liabilities if the amount is significant
Deferred income	124.715,28
Accrued charges	923.048,06
Deferred income IAS 37 & IFRS 15	116.923,00

OPERATING RESULTS

	Codes	Period	Preceding period
OPERATING INCOME
Net turnover
Allocation by categories of activity
Genio System		4.531.913,22	4.378.148,78
Allocation by geographical market
Germany		3.603.716,44	3.846.862,50
Zwitzerland		675.689,15	373.036,28
Spain		63.719,36	36.600,00
Austria		52.752,99	121.650,00
UK		95.663,09
Italy		40.372,19
Other operating income
Operating subsidies and compensatory amounts received from public authorities	740
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	48	38
Average number of employees calculated in full-time equivalents	9087	47,0	37,7
Number of actual hours worked	9088	60.383	60.990
Personnel costs
Remuneration and direct social benefits	620	6.216.637,87	5.015.830,22
Employers' contribution for social security	621	1.266.741,52	1.093.904,84
Employers' premiums for extra statutory insurance	622	326.749,03	220.125,47
Other personnel costs	623	645.230,12	763.339,10
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		3.401.388,60
Written back	9111	2.070.949,90
On trade debtors
Recorded	9112
Written back	9113
Provisions for liabilities and charges
Appropriations	9115	4.019.015,04	126.234,55
Uses and write-backs	9116
Other operating charges
Taxes related to operation	640		44.981,46
Other	641/8	501,43	81.023,47
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
Number of actual hours worked	9098	1.104
Costs to the company	617	67.500,01

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
RECURRING FINANCIAL CHARGES
Depreciation of loan issue expenses	6501
Capitalised interests	6502
Depreciations on current assets
Recorded	6510
Written back	6511
Other financial charges
Amount of the discount borne by the company, as a result of negotiating amounts receivable	653	26.634,00	17.887,50
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		636.588,49
Non-recurring operating charges	(66A)
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
Non-recurring financial charges	(66B)		636.588,49
Amounts written off financial fixed assets	661		636.588,49
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
Income taxes paid and withholding taxes due or paid	9135	406.302,71
Excess of income tax prepayments and withholding taxes paid recorded under assets	9136	406.302,71
Estimated additional taxes	9137
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		1.270.300,21

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	213.533.304,00
Accumulated tax losses deductible from future taxable profits	9142	213.533.304,00
Deferred taxes representing liabilities	9144
Allocation of deferred taxes representing liabilities

Codes	Period	Preceding period
9145	2.423.650,68	1.965.326,98
9146
9147	2.152.164,71	1.750.923,39
9148

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
Real guarantees provided or irrevocably promised by the company on its own assets as security of debts and commitments of the company
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
Pledging of goodwill
Maximum amount up to which the debt is secured and which is the subject of registration	91711
For irrevocable mandates to pledge goodwill, the amount for which the agent can take the inscription	91721
Pledging of other assets or irrevocable mandates to pledge other assets
Book value of the immovable properties mortgaged	91811
Maximum amount up to which the debt is secured	91821
Guarantees provided or irrevocably promised on future assets
Amount of assets in question	91911
Maximum amount up to which the debt is secured	91921
Vendor's privilege
Book value of sold goods	92011
Amount of the unpaid price	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
GOODS AND VALUES, NOT REFLECTED IN THE BALANCE SHEET, HELD BY THIRD PARTIES IN THEIR OWN NAME BUT FOR THE BENEFIT AND AT THE RISK OF THE COMPANY
SUBSTANTIAL COMMITMENTS TO ACQUIRE FIXED ASSETS
SUBSTANTIAL COMMITMENTS TO DISPOSE OF FIXED ASSETS
FORWARD TRANSACTIONS
Goods purchased (to be received)	9213
Goods sold (to be delivered)	9214
Currencies purchased (to be received)	9215	9.000.000,00
Currencies sold (to be delivered)	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
	Variable part RCA région wallone		8.870.388,00

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
Methods of estimation
		Period
NATURE AND FINANCIAL IMPACT OF SIGNIFICANT EVENTS AFTER THE CLOSING DATE not reflected in the balance sheet or income statement
		Period
COMMITMENTS TO PURCHASE OR SALE AVAILABLE TO THE COMPANY AS ISSUER OF OPTIONS FOR
SALE OR PURCHASE
		Period
NATURE, COMMERCIAL OBJECTIVE AND FINANCIAL CONSEQUENCES OF TRANSACTIONS NOT REFLECTED IN THE BALANCE SHEET
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

N°.	0817.149.675	NYXOAH	C-c 6.14
			Period
OTHER RIGHTS AND COMMITMENTS NOT REFLECTED IN THE BALANCE SHEET (including those that cannot be calculated)

	Codes	Period	Preceding period
AFFILIATED COMPANIES
Financial fixed assets	(280/1)	29.064,48	29.064,48
Participating interests	(280)	29.064,48	29.064,48
Subordinated amounts receivable	9271
Other amounts receivable	9281
Amounts receivable	9291	582.425,81	19.908,82
Over one year	9301
Within one year	9311	582.425,81	19.908,82
Current investments	9321
Shares	9331
Amounts receivable	9341
Amounts payable	9351	4.873.292,54	2.649.233,26
Over one year	9361
Within one year	9371	4.873.292,54	2.649.233,26
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	309.499,10	329.639,42
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	1,00
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	485.782,00
Fees for exceptional services or special assignments executed within the company by the auditor
Other audit assignments	95061	26.250,00
Tax consultancy assignments	95062	10.000,00
Other assignments beyondthe audit	95063	192.500,00
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	529.454,00
Fees for exceptional services or special missions executed by the auditor(s) at this group
Other audit assignments	95071	26.250,00
Tax consultancy assignments	95072
Other assignments beyondthe audit	95073	192.500,00
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 auditor(s) is (are) linked to	9509
Other audit assignments	95091
Tax consultancy assignments	95092	10.000,00
Other assignments beyond the audit	95093

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

VALUATION RULES

VALUATION RULES

NYXOAH

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.

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.

In accordance with the accounting principle, the intangible assets are tested annually for impairment during the development period. The Genio® system is currently a unique product line developed by the Company and the Company determined that it has two cash generating units, Genio® system in Europe and Genio® system in the United States, for which a value in use analysis has been performed.

The discount rates have been determined by reference to the analyst reports covering the Company which are available.

A sensitivity analysis has been performed concluding that a reasonable change in the WACC and/or the long-term growth rate would not lead to an impairment.

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.

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 sheet item.

Provision for constructive obligations

The recognition of provisions under IAS 37 requires management to make significant judgments regarding the existence and measurement of constructive obligations. The Company has a constructive obligation related to the ongoing replenishment of certain consumable components, based on business practices and customer expectations. The provision is estimated based on expected future costs, historical usage of disposable patched, and anticipated reimbursement timelines. Given the evolving commercial and regulatory landscape, the estimate is subject to periodic reassessment and may be adjusted as new information becomes available.

A provision has been recognized to reflect the estimated future costs associated with fulfilling this obligation until reimbursement mechanisms are formalized. The cost is included in selling, general and administrative expenses in the consolidated income statement. 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 valuation rules in the assumption of continuity

Since the balance sheet shows a loss carried forward of €218.2 million, we hereby confirm, pursuant to Article 3.6 of the Code of Companies and Associations, the application of the valuation rules in the assumption of continuity. We believe that the application of the valuation rules in the assumption of continuity is justified because the loss carried forward is largely due to the significant research and development expenses incurred over the years for the development and regulatory approval of the Genio device. That being said, the Company is able to pay all its debt then they fall due.

Going concern

The Company has consistently operated with deficits and sustained negative cash flows since its inception considering the significant research and development expenses incurred for the development and regulatory approval of the Genio device. As of December 31, 2024, the Company's statement of financial position includes an accumulated loss of €218,2 million and total assets of €152.3 million. Current assets as of December 31, 2024 total €91.7 million, comprising €1.7 million in available cash and cash equivalents, and €76 million in marketable securities, primarily derived from previous public offerings.

Based on cash flow forecasts for the upcoming years, which include significant expenses and cash outflows in relation to -among othersthe ongoing clinical trials, the continuation of research and development projects, and the scaling-up of the Company's manufacturing facilities, in support of the Company's commercial launch of its Genio product in the United States, the Company believes that this cash position will be sufficient to meet the Company's capital requirements and fund its operations for at least 12 months as from the date of the approval of the statutory annual accounts by the shareholders' meeting. In view of the above, and notwithstanding a loss brought forward of €218.2 million as of December 31, 2024, the Board of Directors has decided, after due consideration including risks associated with potential delays in FDA approval or slower than expected US commercial success, that the application of the valuation rules in the assumption of a "going concern" is justified.

SOCIAL BALANCE SHEET

Numbers of the joint industrial committees competent for the company: 200

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	42,3	18,7	23,6
Part-time	1002	2,3	1,3	1,0
Total in full-time equivalents (FTE)	1003	43,6	19,1	24,5
Number of actual hours worked
Full-time	1011	68.040	31.188	36.852
Part-time	1012	1.732	384	1.348
Total	1013	69.772	31.572	38.200
Personnel costs
Full-time	1021	5.908.715,07
Part-time	1022	205.459,76
Total	1023	6.114.174,83	3.386.182,65	2.727.992,18
Benefits in addition to wages	1033	60.383,00	26.694,00	33.689,00

During the preceding period	Codes	P. Total	1P. Men	2P. Women
Average number of employees in FTE	1003	37,7	16,1	21,6
Number of actual hours worked	1013	60.990	25.526	35.464
Personnel costs	1023	4.868.302,66	2.563.095,38	2.305.207,28
Benefits in addition to wages	1033	52.988,72	22.455,09	30.533,63

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	46	2	47,0
By nature of the employment contract
Contract for an indefinite period	110	46	2	47,0
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	21	1	21,2
primary education	1200
secondary education	1201	2		2,0
higher non-university education	1202	8		8,0
university education	1203	11	1	11,2
Women	121	25	1	25,8
primary education	1210	1		1,0
secondary education	1211	6	1	6,8
higher non-university education	1212	5		5,0
university education	1213	13		13,0
By professional category
Management staff	130	2		2,0
Salaried employees	134	44	2	45,0
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	2. Hired temporary staff and personnel placed at the company's disposal
Average number of persons employed	150	0,6
Number of actual hours worked	151	1.104
Costs to the company	152	67.500,01

LIST OF PERSONNEL MOVEMENTS DURING THE PERIOD

ENTRIES	Codes	1. Full-time	2. Part-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	17		17,0
By nature of the employment contract
Contract for an indefinite period	210	13		13,0
Contract for a definite period	211	4		4,0
Contract for the execution of a specifically assigned work	212
Replacement contract	213

DEPARTURES	Codes	1. Full-time	2. Part-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	6	1	6,8
By nature of the employment contract
Contract for an indefinite period	310	2	1	2,8
Contract for a definite period	311	4		4,0
Contract for the execution of a specifically assigned work .	312
Replacement contract	313
By reason of termination of contract
Retirement	340		1	0,8
Unemployment with extra allowance from enterprise	341
Dismissal	342
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	Men	Codes	Women
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