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There can be multiple reasons why you are not entitled to compensation:
The European law does is not applicable in your case. Reasons can be: That the delay or cancellation is caused by extraordinary circumstances - or that your flight was from a non-EU country with a non-EU airline. It could also be that you have annulled the fare yourself, or that the airline informed you of the cancellation more than 2 weeks before departure - or that your arrival time has a delay at your destination with less than 3 hours.
Even though you are not entitled to compensation, the airlines must pay for your extra expenses during the waiting time till the next rebooked flight.
You may have the right to a refund of flight tickets and other expenses.
Expenses that could be refunded are unused flight tickets, hotel receipts, receipts for food, and transportation to and from a hotel after a cancellation.