Development of payment delay

When the 2024 and 2025 payment information is juxtaposed, we see a slight deterioration: in almost all sectors, the payment delay in 2025 is higher than in 2024.

The analysis of the largest differences by SBI sector shows that the shifts occur within a narrow range, but the pattern is clear. Pay discipline deteriorates slightly, with no outliers or abrupt changes.

Average payment delay per month

Looking at all sectors collectively, this picture is confirmed. In 2024, the average payment delay starts around 10 days and gradually increases to just above 14 days around September, followed by a slight decline.

In 2025, the starting level is already higher and the deceleration continues, peaking around 14 to 15 days in the fall. In contrast to 2024, the recovery toward the end of the year is less pronounced. The payment delay remains structurally higher.

This does not indicate an incident or temporary effect, but a slightly deteriorating payment pattern that manifests itself over the entire year. Seasonal effects such as vacations and higher spending after the summer probably still play a role, but do not fully explain the difference between the two years.

Differences between sectors

The picture is also clear and consistent at the sector level: in almost all sectors, the payment delay increases in 2025 compared to 2024. The largest differences are visible in mineral extraction, rental and other business services, construction, and energy production and distribution. These sectors do not show occasional outliers, but a structural shift toward paying later.

While the absolute differences are limited to a few days, the direction is significant. Only a very small number of sectors show a slight stabilization or improvement. This means that the deterioration is broad-based and not concentrated in one specific high-risk sector.

The mineral extraction (B) sector is highly capital intensive and sensitive to world market price fluctuations. Investments are long-term, while revenues are volatile. Combined with higher financing costs, this leads to strains on liquidity, causing payments to be delayed more frequently.

In rental and other business services (T), the main issue is the effect of economic uncertainty on customers. This sector often acts as a flexible shell for other companies. As soon as clients themselves become more cautious, they shift payments, which becomes directly visible in the payment discipline of these service providers.

For energy production and distribution (D), large investments in sustainability, grid reinforcement and storage capacity create high capital requirements. While the sector is strategically important, this does not automatically mean that the liquidity position is comfortable. Payments are more often used as a control tool to manage cash flows.

Overarching picture

All in all, the figures show that payment behavior in 2025 differs slightly from that in 2024. The average payment delay is slightly higher and this shift is visible in several sectors. At the same time, the differences remain limited in magnitude and there are no abrupt changes or distinct high-risk sectors.

As such, the data do not indicate a deterioration that causes immediate concern, but rather a subtle shift in payment behavior. This movement is not crucial in itself, but it deserves attention. Precisely because small changes, when occurring across the full breadth of the market, can be early signals.

For credit managers, this means that the current picture mainly calls for monitoring and focus, not intervention. Stability still prevails, but it is wise to continue monitoring this development.