Study conducted by INFORMA D&B
European companies Their invoice settlement habits worsened during the first quarter of 2026, reaching a average delay of 13,15 days. In this context, the Spanish companies They manage to reduce their year-on-year delay, but continue to pay 1,27 days later than the continental average. The gap in the foreign trade The European ranking is expanding, with Portugal leading in delays and the Netherlands setting the standard for punctuality.
The ecosystem of international Business And corporate finance in Europe has seen a notable deterioration in meeting business deadlines at the start of this year. According to the Study on Payment Behavior of Companies in Europe, prepared by the firm INFORM D&B (a subsidiary of Cesce), the average delay in the settlement of invoices between companies has risen to 13,15 days during the first quarter of 2026.
These figures represent an increase of almost a full day compared to the last quarter of 2025 and a delay of 0,41 days compared to the same period of the previous year. This surge breaks with the trend of containment that had been observed in the international trade of the region, which had experienced constant fluctuations after the 14-day peak recorded between mid-2020 and 2021.
Nathalie Gianese, Director of Studies at INFORMA D&B, has assessed this change of cycle, noting that: "The average delay in payments by European companies starts the year above thirteen days, something that has not happened since the first quarter of 2022.".
The situation of the Spanish business sector
For Spanish companiesThe balance is mixed. While the average delay currently stands at 14,42 days —which represents a year-on-year improvement by cutting 1,23 days compared to the start of 2025—, the figure has worsened by 0,45 days when compared to the last three months of last year.
At a competitive level in the cross border operationsSpain continues to suffer from a historical deficit: its delays persist above the European average continuously since 2018In the first quarter of 2026, the negative differential between national companies and their EU partners is 1,27 days.
The European map: from Portuguese record to Dutch efficiency
The analysis of foreign trade Intra-European economics reflects a profound asymmetry between the different economies. The last car is occupied by Portugal, which registers a worrying delay of 23,60 daysA level very similar to that of a year ago. They are closely followed by Italy, with a delay of 16,22 days (a slight year-on-year improvement), and France, which manages to drop to 15,75 days after cutting almost two days compared to 2025. For its part, Ireland It has experienced the greatest deterioration of the quarter, with its payment delays soaring to 15,22 days, three days more than the previous year. Along with them, Spain completes the group of nations that exceed the European average.
At the opposite extreme, the countries that serve as the continent's logistical and financial engine exhibit greater health in their current. The United Kingdom has managed to reduce its delay to 11,56 days (0,68 less than in 2025), while Belgium It remains at 10,39 days. Germany, , despite being one of the top students with 6,92 days The delay has worsened its records, adding more than a day in the last year.
The role model continues to be Netherlands, consolidated as the economy with the improved payment behaviorDutch companies are barely registering a delay of 2,93 days, marking its third consecutive quarter below the three-day threshold.
This polarization in financial habits leaves a maximum gap of 20,68 days a difference between companies in the most punctual country and those in the most lagging, a chasm that adds complexity to the commercial risk management and credit policies in the euro area.
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