In the fourth quarter of 2025 (Q4 2025), the Average payment Delay in Europe reached 12.28 days, representing a decrease of 0.43 days compared with Q3 2025.
The Annual Report is the Observatory’s main analytical output, providing a comprehensive overview of key trends and developments in payment performance related to commercial transactions in 2024.
The inclusion of payment practices in the Corporate Sustainability Reporting Directive (CSRD) is expected to bring more transparency to payment performance, potentially improving payment culture in Europe and delivering benefits for both suppliers and reporting companies.
Late payments were also seen as a major obstacle to investment and growth, leading to delayed projects, lost opportunities, and reduced competitiveness.
In the last quarter of the year, the European Average Payment Delay (APD) stood at 12.17 days, which represents a slight increase of 0.06 days compared to last year. Throughout 2024, the European APD reached its lowest level since 2011, with 11.89 days in the first quarter.
Late payments are a significant hurdle for the competitiveness of EU companies. Delayed
payments affect firms’ liquidity, thereby hampering their ability to properly operate and to invest in growth.
Paper-based invoices are losing ground to electronic invoices. The switch to eInvoices is bringing about significant changes for the seller and buyer alike.
It became clear during the negotiations in the Working Party, however, that a large number of Member States is not convinced that there is a need to replace the currently existing rules on late payment by a new Regulation or by a new Directive.