Q2 2025 late payments: a worrying deterioration

A tense second quarter

After a slight improvement in the first quarter of 2025, the second quarter saw a clear deterioration in the payment behaviour of French companies. Analysis of the data from our observatory confirms a general hardening of the situation, driven by growing cash flow pressures.

General deterioration in payment behaviour

The average payment delay for all company sizes rose from 16.48 days to 19.07 days (+15.7% in one quarter). This erases the progress made in previous quarters, and brings the situation back to the level observed at the end of 2023.

Large-scale enterprises (LSEs) are primarily responsible for this deterioration: the proportion of their invoices paid on time has fallen from 37% to 23% in one quarter. Their average delay climbs to 14.79 days, up 22.5% on Q1.

Intermediate-sized companies (ETI) are not to be outdone, with an increase of almost 25% in their average delay. Delays of 60 days or more are also on the rise.

SMEs have seen their payment on time rate fall by 5 points, while VSEs remain the most respectful of their deadlines, despite a slight deterioration (-1 point).

This situation is partly explained by the sharp deterioration in the cash position of ETIs and GEs, as revealed by the joint survey conducted by Rexecode, Meti and Afte.

Focus on hospitals: a European alert

The CJEU ruling of June 18, 2025 condemning Greece for failing to pay its hospitals on time has put the spotlight on the French situation.

Our analysis reveals :

• 31 days average delay for public hospitals
• 18 days for private hospitals

These levels continue to give cause for concern. Similar proceedings against France cannot be ruled out if these practices persist.

Sector focus

The most virtuous sectors :

• Motor trade and repair: 11.9 days
• Agriculture, forestry, fishing: 12.87 days
• Mining and quarrying: 13.71 days

The most troubled sectors :

• Administrative and support services: 21.58 days
• Information and communication: 20.96 days
• Human health and social work: 20.78 days

The construction sector, long in the Flop 3, continued its efforts and emerged for the first time. Conversely, the Information and Communication sector deteriorated sharply (+25% in one quarter, +36% year-on-year) and joined the least respectful sectors.

Worrying drift

Real estate: +35.85% delay in one quarter (+41% over one year)
If the trend continues, this sector could enter the Flop 3 as early as next quarter.

In summary

The 2nd quarter of 2025 confirms a worrying trend reversal. In a tense economic climate, late payments are likely to exacerbate cash flow difficulties for the smallest companies, even though they are the most virtuous. Increased vigilance and collective action are needed to halt this trend.