Payment periods between companies in Bulgaria continue to grow longer, according to an analysis of current debt collection cases from the beginning of 2026 conducted by experts at global trade credit insurer Allianz Trade. The findings were announced in a company press release.
The most significant payment delays continue to be observed in the agriculture and agribusiness, construction, transport, and fuel sectors, where payment delays have increased by an average of around 20 days compared with the previous year.
The agriculture and agribusiness sectors remain among those with the longest payment terms, averaging 150 days or more. According to the analysis, this is largely due to the industry's strong seasonal dependence and its reliance on bank financing.
In the construction sector and related industries, payments are typically made after 100 to 120 days. However, for companies involved in public infrastructure or government-funded projects, payment delays can exceed 180 days, particularly when there are difficulties in the allocation or disbursement of public funds.
According to the report, such cases are also more likely to result in complete non-payment or require creditors to take legal action in order to recover the amounts owed.
In the transport sector and fuel trade, payment periods this year most commonly range between 90 and 120 days. In international freight transport, even longer delays have been recorded, with some cases reaching 150 days. The food retail and wholesale sector also remains among the higher-risk industries, with debt collection periods extending to 100–120 days. In export-related cases, payments are sometimes delayed by several months, particularly when debtors are located in regions affected by ongoing international conflicts.
The study also shows that larger companies in Bulgaria are increasingly among the debtors experiencing difficulties in meeting their financial obligations. At the same time, the number of small businesses, particularly in the transport and services sectors, citing business closure or suspension of operations as the reason for non-payment is on the rise.
It is also becoming increasingly common for debt repayment to be made contingent on a future event, such as: the official completion and certification of a construction project, performance by a third party, the lifting of a court-ordered asset seizure or security interest, the renegotiation of contractual terms, or the approval of financing or a loan.
In such cases, payment may be postponed by 12 to 18 months.
Allianz Trade also notes that companies in Bulgaria are undergoing restructuring this year, including through digitalization and adaptation to the new business environment shaped by the adoption of the euro, international supply chain disruptions, and changes in financing conditions.
According to the company, these transformation processes require additional resources and may temporarily reduce the cash available for settling obligations with business partners. Due to the close integration of the Bulgarian economy with the broader European economy, delays in international supply chains are quickly transmitted to Bulgarian companies as well.
The trend in Bulgaria is developing against the backdrop of increasing payment periods and growing pressure on companies’ liquidity, both in the country and globally, the insurance company explains.
According to another report by Allianz Trade, the global cash conversion cycle, the time required for businesses to turn the funds invested in their operations into cash inflows, continues to increase.
In 2025, the cycle reached a record 67 days, which is nearly three days longer than the average over the past decade and approximately four days longer than the period before 2020.