2026-03-07 16:00
publication
2026-03-07 16:00
96 percent companies from the metal industry receive receivables after the deadline; an average company in this sector has approximately PLN 100,000 blocked in frozen invoices. PLN per month – experts indicated. They assessed that with rising production costs, such amounts are dangerous for the liquidity of enterprises.
The latest study conducted in January 2026 by Keralla Research on behalf of Bibby Financial Services shows that the median of funds “trapped” in unpaid invoices in the metal processing industry again amounted to approximately PLN 100,000. PLN per company.
According to the report's authors, the scale of the phenomenon is “almost universal” – 96%. companies receive payments after the deadline. Most often, these are delays of two to four weeks (64%), but every fifth company waits up to two months or longer.
“In practice, this means that with high fixed costs, enterprises finance the activities of their customers from their own working capital. And when the scale of orders increases, the level of frozen receivables also increases,” experts said, noting that any slowdown on the contractor's side may trigger a chain reaction.
They emphasized that in the metal industry we are not dealing with a temporary liquidity crisis. “Companies have become accustomed to the fact that part of their capital is constantly frozen in invoices. This is a very risky approach,” noted Wojciech Czapeczko, director of business financing at Bibby Financial Services.
The authors of the report indicated that in September 2024, the median of frozen receivables was PLN 100,000. zloty. In June 2025, it increased to 200,000. zloty. At the beginning of 2026 it will fluctuate around 100,000 again. zloty. “At first glance, this can be considered an improvement,” experts added, noting that long-term analysis shows otherwise.
“Three subsequent measurements of the value of receivables frozen in invoices in the metal processing industry allow us to consider the observed levels as a permanent element of the sector's operating model. The median of the declared amounts again shows a level of approximately PLN 100,000, with periodic increases to approximately PLN 200,000 in months of high operational activity,” commented Katarzyna Pydych from Keralla Research.
According to the authors of the report, this means that for an average metal company about PLN 100,000. PLN remains “permanently” outside the operational circulation. They added that as many as 45.3 percent respondents declare the value of frozen receivables to be between PLN 100,000 and PLN 200,000. PLN and more.
“With the rising costs of energy, raw materials and labor, such an amount is no longer a 'technical delay' – it becomes a threat to liquidity,” experts said.
As Czapeczko emphasized, with the current scale of operating costs, up to PLN 100,000. PLN is often the equivalent of monthly wages, purchase of a batch of raw material or own contribution to an investment. “If a company accepts this level of exposure as natural, it limits its investment capacity and financial flexibility. When a larger contract appears or there is a need to modernize the production line, there is no capital that could finance this development,” Czapeczko added. (PAP)
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