The number of entrepreneurs listed in the National Debt Register (KRD) fell by just under 1% year on year at the end of the first quarter of this year. At the same time, the total debt of this group increased by more than 6%, or nearly PLN 680 million. The largest individual debtor is based in the Mazowieckie region and owes more than PLN 20 million. Average debt reached PLN 44,000, up PLN 3,000 from a year earlier. The data also shows that the average entrepreneur listed in the register had been overdue on payments for nearly two years.
At the end of the first quarter of this year, the National Debt Register listed 265,000 entrepreneurs. Of these, 55,700 were based in the Mazowieckie region, 31,900 in Silesia and 26,300 in Greater Poland. This was 0.9% fewer than in the corresponding period of 2025, when the register included 267,500 entrepreneurs. At that time, 55,000 debtors were from Mazowieckie, 32,600 from Silesia and 26,800 from Greater Poland.
According to Adrian Parol, a legal adviser and restructuring consultant, the year-on-year decline should be interpreted as a sign of stabilisation rather than a clear improvement in the condition of the business sector as a whole. The scale of the change remains relatively small, while the number of indebted entrepreneurs is still high. This suggests that problems with timely payments continue to affect a significant part of the market.
“National data points to stability rather than any spectacular year-on-year changes. Some businesses are performing reasonably well, particularly those operating in sectors that are more resilient to rising raw-material costs or pressure to increase wages in a labour market facing staff shortages. The prominence of these regions is linked to their economic profile and population size,” says Jeremi Mordasewicz, adviser to the management board of the Lewiatan Confederation.
KRD data also shows that, as of 31 March this year, the total debt of entrepreneurs stood at PLN 11.7 billion. This was 6.2% higher than in the corresponding period of the previous year, when the figure amounted to PLN 11 billion.
Adrian Parol notes that total debt increased by PLN 680 million year on year despite the lower number of debtors. This indicates that financial difficulties are becoming more concentrated among businesses with larger liabilities. The trend is concerning because high corporate debt increases the risk of payment backlogs. Companies struggling to meet their own obligations often delay payments to suppliers, business partners and subcontractors.
“I do not see anything particularly dramatic here. Polish businesses are generally less indebted than companies in many other European Union countries, but that does not necessarily mean the situation is good, because businesses are investing too little. We are seeing a more cautious approach. On the one hand, this means there is no wave of bankruptcies, which is positive. On the other, companies are not using financing to accelerate growth as much as they could,” says Mordasewicz.
According to Parol, a higher risk of indebtedness traditionally affects sectors with low margins, strong competition and a high dependence on timely payments. These include construction, transport, trade and some service industries.
KRD data also shows that the highest debt recorded for an individual entrepreneur in the first quarter of this year was PLN 20.5 million. The debtor was based in the Mazowieckie region. A year earlier, the highest debt was also PLN 20.5 million and concerned a debtor from the same region.
“In cases where liabilities exceed PLN 20 million, this is usually not a temporary liquidity problem but a deep financial crisis within the business. Such a large amount is typically the result of several overlapping factors, including unsuccessful investments, the loss of key contracts, poor strategic decisions, overly rapid expansion or worsening market conditions. The largest debts are usually the consequence of problems that have been building up over many years. External factors may also have played a role,” adds Parol.
At the end of the first quarter of 2026, the average debt of an entrepreneur listed in the KRD stood at PLN 44,000. This was 7.2% higher than in the corresponding period a year earlier, when the average amount was PLN 41,000.
“An increase of more than 7% in the average debt per entrepreneur should be seen as a warning sign. It is clearly larger than the change in the number of debtors. PLN 44,000 may not appear particularly high for large companies, but for microbusinesses and sole proprietors it can represent a serious burden. In many cases, it is equivalent to several months of profit or even a substantial share of the owner’s annual income. Such debt primarily affects a company’s liquidity,” says Łukasz Goszczyński, a legal adviser and restructuring consultant at business law firm GKPG.
As of 31 March this year, the average entrepreneur listed in the register had been overdue on payments for 705 days. A year earlier, the average period of overdue debt was 867 days.
According to Goszczyński, this represents a clear improvement and may be the most important signal in the data. It may reflect several developments occurring at the same time. Some entrepreneurs may have regained the ability to settle their liabilities, while creditors may have become more effective in debt collection, restructuring and negotiated settlement processes. However, the situation is still far from comfortable, as the average delay remains close to two years.
“In my view, the data on overdue payments is not alarming. It shows that the situation is not excellent, but entrepreneurs are not sounding the alarm either. I would even say that the results are probably better than expected, given that two years ago we were facing a crisis related to energy prices. Of course, conditions could be better, but we are still learning how to operate in a market economy. The overwhelming majority of entrepreneurs would like to live in a country where contracts are honoured, payments are made on time and credit is used when needed,” Mordasewicz concludes.
