Firms’ short-term inflation expectations remained stable between 2.8 % and 2.9 % over the course of the fourth quarter of 2025. The median remained unchanged at 2.5 %.

In the fourth quarter of 2025, 35 % of firms reported a decline in their short-term liquidity over the previous 12 months. By contrast, an unchanged 19 % of firms recorded an increase in their liquidity. The need for credit financing rose for 27 % of firms, but fell for 18 % of firms. 22 % of firms reported decreased access to financing sources, whilst a further 7 % reported an improvement in this regard.

In the fourth quarter of 2025, slightly fewer firms than in the third quarter reported that they had conducted loan negotiations in the respective quarter prior to the survey period (Q4: 14.6 %, Q3: 15.7 %).

In the fourth quarter of 2025, 29 % of firms expected their short-term liquidity to decline over the next 4 months, while 16 % expected their liquidity to increase. An unchanged 29 % of firms anticipated a higher need for credit financing, while 15 % of firms expected a decline in their need for credit financing. 20 % of firms expected their access to finance to decrease, whereas 9 % of firms anticipated increased access, as in the previous quarter.

In addition to the regularly recurring questions on enterprise metrics, expectations and access to loans, the Bundesbank frequently asks enterprises questions on various current issues. A selection of the results is presented here.

The International Monetary Fund (IMF) was conceived at the Bretton Woods Conference in 1944, and currently has 190 member countries. Germany joined the Fund in 1952. The overarching aim of the IMF is to promote economic policy cooperation and stability in the international monetary system. Its mandate also covers financial stability issues that have monetary implications.