Grüβe Märt,
This is related to post Formatting Code (Ctrl+Shif+F) .
What version of component QP5.dll do you see in the Toad folder? Version 5.402 (and later) should fix the problem - at least for the single spaced characters such as ä, Ü etc.
I'd be happy to get to know your findings,
Thanks,
Andre