Železnice Srbije reports net loss and five years of blocked accounts

Serbian state railway operator Železnice Srbije reported serious financial difficulties and has had its bank accounts blocked for five years, according to the State Audit Institution of Serbia's report for 2025.

Key figures from the 2025 audit

The company recorded a net loss of 547 million dinars, or about €4.7 million. The audit also shows that the loss exceeding the company’s capital reached 55 billion dinars, roughly €470 million.

Short-term financial liabilities totalled 65 billion dinars (approximately €555 million), while current assets stood at only 261 million dinars. Data from the National Bank of Serbia indicate that the total amount of account blockades is about 1 billion dinars, or around €8.5 million.

State auditors identified serious irregularities in financial reporting: unverified and inconsistent liabilities, missing supporting documentation and problems with asset inventories. The auditors noted that the company did not carry out a proper inventory of liabilities amounting to nearly 72.5 billion dinars.

The findings apply specifically to the joint-stock company Železnice Srbije, which is a separate legal entity from the passenger operator Srbijavoz and the enterprise responsible for railway infrastructure. Auditors warned there is substantial uncertainty about Železnice Srbije’s ability to continue operating without additional state financial support.

Photo: press material from the event