NBS: 100 Firms With Blocked Accounts Owe 81 Billion Dinars
The National Bank of Serbia's enforced collection table for September 30, 2026: from Ilbes of Pozarevac to the Belgrade Oil Refinery, and where the table differs from the published snapshot.
On September 30, 2026, the accounts of the 100 firms with the largest blocks in Serbia carried a combined debt of 81,088,673,863.09 dinars (about 690 million euros, according to N1’s conversion at the middle exchange rate). The sum excludes interest and comes from the enforced collection table published by the National Bank of Serbia (NBS). On average, that is roughly 811 million dinars of blocked funds per firm on the list.
Who is at the top of the enforced collection list?
First is Ilbes d.o.o. of Pozarevac (Iervolino & Lady Bacardi Entertainment Studios), with 6,332,238,851 dinars blocked (about 54 million euros at the same rate) and 12 employees. The company is registered for film and television production and is owned by the Italian firm Sipario Movies S.P.A., which is in liquidation. On September 30, its account had been blocked for 888 days.
Second place belongs to the state-owned MB Namenska Lucani: 4,002,853,969 dinars (about 34 million euros) and 1,755 employees. The NBS table records 1,549 days of blockade, while N1, counting from July 5, 2022 to the day it wrote its article, reports 1,570. The 21-day gap matches the interval between the table’s cutoff and the date of that article.
Third is the Belgrade-based Ladinvest with 3,676,980,000 dinars blocked and no employees. Together, the three account for about 17% of the list’s total.
How many workers stand behind these debts?
The hundred firms on the list employ 7,370 workers in total. Of those, 6,926, or about 94%, work at three state-owned companies:
- JP PEU Resavica: 3,205 workers, 407,045,067 dinars blocked
- MB Namenska Lucani: 1,755 workers
- Holding korporacija Krusik Valjevo: 1,966 workers, 1,521,710,844 dinars blocked
The average period of insolvency for the firms on the list is 3,058 days, about 8.4 years. Serbian Railways (Zeleznice Srbije) is on the list with 1,032,891,523 dinars blocked.
Where are the energy sector firms on the list?
The NBS table has no field for line of business, so energy companies can only be identified by name and publicly known activity. Rafinerija nafte AD Beograd (Belgrade Oil Refinery), based at Pancevacki put 83, closes the list at number 100: 322,469,170 dinars blocked, 182 days and 30 workers. Hidrotehnika-Hidroenergetika AD Beograd ranks 14th by amount, with 1,280,594,313 dinars, 139 days of blockade and 30 workers. JP PEU Resavica is the state-owned underground coal mining company.
Among firms whose names point to energy and gas, the table lists:
- Energy Evolution doo of Ridjica: 1,802,319,326 dinars, 344 days
- Line Power doo Beograd: 1,169,558,044 dinars, 2,772 days
- EMI Oil doo Beograd: 986,360,393 dinars, 133 days
- Energo-sistem doo Novi Sad: 539,567,285 dinars, 115 days
- N&P-Gas doo Dimitrovgrad: 505,862,852 dinars, 5,291 days
- M Gas Energy System doo Novi Sad: 336,811,114 dinars, 115 days
- Toplana FKS doo Jagodina: 514,082,531 dinars
Where does the NBS table differ from the published snapshot?
For Ladinvest, Zeleznice Srbije and Krusik, N1 gives the same number of blocked days, 1,827, and for Ladinvest also a start date, October 31, 2021. The NBS table shows a different figure for each of the three firms: 4,529 days for Ladinvest, 3,951 for Zeleznice Srbije and 5,433 for Krusik.
N1 also writes that Magma prom of Sabac and Tehnoremont of Temerin have blocks above two billion dinars. In the NBS table, Tehnoremont stands at 1,837,222,864 dinars, which is below two billion. Borovica Transport-Put doo of Ruma, with 2,328,096,300 dinars in fourth place, is also above that threshold, and N1 does not mention it.
The figures are valid for September 30, 2026, and ongoing blocks keep lengthening: at the time N1 wrote its article, Ilbes had been blocked for 909 days, 21 days longer than in the table.
