Beograd na vodi paid the state only EUR 31.7m in dividends over 12 years
N1 and Danas, relaying Radar's figures, write that since the project began in 2014, Beograd na vodi has paid just over RSD 3.7bn, or just under EUR 31.7m, in dividends into Serbia's budget. Against the backdrop of a claimed 10,000 apartments sold and a record EUR 163.8m profit for 2025, the sources stress the gap between the project's scale and its public return; the state could receive about another RSD 1.55bn by the end of 2026.
What matters
How much has already gone to the budget
According to N1 and Danas, since 2014 the project has paid the state just over RSD 3.7bn, or just under EUR 31.7m, in dividends.
What happened in 2026
N1 reports this year's record payment: a few days ago RSD 1.5497bn reached the budget, and the state could receive about another RSD 1.55bn before year end.
Profit and dividends diverge
Danas says that against total net profit of EUR 375.2m, the state has so far received less than 10% of that sum, and even with the next tranche the total share stays below 12%.
Undistributed profit remains inside the project
According to Danas, undistributed profit at the end of 2025 reached RSD 24.9bn, or EUR 212.2m, which is 6.7 times larger than the profit already paid to the state.
Breakdown by publication
How sources frame this story
Mobile shows the first 2; the full breakdown is available on desktop.
N1 / Radar: Beograd na vodi paid the state only what it earns from selling 12 apartments
Citing Radar, N1 writes that the project has already sold 10,000 apartments but only EUR 31.7m has reached the budget through dividends. The piece lists yearly payments: in 2023 there were two tranches of RSD 377.6m, then RSD 548m, RSD 866.5m, and in 2026 a record RSD 1.5497bn. The source adds that the state could receive another RSD 1.55bn by year end, while 2025 net profit reached EUR 163.8m.
Danas / Radar: over 12 years the state got from Beograd na vodi only the value of 12 apartment sales
Danas writes that since July 2014 the project has paid the state just over RSD 3.7bn, or less than EUR 31.7m, and that splitting this amount across the country's 6.5 million residents would equal roughly five euros per person. The paper adds that against total net profit of EUR 375.2m, the state has so far received less than 10% of that sum, while undistributed profit at the end of 2025 reached RSD 24.9bn, or EUR 212.2m.
Overall takeaway
N1 and Danas carry the same Radar line of data: even with record profit and a new large 2026 payment, Beograd na vodi's public financial return still looks limited compared with the scale of the project itself.
What this means for residents
A taxpayer's reference point
Danas calculates that if the dividends already paid were split across Serbia's 6.5 million residents, that would amount to about five euros per person over the project's full 12 years.
A reference point in the public-benefit debate
The pieces give readers a simple yardstick: for a project presented as publicly important to Belgrade and the state, the current dividend return remains far smaller than the scale of profits and transferred land.
