Football · The Window LedgerPublished · 2026-08-15
The Window Ledger
€43.8m in, €102m out: the Serbian SuperLiga's 2025/26 ledger across 451 moves
What the league paid, what it recouped, and the 93% of its business that carried no fee at all.
THE BACK PAGE · the money behind the move · ACTUAL SPORTS MEDIA
Across 2025/26, the Serbian SuperLiga recorded 451 incoming moves. 32 of them carried a disclosed fee; the other 419 (93%) were frees, loans or undisclosed.
Spent
€43.8m
Disclosed incoming fees, 2025/26.
Banked
€102m
Disclosed fees received, 2025/26.
Net
−€58.1m
Spend minus receipts. Not a profit-and-loss — wages and amortisation are not in this record.
Deals with no disclosed fee
93%
Undisclosed is a real outcome, not a missing number, and is never estimated here.
| Player | From | To | Fee |
|---|---|---|---|
| Shavy Babicka | FC Toulouse | Crvena Zvezda | €4.0m |
| Shavy Babicka | Toulouse | Red Star | €4.0m |
| Mahmudu Bajo | Dunajska Streda | Crvena Zvezda | €3.5m |
| Mahmudu Bajo | Dunajska Streda | Red Star | €3.5m |
| Tomás Händel | Vitória Guimarães SC | Crvena Zvezda | €3.1m |
| Tomás Händel | Vit. Guimarães | Red Star | €3.1m |
| Franklin Tebo | Sarpsborg 08 Fotballforening | Crvena Zvezda | €2.7m |
| Franklin Tebo Uchenna | Sarpsborg 08 | Red Star | €2.7m |
A league ledger measures money moved, not quality bought. The share of business done without a fee is the number most often skipped, and it is usually the majority of it.
Transfer record, fees and market values: ACTUAL TRANSFER MARKET (actualtransfermarket.com). Analysis: ACTUAL SPORT INTELLIGENCE.
Confidence HighEvidence Actual Sport IntelligencePublished 2026-08-15Partial wages, amortisation withheld — the evidence didn't support it
Follow the moneyOpen Serbian SuperLiga in Actual Transfer Market — every move, every fee, every clause, and what the market paid against what it was worth.Open Serbian SuperLiga →Powered by Actual Sport Intelligence