These are the “leaders” within the population of Hidden Champions, companies where direct exports of their own products and services account for more than 24.9% of their revenue and have a value greater than EUR 1 million. Companies that earn from the export of low-value-added resources, agricultural products, or trading and transportation services are not included. The following are the companies:

According to international criteria, these are considered small or medium-sized enterprises (meeting 2 out of 3 criteria: fewer than 250 employees, less than EUR 50 million in turnover, or less than EUR 43 million in assets).
These are newly established entrepreneurial ventures, meaning they are not privatized companies.

By “leading,” we mean their potential to contribute to Serbia’s sustainable development in the next decade. The focus is on three “sub-populations”: (i) those demonstrating competitiveness through a consistent and significant level of export to markets beyond our immediate surroundings; (ii) those with development potential based on innovation; (iii) those making significant or pioneering contributions to green transition in Serbia. It is desirable for these characteristics to intersect. A fundamental requirement is a positive business reputation.1

We operationalize these principles through the following criteria:

Top Exporters

In each sector, these are companies with the highest exports whose performance in terms of growth dynamics and/or average salaries and added value per employee exceeds a certain threshold. Priority is given to those with more complex production/services. In the food industry, only innovative companies or those that add significantly higher value than usual processing are included. Similarly, in the IT sector, these are companies that export IT products rather than just services (e.g., coding or call centers).

Innovative Companies

These are companies that continuously innovate and improve their production processes, products, and customer approach. Such companies make a special contribution to the development of science and the country’s capacity for innovation, which is essential for sustainable development. As a “test” of innovation, we used the following criteria:

  • Participation in projects funded by the Innovation Fund or Horizon projects.
  • Extensive use or development of products in the field of Industry 4.0 or having an R&D department.

If companies meet these criteria and if their business is established and confirmed through market competition, we make an exception if their exports have been at least EUR 0.5 million on average over the past 3 years / in the previous year.

"Green" Companies (more precise criteria are still being developed)

MSP pioneers are those whose business achieves green goals through innovative energy savings or reliance on renewable energy; application of circular economy principles; reliance on organic production or pollution reduction; and contribution to the protection and development of biodiversity. Generally, renewable energy producers and secondary raw material processors are not included.

1CEVES analyzes publicly available information on the company/ownership history and consults with a network of business sector experts to verify reputation. There is no verification of business books.
2We observe an index derived from sectoral rankings in terms of export size, added value, and revenue, their dynamics, as well as the size of EBITDA relative to turnover, added value per employee, and average salaries.
3Industry 4.0: AI & Machine learning, IoT, big data, robotics & 3D printing, biotech, 5G, nano materials.

Thank you for your interest. We will soon open registration for the SME100 Expo 2024: New Growth Agenda for SMEs.

In accordance with the methodology and based on data available for the year 2022, we have identified the following SME100 for 2023 – leading Hidden Champions, who meet the criteria. Soon, you will be able to find out which of them will participate in the “SME100 Expo 2023: People -the key to success” in Niš on November 9, 2023.

Z.A. FRUIT

VALJEVO

9. SEPTEMBAR – TISSUE CONVERTING

VELEREČ

AGRANELA

VALJEVO

AGROUNIK

BEOGRAD

AGROPARTNER

LUČANI

AL PACK

SUBOTICA

ALATNICA BAROVIĆ INTERNATIONAL

STUBLINE

ALING-CONEL

GAJDOBRA

AMM MANUFACTURING

LUŽNICE

BADIN SOFT

NIŠ

BAKSON LTD

BEOGRAD

BASNA

ATENICA

BELIT

BEOGRAD

BEL-PLAST

UŽICE

BEOROL-PRIMA

BEOGRAD

BITGEAR WIRELESS DESIGN

BEOGRAD

BOSIS

VALJEVO

BUCK

BEOGRAD

CAPRIOLO

BAČKA TOPOLA

CASE 3D

NOVI SAD

COMDATA

KAĆ

COMEX

ŠABAC

D-COMPANY

BABUŠNICA

DESING

BEOGRAD

DIVI

UŽICE

DMITEH

GORNJI MILANOVAC

DMV INDUSTRIJSKI KONTROLNI SISTEMI

NIŠ

DRENOVAC

MIROSALJCI

DUNAVNET

NOVI SAD

EKOFUNGI

BEOGRAD

ELEKTROVAT

BEOGRAD

ELING

LIPNIČKI ŠOR

ENTERIJER JANKOVIĆ

NOVI SAD

ENTERO

NOVA PAZOVA

EP-BELT

LOZNICA

E-RECIKLAŽA

NIŠ

ERGOMADE

MEROŠINA

ESENSA

BEOGRAD

EUROICC

BEOGRAD

EXTRAFORM

SENTA

FAB

LUKOVAC

FOKA

GORNJI MILANOVAC

GAMA CONSULTING

PROKUPLJE

GECKO SOLUTIONS

BEOGRAD

GENEZA

KANJIŽA

GILAB

BEOGRAD

GINKO

POŽEGA

GIR

ADRANI

GLOBAL ENGINEERING TECHNOLOGIES

BEOGRAD

GRAFOSTIL

KRAGUJEVAC

GREEN CITY INTERNATIONAL

BEOGRAD

GM CONVERTING

GORNJI MILANOVAC

GOLAŠ

BEOGRAD

GOMMA LINE

KRAGUJEVAC

HDL DESIGN HOUSE

BEOGRAD

HIPRA

PANČEVO

IDAS

MOL

INMOLD PLUS

POŽEGA

IVA 28

BEOGRAD

IVKO

BEOGRAD

KARTONVAL

BEOGRAD

KOLAREVIĆ

ĆIĆEVAC

KONELEK

BEOGRAD

INTENS

NOVI SAD

ITN GROUP

BEOGRAD

JELA

JAGODINA

LAKI

STUPČEVIĆI

LARGO

UŽICE

LAZAR

BLACE

LEON

SLEPČEVIĆ

LUNA

POŽAREVAC

M & I SYSTEMS

NOVI SAD

MANUFAKTURA

SUBOTICA

MARS

BEOČIN

MATIS

IVANJICA

MDS INFORMATIČKI INŽENJERING

BEOGRAD

MELISA FARM

SVILOJEVO

MENEX

KRUŠEVAC

MICRO LINE

TRSTENIK

MICROTRI

BEOGRAD

MIDI ORGANIC

DONJE GRGURE

MIKROELEKTRONIKA

BEOGRAD

M-INOX CONSTRUKT

MAOVI

MNG PLASTIK-GOGIĆ

INĐIJA

MOJA SOBA

KRALJEVO

MOSKITO ADV

BEOGRAD

MTK METAL-KOMERC

UŽICE

MUBB-PRODUCT

BEOGRAD

MVP Workshop

BEOGRAD

NATURA TRADE

LOZNICA

NEOFYTON

NOVI SAD

NEOMEDICA

NIŠ

NOVELIC

BEOGRAD

NIRI 4NL

NIŠ

NISSATECH INNOVATION CENTRE

NIŠ

NS PLAKAT

NOVI SAD

NUMANOVIĆ SNS

NOVI PAZAR

OPREMA PIGO-R

BEOGRAD

PAPIR PRINT

GORNJI MILANOVAC

PHARMANOVA

OBRENOVAC

PIRAMIDA 72

ŠABAC

PRODUKT BG INŽENJERING

BEOGRAD

PROPULZIJA

RUŠANJ

QUANTOX

ČAČAK

RADIJATOR-INŽENJERING

KRALJEVO

S.C.S. PLUS

KNJAŽEVAC

SCGM

KRAGUJEVAC

SERVOTEH

DOBANOVCI

SILA S

STARA MORAVICA

SIROGOJNO COMPANY

SIROGOJNO

SOPREX

BEOGRAD

STANDARD FURNITURE SERBIA

ĆUPRIJA

STAR JELA

PRIJEPOLJE

STAX

ČAČAK

STRELA

KLAJIĆ

STUBLINA

STOJNIK

SUPERIOR

VELIKA PLANA

SVETLOST TEATAR

BEOGRAD

SWEET HOME

BRUS

TANKMONT

BEOGRAD

TEHNOMARKET

PANČEVO

TEHNOPLAST

STARI BANOVCI

TELIX

NOVI SAD

TERMOMETAL

ADA

TERMOVENT SC

TEMERIN

TETRAGON

ČAČAK

TIM INDUSTRIEL STEEL

NIŠ

VEGA IT ALPHA

NOVI SAD

VISARIS

BEOGRAD

WIPL-D

BEOGRAD

YUMIS

NIŠ

ZESIUM MOBILE

NOVI SAD

ZLATIĆ

KONAREVO