First off, this isn't first Serbian horror, but a first Serbian SPLATTER/GORE horror movie. Yes, this is cheaply done and VERY trashy, and such aesthetics makes the atmosphere just perfect. The movie is brutal, but such brutality is rather atmospheric and pathological, not really a shock-value thing as splatter movies are almost always about. Of course, there are plenty of graphic violence scenes going on.
The plot is about a group of people being trapped in an old, quite forgotten public bath in Belgrade and being hunted by a serial killer there. Of course, that doesn't sound spectacular in any way, but the main story which goes behind is about mysterious psycho-pathologic disease named TT Syndrome. It's rather difficult to define what the disease really is (it seems totally fictional, although I'm not 100% sure), although it's certain that it's some kind of autism which displays through the social isolationism and psychopathic, violent behavior. There is also some kind of paranormal, mystic frame connected with the disease's mystery and the events in the movie. That adds a perfect arty trash value to the movie.
The atmosphere is very gloomy, thanks the raw, near DIY production and filthy ambiance (most of the movie is happening in a toilet and the sewer underground). Most of trash points come from the acting, which is cheesy, but fairly solid anyway. Background music and sound effects are also trashy, very dramatic, with some bizarre charm.
The only real minus of the movie could be that it's pretty obvious who the killer is, from the beginnings. That perhaps killed some tension and the drama, but then again, shock wasn't the point of this movie but rather a whole experience of it's atmosphere. The movie is by no way pretentious or deadly serious, there's also a small dose of entertaining humor going on.
Overall, this movie is trash, but it gets beyond camp only thing. It's a amateurish masterpiece, if you can appreciate and understand it's ugliness. Definitely not recommended for fans of highly produced commercial horror.