Serbia's snap parliamentary election delivered a result that would have been unthinkable 18 months ago. The Student List, a movement that coalesced from protests over the 2024 Novi Sad railway station canopy collapse that killed 16 people, won 52.54 percent of the vote — enough for a projected 140 seats in the 250-seat parliament and a governing majority without coalition partners. Aleksandar Vucic's Serbian Progressive Party, running under the United Serbia banner, took 39.29 percent — a commanding second place in any other election, but a decisive defeat after more than a decade of near-total political dominance. Turnout hit 68.78 percent, a record in more than 30 years, suggesting the election mobilized voters who had stayed home under the assumption that Vucic's machine was unbeatable. The Student List's programme reads like a direct indictment of the Vucic era: anti-corruption, institutional independence, media freedom, improved relations with neighbours. These are not radical demands in any functioning democracy — they are the baseline. That they constitute a reform agenda tells you how far institutional capture had progressed under Vucic's rule. The movement's deliberate avoidance of a named prime ministerial candidate during the campaign was tactically shrewd but creates an immediate governance question. Ilija Srdanovic, a Novi Sad cardiologist who led the campaign, is the most likely candidate, but the movement's collective ethos resists the concentration of authority that defined the regime it just defeated. Key ministries — internal affairs, finance, justice — remain unassigned. Constitutional timelines provide structure: the National Assembly must convene within 30 days of final results, and a government must form within 90 days after that. The Student List's outright majority eliminates coalition negotiations, which is a significant advantage. But forming a government from a movement that has never governed is a different kind of challenge than winning an election. The presidential vacancy adds a parallel clock. Vucic resigned on September 27, triggering a requirement that Ana Brnabic — serving as interim president — call an extraordinary presidential election by December 27. The presidency is largely ceremonial and directly elected, but who the Student List fields for the role will signal whether the movement can project institutional coherence beyond parliament. The structural question is whether Serbia is witnessing a genuine democratic renewal or a one-cycle correction. Movements that emerge from protest often struggle with the mundane machinery of governance — budgets, bureaucracies, security services staffed by loyalists. The Student List has the mandate. Whether it can convert moral authority into institutional competence will determine whether this election was a turning point or a peak.