From Cyrillic and Latin to Cyrillic
Serbian is written in Cyrillic and Latin, both in everyday use and Bulgarian in Cyrillic, so the exported file uses a different writing system from the audio that produced it. The subtitle formats handle that — SRT and VTT are plain text and carry any script — but the font in whatever plays the file has to cover it.
This is the most common reason a Bulgarian subtitle track looks correct in an editor and shows boxes or blanks on a device. Test on the target platform before you publish a batch.

