{"id":1002,"date":"2026-02-09T22:55:40","date_gmt":"2026-02-09T19:55:40","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1002"},"modified":"2026-02-09T22:55:40","modified_gmt":"2026-02-09T19:55:40","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-vakfn-vakif-finansal-kiralama-2025-12-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1002","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #VAKFN | Vak\u0131f Finansal Kiralama 2025\/12 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/creators.spotify.com\/pod\/profile\/market-risk-tr\/embed\/episodes\/VAKFN--Vakf-Finansal-Kiralama-202512-Bilano-Analizi-e3ervf6\/a-acfc02c\" width=\"400px\" height=\"102px\" frameborder=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<h1>Vak\u0131f Leasing 2025 Raporu: Rakamlar\u0131n \u00d6tesindeki 6 Kritik Ger\u00e7ek<\/h1>\n<p><b>1. Giri\u015f: Karma\u015f\u0131k Tablolardan Net Bir Hikayeye<\/b><\/p>\n<p>Finansal raporlar, \u00e7o\u011fu zaman sadece uzmanlar\u0131n anlayabilece\u011fi kuru rakam y\u0131\u011f\u0131nlar\u0131 gibi g\u00f6r\u00fcn\u00fcr. Ancak bu tablolar\u0131n sat\u0131r aralar\u0131na dikkatli bak\u0131ld\u0131\u011f\u0131nda, bir \u015firketin sadece d\u00fcn\u00fcne de\u011fil, yar\u0131n\u0131na dair de \u00e7arp\u0131c\u0131 bir hikaye gizli oldu\u011funu g\u00f6r\u00fcr\u00fcz. Vak\u0131f Leasing\u2019in 2025 y\u0131l\u0131 ba\u011f\u0131ms\u0131z denetim raporu, tam olarak b\u00f6yle bir hikaye sunuyor. Sekt\u00f6r\u00fcn de\u011fi\u015fen dinamikleri ve ekonomik konjonkt\u00fcr\u00fcn etkisiyle kar\u015f\u0131m\u0131za \u00e7\u0131kan bu tablo, &#8220;Bir \u015firketin sa\u011fl\u0131\u011f\u0131n\u0131 sadece net k\u00e2r rakam\u0131 m\u0131 belirler?&#8221; sorusunu yeniden g\u00fcndeme getiriyor. Aktif b\u00fcy\u00fckl\u00fc\u011f\u00fcndeki devasa s\u0131\u00e7ramalar, sermaye hamleleri ve risk y\u00f6netimi stratejileriyle Vak\u0131f Leasing\u2019in 2025 karnesindeki 6 kritik ger\u00e7e\u011fi mercek alt\u0131na al\u0131yoruz.<\/p>\n<p><b>2. Enflasyon Muhasebesi Bilmecesi: Neden Uygulanmad\u0131?<\/b><\/p>\n<p>2025 y\u0131l\u0131 finansal tablolar\u0131na dair en dikkat \u00e7ekici teknik detay, y\u00fcksek enflasyon ortam\u0131na ra\u011fmen enflasyon muhasebesinin bu raporda yer almamas\u0131d\u0131r. TMS 29 (Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama) standard\u0131n\u0131n uygulanmas\u0131 beklenirken, Bankac\u0131l\u0131k D\u00fczenleme ve Denetleme Kurumu (BDDK) taraf\u0131ndan al\u0131nan stratejik bir karar denklemi de\u011fi\u015ftirdi.<\/p>\n<p>BDDK\u2019n\u0131n karar\u0131yla, finansal kiralama \u015firketlerinin 2025 y\u0131l\u0131nda enflasyon muhasebesi uygulamamas\u0131na h\u00fckmedildi. Bu durum, Vak\u0131f Leasing\u2019in verilerinin &#8220;tarihi maliyet&#8221; esas\u0131na g\u00f6re kalmas\u0131na neden oldu. \u015eirket raporunda bu durumu \u015fu teknik a\u00e7\u0131klamayla sabitledi:<\/p>\n<p>&#8220;5 Aral\u0131k 2024 tarihli 11021 say\u0131l\u0131 Kurul karar\u0131 uyar\u0131nca; bankalar ile finansal kiralama, fakt\u00f6ring, finansman, tasarruf finansman ve varl\u0131k y\u00f6netim \u015firketlerinin 2025 y\u0131l\u0131nda enflasyon muhasebesi uygulamamas\u0131na karar verilmi\u015ftir. Buna istinaden \u015eirket 31 Aral\u0131k 2025 tarihli finansal tablolar\u0131nda &#8216;TMS 29 Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama Standard\u0131&#8217; uygulanmam\u0131\u015ft\u0131r.&#8221;<\/p>\n<p>Bu tercih, yat\u0131r\u0131mc\u0131lar\u0131n tablolar\u0131 reel sat\u0131n alma g\u00fcc\u00fcnden ziyade nominal rakamlar \u00fczerinden okumas\u0131 gerekti\u011fini hat\u0131rlatan kritik bir dipnottur.<\/p>\n<p><b>3. Aktif B\u00fcy\u00fcmede Dev S\u0131\u00e7rama, Marjlarda Daralma<\/b><\/p>\n<p>2025 y\u0131l\u0131 rakamlar\u0131, Vak\u0131f Leasing\u2019in operasyonel hacmini geni\u015fletti\u011fini ancak k\u00e2rl\u0131l\u0131k marjlar\u0131nda ciddi bir bask\u0131 hissetti\u011fini g\u00f6steriyor. \u015eirketin toplam varl\u0131klar\u0131 (aktif b\u00fcy\u00fckl\u00fc\u011f\u00fc) 2024 y\u0131l\u0131ndaki <b>31 milyar TL<\/b> seviyesinden, 2025 sonunda <b>36,2 milyar TL<\/b>\u2019ye y\u00fckselerek %17\u2019lik bir b\u00fcy\u00fcme sergiledi.<\/p>\n<p>Ancak bir finansal analist g\u00f6z\u00fcyle bak\u0131ld\u0131\u011f\u0131nda, bu hacim art\u0131\u015f\u0131n\u0131n k\u00e2rl\u0131l\u0131kla ayn\u0131 do\u011frultuda ilerlemedi\u011fi g\u00f6r\u00fcl\u00fcyor. 2024 y\u0131l\u0131nda yakla\u015f\u0131k <b>1,65 milyar TL<\/b> olan d\u00f6nem net k\u00e2r\u0131, 2025 y\u0131l\u0131nda <b>1,53 milyar TL<\/b> seviyesine geriledi. Bu &#8220;negatif korelasyonun&#8221; arkas\u0131ndaki ger\u00e7ek nedenler ise \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>Esas Faaliyet Gelirlerinde D\u00fc\u015f\u00fc\u015f:<\/b> San\u0131lan\u0131n aksine k\u00e2r d\u00fc\u015f\u00fc\u015f\u00fcn\u00fcn nedeni finansman giderleri de\u011fildir; zira finansman giderleri 4,48 milyar TL&#8217;den 3,80 milyar TL&#8217;ye gerileyerek iyile\u015fmi\u015ftir. As\u0131l darbe, <b>Esas Faaliyet Gelirleri<\/b>&#8216;nin 6,75 milyar TL\u2019den 5,77 milyar TL\u2019ye (yakla\u015f\u0131k %15) sert d\u00fc\u015f\u00fc\u015f\u00fcnden gelmi\u015ftir.<\/li>\n<li><b>Net K\u00e2r Marj\u0131 Daralmas\u0131:<\/b> Aktifler %17 b\u00fcy\u00fcrken, bu aktiflerden \u00fcretilen gelirin d\u00fc\u015fmesi, portf\u00f6y verimlili\u011finde ve k\u00e2r marjlar\u0131nda bir s\u0131k\u0131\u015fma (yield decline) ya\u015fand\u0131\u011f\u0131n\u0131 teyit etmektedir.<\/li>\n<li><b>Operasyonel Gider Bask\u0131s\u0131:<\/b> Personel giderlerinin 194 milyon TL\u2019den 273 milyon TL\u2019ye \u00e7\u0131kmas\u0131 da operasyonel k\u00e2rl\u0131l\u0131\u011f\u0131 bask\u0131layan bir di\u011fer unsur olmu\u015ftur.<\/li>\n<\/ul>\n<p><b>4. Denet\u00e7inin Radar\u0131: Alacak Kalitesindeki Risk Art\u0131\u015f\u0131<\/b><\/p>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7i EY (G\u00fcney Ba\u011f\u0131ms\u0131z Denetim), raporunda finansal kiralama alacaklar\u0131n\u0131n de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fcn\u00fc &#8220;Kilit Denetim Konusu&#8221; olarak tan\u0131mlad\u0131. Burada en kritik nokta, s\u00fcrecin y\u00fcksek derecede <b>&#8220;Y\u00f6netimsel Yarg\u0131 ve \u00d6znellik&#8221;<\/b> i\u00e7ermesidir.<\/p>\n<p>Raporun en \u00e7arp\u0131c\u0131 verilerinden biri alacak kalitesindeki de\u011fi\u015fimdir. 2024 sonunda <b>572 milyon TL<\/b> olan takipteki alacaklar (NPL), 2025 sonunda <b>1,28 milyar TL<\/b> seviyesine f\u0131rlayarak iki kattan fazla art\u0131\u015f g\u00f6stermi\u015ftir. \u015eirket bu riskli alacaklar i\u00e7in <b>535 milyon TL<\/b> tutar\u0131nda beklenen zarar kar\u015f\u0131l\u0131\u011f\u0131 ay\u0131rm\u0131\u015f durumdad\u0131r. Denet\u00e7i, bu riskle ba\u015fa \u00e7\u0131kmak i\u00e7in \u015fu s\u00fcre\u00e7leri mercek alt\u0131na alm\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li>Alacaklar\u0131n tahsisi ve izlenmesine y\u00f6nelik anahtar kontrollerin test edilmesi.<\/li>\n<li>\u00d6rneklem yoluyla se\u00e7ilen dosyalar\u0131n BDDK mevzuat\u0131na g\u00f6re de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc analizlerinin do\u011frulanmas\u0131.<\/li>\n<li>Kar\u015f\u0131l\u0131k ay\u0131rma s\u00fcre\u00e7lerindeki teknik yeterlili\u011fin de\u011ferlendirilmesi.<\/li>\n<\/ul>\n<p><b>5. Sermaye G\u00fc\u00e7lendirmesi: G\u00fcven ve Dayan\u0131kl\u0131l\u0131k Hamlesi<\/b><\/p>\n<p>Ekonomik belirsizlik ortam\u0131nda Vak\u0131f Leasing, \u00f6zkaynak yap\u0131s\u0131n\u0131 g\u00fc\u00e7lendirerek piyasaya net bir mesaj verdi. \u015eirket, \u00f6denmi\u015f sermayesini i\u00e7 kaynaklardan kar\u015f\u0131lanmak suretiyle <b>3,5 milyar TL\u2019den 5 milyar TL\u2019ye<\/b> \u00e7\u0131kard\u0131.<\/p>\n<p>16 Eyl\u00fcl 2025 tarihinde tescil edilen bu sermaye art\u0131r\u0131m\u0131, \u015firketin bor\u00e7 y\u00f6netimi kabiliyetini ve gelecekteki b\u00fcy\u00fcme f\u0131rsatlar\u0131 i\u00e7in manevra alan\u0131n\u0131 geni\u015fletmi\u015ftir. Bu hamle, k\u00e2r marjlar\u0131ndaki daralmaya ra\u011fmen \u015firketin bilan\u00e7o dayan\u0131kl\u0131l\u0131\u011f\u0131n\u0131 (resilience) koruma iradesini g\u00f6stermektedir.<\/p>\n<p><b>6. Temett\u00fc K\u0131s\u0131t\u0131: \u0130htiyatl\u0131l\u0131k \u0130lkesi \u00d6n Planda<\/b><\/p>\n<p>Yat\u0131r\u0131mc\u0131lar i\u00e7in raporun 9. sayfas\u0131ndaki (**) numaral\u0131 not, &#8220;da\u011f\u0131t\u0131labilir k\u00e2r&#8221; beklentilerini do\u011frudan etkileyen teknik bir kural\u0131 hat\u0131rlat\u0131yor. BDDK\u2019n\u0131n ihtiyatl\u0131l\u0131k yakla\u015f\u0131m\u0131 gere\u011fi, ertelenmi\u015f vergi varl\u0131klar\u0131ndan kaynaklanan gelirler &#8220;nakit&#8221; veya &#8220;i\u00e7 kaynak&#8221; olarak kabul edilmemektedir.<\/p>\n<p>Bu kural uyar\u0131nca, d\u00f6nem k\u00e2r\u0131n\u0131n bu kalemden kaynaklanan k\u0131sm\u0131 (2025 y\u0131l\u0131 i\u00e7in yakla\u015f\u0131k 16,8 milyon TL&#8217;lik ertelenmi\u015f vergi etkisi), nakit temett\u00fc da\u011f\u0131t\u0131m\u0131na veya sermaye art\u0131r\u0131m\u0131na konu edilemez. Bu teknik detay, \u015firketin &#8220;nakit olmayan k\u00e2r\u0131 payla\u015ft\u0131rmama&#8221; ilkesine sad\u0131k kalarak finansal sa\u011fl\u0131\u011f\u0131n\u0131 korumaya odakland\u0131\u011f\u0131n\u0131 kan\u0131tlamaktad\u0131r.<\/p>\n<p><b>7. Sonu\u00e7: 2026&#8217;ya Bak\u0131\u015f ve D\u00fc\u015f\u00fcnd\u00fcr\u00fcc\u00fc Bir Soru<\/b><\/p>\n<p>Vak\u0131f Leasing, 2025 y\u0131l\u0131n\u0131 aktif bazda b\u00fcy\u00fcmeyle ancak gelir yaratma kapasitesindeki daralma ve takipteki alacaklardaki art\u0131\u015f\u0131n g\u00f6lgesinde kapatt\u0131. 5 milyar TL\u2019ye ula\u015fan sermaye yap\u0131s\u0131 \u015firketi korunakl\u0131 bir limana ta\u015f\u0131sa da, operasyonel verimlilik 2026 i\u00e7in en b\u00fcy\u00fck s\u0131nav alan\u0131 olmaya devam edecek.<\/p>\n<p>Piyasa analistleri i\u00e7in as\u0131l soru \u015fu: <b>&#8220;Y\u00fcksek faiz ve enflasyonun g\u00f6lgesinde, aktiflerini b\u00fcy\u00fctmeyi ba\u015faran ancak gelir yield&#8217;\u0131 d\u00fc\u015fen ve takipteki alacak y\u00fck\u00fc artan bir finans devinin 2026 stratejisi sizce ne olmal\u0131?&#8221;<\/b><\/p>\n<h1><span style=\"color: #0000ff;\">Vak\u0131f Finansal Kiralama A.\u015e. 2025 Y\u0131l\u0131 Finansal De\u011ferlendirme Bilgilendirme Belgesi<\/span><\/h1>\n<p>Bu belge, Vak\u0131f Finansal Kiralama A.\u015e.&#8217;nin (&#8220;\u015eirket&#8221;) 31 Aral\u0131k 2025 tarihinde sona eren hesap d\u00f6nemine ait finansal tablolar\u0131 ve G\u00fcney Ba\u011f\u0131ms\u0131z Denetim ve Serbest Muhasebeci Mali M\u00fc\u015favirlik A.\u015e. (bir Ernst &amp; Young Global Limited \u00fcye firmas\u0131) taraf\u0131ndan haz\u0131rlanan ba\u011f\u0131ms\u0131z denet\u00e7i raporundan elde edilen temel bilgileri sentezlemektedir.<\/p>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Vak\u0131f Finansal Kiralama A.\u015e., 2025 mali y\u0131l\u0131n\u0131 istikrarl\u0131 bir b\u00fcy\u00fcme ve g\u00fc\u00e7l\u00fc bir \u00f6zkaynak yap\u0131s\u0131yla tamamlam\u0131\u015ft\u0131r. Ba\u011f\u0131ms\u0131z denetim raporu, \u015eirket&#8217;in finansal tablolar\u0131n\u0131n t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sunuldu\u011funu teyit eden &#8220;olumlu g\u00f6r\u00fc\u015f&#8221; ile sonu\u00e7lanm\u0131\u015ft\u0131r.<\/p>\n<p>2025 y\u0131l\u0131 sonunda \u015eirket&#8217;in toplam aktifleri 36,3 milyar TL&#8217;ye ula\u015f\u0131rken, d\u00f6nem net k\u00e2r\u0131 1,53 milyar TL olarak ger\u00e7ekle\u015fmi\u015ftir. Y\u0131l i\u00e7erisinde ger\u00e7ekle\u015ftirilen sermaye art\u0131r\u0131m\u0131 ile \u00f6denmi\u015f sermaye 5 milyar TL&#8217;ye \u00e7\u0131kar\u0131lm\u0131\u015f, bu durum \u015eirket&#8217;in finansal dayan\u0131kl\u0131l\u0131\u011f\u0131n\u0131 art\u0131rm\u0131\u015ft\u0131r. Finansal kiralama alacaklar\u0131n\u0131n de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc kar\u015f\u0131l\u0131klar\u0131n\u0131n ayr\u0131lmas\u0131, denetim s\u00fcrecinde en kritik risk alan\u0131 olarak tan\u0131mlanm\u0131\u015ft\u0131r.<\/p>\n<h2>Ba\u011f\u0131ms\u0131z Denetim Bulgular\u0131 ve G\u00f6r\u00fc\u015f\u00fc<\/h2>\n<p>G\u00fcney Ba\u011f\u0131ms\u0131z Denetim (EY) taraf\u0131ndan y\u00fcr\u00fct\u00fclen denetim s\u00fcreci, Kamu G\u00f6zetimi, Muhasebe ve Denetim Standartlar\u0131 Kurumu (\u201cKGK\u201d) taraf\u0131ndan yay\u0131mlanan T\u00fcrkiye Denetim Standartlar\u0131na uygun olarak ger\u00e7ekle\u015ftirilmi\u015ftir.<\/p>\n<h3>Denet\u00e7i G\u00f6r\u00fc\u015f\u00fc<\/h3>\n<p>Denet\u00e7i, Vak\u0131f Finansal Kiralama A.\u015e.&#8217;nin 31 Aral\u0131k 2025 tarihi itibar\u0131yla finansal durumunu ve ayn\u0131 tarihte sona eren hesap d\u00f6nemine ait finansal performans\u0131n\u0131 ve nakit ak\u0131\u015flar\u0131n\u0131, BDDK Muhasebe ve Finansal Raporlama Mevzuat\u0131\u2019na uygun olarak <b>t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde<\/b> sundu\u011fu g\u00f6r\u00fc\u015f\u00fcne varm\u0131\u015ft\u0131r.<\/p>\n<h3>Kilit Denetim Konusu: Finansal Kiralama Alacaklar\u0131n\u0131n De\u011fer D\u00fc\u015f\u00fckl\u00fc\u011f\u00fc<\/h3>\n<p>Denetim raporunda en \u00e7ok \u00f6nem arz eden konu olarak &#8220;finansal kiralama alacaklar\u0131n\u0131n de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc&#8221; belirlenmi\u015ftir. Bu konunun kilit olarak se\u00e7ilme nedenleri \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>Karma\u015f\u0131kl\u0131k ve \u00d6znellik:<\/b> Alacaklara ili\u015fkin zararlar\u0131n muhasebele\u015ftirilmesi ve kredi de\u011ferlili\u011finin tespit edilmesi y\u00f6netim i\u00e7in \u00f6nemli bir yarg\u0131 alan\u0131d\u0131r.<\/li>\n<li><b>\u00d6nemlilik:<\/b> Bakiyelerin b\u00fcy\u00fckl\u00fc\u011f\u00fc ve zamanlama riskleri finansal tablolar \u00fczerinde do\u011frudan etkiye sahiptir.<\/li>\n<li><b>Denetim Prosed\u00fcrleri:<\/b> Denet\u00e7i, bu riske kar\u015f\u0131 anahtar kontrollerin operasyonel etkinli\u011fini test etmi\u015f, \u00f6rneklem yoluyla se\u00e7ilen alacaklar\u0131n BDDK mevzuat\u0131na g\u00f6re de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fcne u\u011fray\u0131p u\u011framad\u0131\u011f\u0131n\u0131 ve ayr\u0131lan kar\u015f\u0131l\u0131klar\u0131n yeterlili\u011fini de\u011ferlendirmi\u015ftir.<\/li>\n<\/ul>\n<h2>Finansal Performans Analizi<\/h2>\n<p>\u015eirket&#8217;in 2025 y\u0131l\u0131 faaliyet sonu\u00e7lar\u0131, y\u00fcksek operasyonel hacmi ve k\u00e2rl\u0131l\u0131\u011f\u0131n korundu\u011funu g\u00f6stermektedir.<\/p>\n<h3>Gelir ve K\u00e2r Yap\u0131s\u0131<\/h3>\n<ul>\n<li><b>Esas Faaliyet Gelirleri:<\/b> 2025 y\u0131l\u0131nda 5.771.173 bin TL olarak ger\u00e7ekle\u015fmi\u015ftir. Bu gelirin b\u00fcy\u00fck \u00e7o\u011funlu\u011fu (5.675.943 bin TL) finansal kiralama gelirlerinden olu\u015fmaktad\u0131r.<\/li>\n<li><b>Net D\u00f6nem K\u00e2r\u0131:<\/b> 1.529.246 bin TL net k\u00e2r elde edilmi\u015ftir (2024: 1.652.235 bin TL).<\/li>\n<li><b>Hisse Ba\u015f\u0131na Kazan\u00e7:<\/b> 0,350 TL (2024: 0,378 TL).<\/li>\n<li><b>Br\u00fct Faaliyet K\u00e2r\u0131:<\/b> 1.482.114 bin TL seviyesindedir.<\/li>\n<\/ul>\n<h3>Gider ve Maliyetler<\/h3>\n<ul>\n<li><b>Finansman Giderleri:<\/b> 3.809.098 bin TL ile en b\u00fcy\u00fck gider kalemini olu\u015fturmaktad\u0131r. Bu tutar\u0131n 3.741.770 bin TL&#8217;si kullan\u0131lan kredilere verilen faizlerdir.<\/li>\n<li><b>Esas Faaliyet Giderleri:<\/b> Personel giderleri (272.995 bin TL) ve genel i\u015fletme giderleri (201.133 bin TL) dahil olmak \u00fczere toplam 479.961 bin TL&#8217;dir.<\/li>\n<li><b>Kar\u015f\u0131l\u0131k Giderleri:<\/b> 443.782 bin TL tutar\u0131nda kar\u015f\u0131l\u0131k gideri ayr\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>Finansal Durum ve Bilan\u00e7o Yap\u0131s\u0131<\/h2>\n<p>31 Aral\u0131k 2025 itibar\u0131yla \u015eirket&#8217;in bilan\u00e7o b\u00fcy\u00fckl\u00fc\u011f\u00fc ve sermaye yap\u0131s\u0131 \u00f6nemli de\u011fi\u015fimler g\u00f6stermi\u015ftir.<\/p>\n<h3>Aktif Yap\u0131s\u0131<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Aktif Kalemler<\/td>\n<td>2025 (Bin TL)<\/td>\n<td>2024 (Bin TL)<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>36.275.191<\/b><\/td>\n<td><b>31.002.739<\/b><\/td>\n<\/tr>\n<tr>\n<td>Finansal Kiralama Alacaklar\u0131 (Net)<\/td>\n<td>27.429.734<\/td>\n<td>23.902.579<\/td>\n<\/tr>\n<tr>\n<td>Nakit ve Nakit Benzerleri<\/td>\n<td>184.176<\/td>\n<td>3.723.413<\/td>\n<\/tr>\n<tr>\n<td>Takipteki Alacaklar<\/td>\n<td>1.279.721<\/td>\n<td>572.709<\/td>\n<\/tr>\n<tr>\n<td>Beklenen Zarar Kar\u015f\u0131l\u0131klar\u0131 (-)<\/td>\n<td>(535.371)<\/td>\n<td>(240.629)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Pasif ve \u00d6zkaynak Yap\u0131s\u0131<\/h3>\n<ul>\n<li><b>Al\u0131nan Krediler:<\/b> 25.882.701 bin TL ile toplam y\u00fck\u00fcml\u00fcl\u00fcklerin en b\u00fcy\u00fck k\u0131sm\u0131n\u0131 olu\u015fturmaktad\u0131r.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> 7.455.930 bin TL&#8217;ye y\u00fckselmi\u015ftir (2024: 5.730.644 bin TL).<\/li>\n<li><b>Sermaye Art\u0131r\u0131m\u0131:<\/b> \u015eirket y\u00f6netimi, 2025 y\u0131l\u0131nda \u00f6denmi\u015f sermayesini %42,86 oran\u0131nda art\u0131rarak 3.500.000 bin TL&#8217;den 5.000.000 bin TL&#8217;ye \u00e7\u0131karm\u0131\u015ft\u0131r. Bu art\u0131\u015f 16 Eyl\u00fcl 2025 tarihinde tescil edilmi\u015ftir.<\/li>\n<\/ul>\n<h2>Kurumsal ve Operasyonel Yap\u0131<\/h2>\n<ul>\n<li><b>Kurulu\u015f ve H\u00e2kimiyet:<\/b> 1988 y\u0131l\u0131nda kurulan \u015eirket, T\u00fcrkiye Vak\u0131flar Bankas\u0131 T.A.O. (Vak\u0131fbank) Grubu\u2019nun ba\u011fl\u0131 ortakl\u0131\u011f\u0131d\u0131r.<\/li>\n<li><b>Halka A\u00e7\u0131kl\u0131k:<\/b> \u015eirket hisselerinin %36,47&#8217;si Borsa \u0130stanbul&#8217;da i\u015flem g\u00f6rmektedir.<\/li>\n<li><b>\u0130nsan Kayna\u011f\u0131:<\/b> 31 Aral\u0131k 2025 itibar\u0131yla personel say\u0131s\u0131 82&#8217;dir.<\/li>\n<li><b>Muhasebe Standartlar\u0131:<\/b> Finansal tablolar BDDK mevzuat\u0131na g\u00f6re haz\u0131rlanm\u0131\u015ft\u0131r. \u00d6nemli bir not olarak, BDDK kararlar\u0131 uyar\u0131nca \u015eirket&#8217;in 2025 y\u0131l\u0131 finansal tablolar\u0131nda <b>TMS 29 (Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama)<\/b> standard\u0131 uygulanmam\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>Nakit Ak\u0131\u015f Analizi<\/h2>\n<ul>\n<li><b>Esas Faaliyetlerden Nakit Ak\u0131\u015f\u0131:<\/b> 2025 y\u0131l\u0131nda (367.108) bin TL net nakit \u00e7\u0131k\u0131\u015f\u0131 ya\u015fanm\u0131\u015ft\u0131r. Bu durum temel olarak kiralama alacaklar\u0131ndaki net art\u0131\u015ftan kaynaklanmaktad\u0131r.<\/li>\n<li><b>D\u00f6nem Sonu Nakit Mevcudu:<\/b> Yabanc\u0131 para \u00e7evrim farklar\u0131n\u0131n da etkisiyle d\u00f6nem sonu nakit ve nakde e\u015fde\u011fer varl\u0131klar 184.079 bin TL olarak kaydedilmi\u015ftir.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetleri:<\/b> \u0130\u015ftiraklerin elden \u00e7\u0131kar\u0131lmas\u0131ndan 458.013 bin TL nakit giri\u015fi sa\u011flanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>Kritik Notlar ve Mevzuat Bildirimleri<\/h2>\n<ol>\n<li><b>Enflasyon Muhasebesi:<\/b> BDDK&#8217;n\u0131n 5 Aral\u0131k 2024 tarihli karar\u0131 uyar\u0131nca, finansal kiralama \u015firketlerinin 2025 y\u0131l\u0131nda enflasyon muhasebesi uygulamamas\u0131na karar verilmi\u015ftir.<\/li>\n<li><b>Kar Da\u011f\u0131t\u0131m\u0131:<\/b> \u015eirket&#8217;in genel kurulu hen\u00fcz yap\u0131lmam\u0131\u015f olup, 31 Aral\u0131k 2025 itibar\u0131yla da\u011f\u0131t\u0131labilir net d\u00f6nem k\u00e2r\u0131 1.529.246 bin TL olarak belirtilmi\u015ftir.<\/li>\n<li><b>Takipteki Alacaklar:<\/b> Takipteki alacaklar\u0131n 2024 y\u0131l\u0131ndaki 572.709 bin TL seviyesinden 1.279.721 bin TL seviyesine y\u00fckseldi\u011fi g\u00f6r\u00fclmektedir.<\/li>\n<li><b>Vergi Y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc:<\/b> 537.770 bin TL tutar\u0131nda s\u00fcrd\u00fcr\u00fclen faaliyetler vergi kar\u015f\u0131l\u0131\u011f\u0131 ayr\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ol>\n<button class=\"simplefavorite-button\" data-postid=\"1002\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>T\u00fcrk\u00e7e: Vak\u0131f Leasing, 2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131n\u0131 g\u00fc\u00e7l\u00fc bir b\u00fcy\u00fcme ile a\u00e7\u0131klad\u0131. \u015eirket, 1,5 milyar TL\u2019yi a\u015fan net k\u00e2r\u0131, 36 milyar TL\u2019ye ula\u015fan aktif b\u00fcy\u00fckl\u00fc\u011f\u00fc ve 5 milyar TL\u2019ye y\u00fckseltilen \u00f6denmi\u015f sermayesi ile s\u00fcrd\u00fcr\u00fclebilir ba\u015far\u0131 stratejisini tescilledi. Sekt\u00f6rdeki konumunu peki\u015ftiren Vak\u0131f Leasing\u2019in 2025 y\u0131l\u0131 performans analizini ve ba\u011f\u0131ms\u0131z denetim raporu detaylar\u0131n\u0131 inceleyin.<br \/>\nEnglish: Vak\u0131f Leasing announced its 2025 financial results, showcasing robust growth. The company confirmed its strategy for sustainable success with a net profit exceeding 1.5 billion TL, total assets reaching 36 billion TL, and paid-in capital increased to 5 billion TL. Explore the 2025 performance analysis and independent audit report details of Vak\u0131f Leasing as it strengthens its market position.<\/p>\n","protected":false},"author":1,"featured_media":974,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[224],"class_list":["post-1002","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-vakfn"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1002","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1002"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1002\/revisions"}],"predecessor-version":[{"id":1003,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1002\/revisions\/1003"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/974"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=1002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1002"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}