{"id":1020,"date":"2026-02-09T23:31:33","date_gmt":"2026-02-09T20:31:33","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1020"},"modified":"2026-02-09T23:31:33","modified_gmt":"2026-02-09T20:31:33","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-euyo-euro-menkul-kiymetler-2025-12-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1020","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #EUYO | Euro Menkul K\u0131ymetler 2025\/12 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/creators.spotify.com\/pod\/profile\/market-risk-tr\/embed\/episodes\/EUYO--Euro-Menkul-Kymetler-202512-Bilano-Analizi---Euro-Menkuln-Zarar-ve-Kaya-Gibi-Bilanosu-e3es19d\/a-acfc2oo\" width=\"400px\" height=\"102px\" frameborder=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<div class=\"paragraph heading3 ng-star-inserted\" role=\"heading\" data-start-index=\"0\" aria-level=\"3\"><b class=\"ng-star-inserted\" data-start-index=\"0\">2025 Finansal Raporlar\u0131ndan \u00d6ne \u00c7\u0131kan Ba\u015fl\u0131klar<\/b><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"47\"><span class=\"ng-star-inserted\" data-start-index=\"47\">Euro Menkul K\u0131ymet Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.\u2019nin 2025 y\u0131l\u0131 hesap d\u00f6nemine ait finansal ve faaliyet raporlar\u0131ndan elde edilen temel bilgiler a\u015fa\u011f\u0131dad\u0131r:<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"195\"><span class=\"ng-star-inserted\">\u2022 <\/span><b class=\"ng-star-inserted\" data-start-index=\"195\">Finansal Durum \u00d6zeti<\/b><span class=\"ng-star-inserted\" data-start-index=\"215\">: \u015eirketin 31 Aral\u0131k 2025 itibar\u0131yla <\/span><b class=\"ng-star-inserted\" data-start-index=\"252\">toplam varl\u0131klar\u0131 84.648.263 TL<\/b><span class=\"ng-star-inserted\" data-start-index=\"283\"> olarak ger\u00e7ekle\u015fmi\u015ftir<\/span><button class=\"xap-inline-dialog citation-marker ng-star-inserted\" aria-haspopup=\"dialog\" aria-describedby=\"cdk-describedby-message-ng-1-14\" data-disabled=\"false\"><\/button><button class=\"xap-inline-dialog citation-marker ng-star-inserted\" aria-haspopup=\"dialog\" aria-describedby=\"cdk-describedby-message-ng-1-14\" data-disabled=\"false\"><\/button><span class=\"ng-star-inserted\" data-start-index=\"306\">. Toplam <\/span><b class=\"ng-star-inserted\" data-start-index=\"315\">\u00f6zkaynaklar 79.520.909 TL<\/b><span class=\"ng-star-inserted\" data-start-index=\"340\"> seviyesindedir<\/span><button class=\"xap-inline-dialog citation-marker ng-star-inserted\" aria-haspopup=\"dialog\" aria-describedby=\"cdk-describedby-message-ng-1-14\" data-disabled=\"false\"><\/button><button class=\"xap-inline-dialog citation-marker ng-star-inserted\" aria-haspopup=\"dialog\" aria-describedby=\"cdk-describedby-message-ng-1-14\" data-disabled=\"false\"><\/button><span class=\"ng-star-inserted\" data-start-index=\"355\">.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"356\"><span class=\"ng-star-inserted\">\u2022 <\/span><b class=\"ng-star-inserted\" data-start-index=\"356\">K\u00e2rl\u0131l\u0131k ve Faaliyet Sonu\u00e7lar\u0131<\/b><span class=\"ng-star-inserted\" data-start-index=\"386\">: \u015eirket, 2025 y\u0131l\u0131nda <\/span><b class=\"ng-star-inserted\" data-start-index=\"409\">22.409.950 TL br\u00fct k\u00e2r<\/b><span class=\"ng-star-inserted\" data-start-index=\"431\"> elde etmesine ra\u011fmen, d\u00f6nemi <\/span><b class=\"ng-star-inserted\" data-start-index=\"461\">16.708.911 TL net zarar<\/b><span class=\"ng-star-inserted\" data-start-index=\"484\"> ile kapatm\u0131\u015ft\u0131r<\/span><button class=\"xap-inline-dialog citation-marker ng-star-inserted\" aria-haspopup=\"dialog\" aria-describedby=\"cdk-describedby-message-ng-1-14\" data-disabled=\"false\"><\/button><button class=\"citation-marker\"><\/button><span class=\"ng-star-inserted\" data-start-index=\"500\">. Bu zarar\u0131n temel nedenlerinden biri 21.011.563 TL tutar\u0131ndaki net parasal kay\u0131pt\u0131r<\/span><button class=\"xap-inline-dialog citation-marker ng-star-inserted\" aria-haspopup=\"dialog\" aria-describedby=\"cdk-describedby-message-ng-1-14\" data-disabled=\"false\"><\/button><button class=\"xap-inline-dialog citation-marker ng-star-inserted\" aria-haspopup=\"dialog\" aria-describedby=\"cdk-describedby-message-ng-1-14\" data-disabled=\"false\"><\/button><span class=\"ng-star-inserted\" data-start-index=\"584\">.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"585\"><span class=\"ng-star-inserted\">\u2022 <\/span><b class=\"ng-star-inserted\" data-start-index=\"585\">Portf\u00f6y Y\u00f6netimi De\u011fi\u015fikli\u011fi<\/b><span class=\"ng-star-inserted\" data-start-index=\"613\">: Sermaye Piyasas\u0131 Kurulu&#8217;nun ilke kararlar\u0131 \u00e7er\u00e7evesinde, 6 May\u0131s 2025 tarihinden itibaren \u015firket portf\u00f6y y\u00f6netim hizmetleri <\/span><b class=\"ng-star-inserted\" data-start-index=\"739\">Metro Portf\u00f6y Y\u00f6netimi A.\u015e.<\/b><span class=\"ng-star-inserted\" data-start-index=\"766\"> taraf\u0131ndan sa\u011flanmaya ba\u015flanm\u0131\u015ft\u0131r<\/span><button class=\"xap-inline-dialog citation-marker ng-star-inserted\" aria-haspopup=\"dialog\" aria-describedby=\"cdk-describedby-message-ng-1-14\" data-disabled=\"false\"><\/button><button class=\"xap-inline-dialog citation-marker ng-star-inserted\" aria-haspopup=\"dialog\" aria-describedby=\"cdk-describedby-message-ng-1-14\" data-disabled=\"false\"><\/button><span class=\"ng-star-inserted\" data-start-index=\"801\">.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"802\"><span class=\"ng-star-inserted\">\u2022 <\/span><b class=\"ng-star-inserted\" data-start-index=\"802\">Sermaye Art\u0131r\u0131m\u0131 Hamlesi<\/b><span class=\"ng-star-inserted\" data-start-index=\"826\">: Y\u00f6netim Kurulu, \u015firketin 20.000.000 TL olan \u00e7\u0131kar\u0131lm\u0131\u015f sermayesinin, i\u00e7 kaynaklardan kar\u015f\u0131lanmak \u00fczere <\/span><b class=\"ng-star-inserted\" data-start-index=\"931\">%200 oran\u0131nda bedelsiz art\u0131r\u0131larak 60.000.000 TL\u2019ye<\/b><span class=\"ng-star-inserted\" data-start-index=\"982\"> \u00e7\u0131kar\u0131lmas\u0131na karar vermi\u015f ve bu ama\u00e7la 3 Eyl\u00fcl 2025&#8217;te SPK&#8217;ya ba\u015fvuruda bulunulmu\u015ftur<\/span><button class=\"xap-inline-dialog citation-marker ng-star-inserted\" aria-haspopup=\"dialog\" aria-describedby=\"cdk-describedby-message-ng-1-14\" data-disabled=\"false\"><\/button><button class=\"citation-marker\"><\/button><span class=\"ng-star-inserted\" data-start-index=\"1069\">.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1070\"><span class=\"ng-star-inserted\">\u2022 <\/span><b class=\"ng-star-inserted\" data-start-index=\"1070\">K\u00e2r Pay\u0131 Da\u011f\u0131t\u0131m\u0131<\/b><span class=\"ng-star-inserted\" data-start-index=\"1087\">: \u015eirketin 2024 y\u0131l\u0131 finansal tablolar\u0131nda olu\u015fan net d\u00f6nem zarar\u0131 nedeniyle, 2025 y\u0131l\u0131nda <\/span><b class=\"ng-star-inserted\" data-start-index=\"1178\">k\u00e2r pay\u0131 da\u011f\u0131t\u0131m\u0131 yap\u0131lmamas\u0131na<\/b><span class=\"ng-star-inserted\" data-start-index=\"1209\"> karar verilmi\u015ftir<\/span><button class=\"xap-inline-dialog citation-marker ng-star-inserted\" aria-haspopup=\"dialog\" aria-describedby=\"cdk-describedby-message-ng-1-14\" data-disabled=\"false\"><\/button><span class=\"ng-star-inserted\" data-start-index=\"1227\">.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1228\"><span class=\"ng-star-inserted\">\u2022 <\/span><b class=\"ng-star-inserted\" data-start-index=\"1228\">Ba\u011f\u0131ms\u0131z Denetim<\/b><span class=\"ng-star-inserted\" data-start-index=\"1244\">: G\u00fcncel Ba\u011f\u0131ms\u0131z Denetim Dan\u0131\u015fmanl\u0131k A.\u015e. taraf\u0131ndan denetlenen 2025 y\u0131l\u0131 finansal tablolar\u0131 hakk\u0131nda <\/span><b class=\"ng-star-inserted\" data-start-index=\"1347\">&#8220;olumlu g\u00f6r\u00fc\u015f&#8221;<\/b><span class=\"ng-star-inserted\" data-start-index=\"1361\"> bildirilmi\u015ftir<\/span><button class=\"xap-inline-dialog citation-marker ng-star-inserted\" aria-haspopup=\"dialog\" aria-describedby=\"cdk-describedby-message-ng-1-14\" data-disabled=\"false\"><\/button><button class=\"xap-inline-dialog citation-marker ng-star-inserted\" aria-haspopup=\"dialog\" aria-describedby=\"cdk-describedby-message-ng-1-14\" data-disabled=\"false\"><\/button><span class=\"ng-star-inserted\" data-start-index=\"1376\">.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1377\"><span class=\"ng-star-inserted\">\u2022 <\/span><b class=\"ng-star-inserted\" data-start-index=\"1377\">Personel Yap\u0131s\u0131<\/b><span class=\"ng-star-inserted\" data-start-index=\"1392\">: 31 Aral\u0131k 2025 tarihi itibar\u0131yla \u015firketin \u00e7al\u0131\u015fan say\u0131s\u0131 7&#8217;dir<\/span><button class=\"xap-inline-dialog citation-marker ng-star-inserted\" aria-haspopup=\"dialog\" aria-describedby=\"cdk-describedby-message-ng-1-14\" data-disabled=\"false\"><\/button><button class=\"xap-inline-dialog citation-marker ng-star-inserted\" aria-haspopup=\"dialog\" aria-describedby=\"cdk-describedby-message-ng-1-14\" data-disabled=\"false\"><\/button><span class=\"ng-star-inserted\" data-start-index=\"1456\">.<\/span><\/div>\n<div data-start-index=\"1377\"><\/div>\n<div data-start-index=\"1377\">\n<h1>Euro Menkul K\u0131ymet Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 2025 Raporu: Enflasyon Muhasebesi ve Say\u0131lar\u0131n Arkas\u0131ndaki Ger\u00e7ekler<\/h1>\n<h2>1. Giri\u015f: Bir Finansal Paradoksu Anlamak<\/h2>\n<p>Bir \u015firket, esas faaliyetlerinden 5 milyon TL\u2019nin \u00fczerinde k\u00e2r elde ederken, nas\u0131l olur da y\u0131l sonunda 16,7 milyon TL net zarar a\u00e7\u0131klayabilir? Yat\u0131r\u0131m d\u00fcnyas\u0131nda ilk bak\u0131\u015fta \u00e7eli\u015fkili g\u00f6r\u00fcnen bu tablo, Euro Menkul K\u0131ymet Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131\u2019n\u0131n (EUYO) 9 \u015eubat 2026 tarihli ba\u011f\u0131ms\u0131z denetim raporunun kalbinde yer al\u0131yor. 2025 y\u0131l\u0131 finansal karnesi, sadece bir portf\u00f6y y\u00f6netim performans\u0131n\u0131 de\u011fil, y\u00fcksek enflasyonun sermaye \u00fczerindeki a\u015f\u0131nd\u0131r\u0131c\u0131 g\u00fcc\u00fcn\u00fc ve muhasebe standartlar\u0131n\u0131n bu &#8220;g\u00f6r\u00fcnmez&#8221; etkiyi nas\u0131l g\u00f6r\u00fcn\u00fcr k\u0131ld\u0131\u011f\u0131n\u0131 g\u00f6steren bir strateji dersi niteli\u011finde.<\/p>\n<h2>2. Enflasyonun G\u00f6r\u00fcnmez Eli: 21 Milyon TL&#8217;lik Parasal Kay\u0131p<\/h2>\n<p>\u015eirketin 2025 y\u0131l\u0131 tablosundaki en kritik veri, 21.011.563 TL tutar\u0131ndaki &#8220;Net Parasal Kay\u0131p&#8221; kalemidir. TMS 29 (Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama) standard\u0131, k\u00e2\u011f\u0131t \u00fczerindeki rakamlar\u0131 ger\u00e7ek sat\u0131n alma g\u00fcc\u00fcne indirgerken sars\u0131c\u0131 bir ger\u00e7e\u011fi ortaya \u00e7\u0131kar\u0131yor.<\/p>\n<p>Bir finansal analist g\u00f6z\u00fcyle bak\u0131ld\u0131\u011f\u0131nda, bu kayb\u0131n sebebi \u015firketin operasyonel bir ba\u015far\u0131s\u0131zl\u0131\u011f\u0131 de\u011fil, bilan\u00e7osunun yap\u0131sal karakteridir. EUYO, do\u011fas\u0131 gere\u011fi y\u00fcksek likiditeye (nakit, banka, bono) sahip bir yat\u0131r\u0131m ortakl\u0131\u011f\u0131d\u0131r. Enflasyonist bir ortamda nakit ve benzeri &#8220;parasal varl\u0131klar\u0131&#8221; elde tutmak, sat\u0131n alma g\u00fcc\u00fc kayb\u0131 anlam\u0131na gelir. \u015eirketin toplam y\u00fck\u00fcml\u00fcl\u00fcklerinin (yakla\u015f\u0131k 5,1 milyon TL) toplam varl\u0131klar\u0131na (84,6 milyon TL) oranla \u00e7ok d\u00fc\u015f\u00fck olmas\u0131, yani bor\u00e7 kald\u0131rac\u0131n\u0131n bulunmamas\u0131, enflasyon muhasebesinde bu &#8220;ka\u011f\u0131t \u00fczerindeki&#8221; zarar\u0131 derinle\u015ftirmi\u015ftir.<\/p>\n<ul>\n<li><b>Esas Faaliyet K\u00e2r\u0131:<\/b> 5.078.145 TL (Operasyonel ba\u015far\u0131)<\/li>\n<li><b>Net Parasal Kay\u0131p:<\/b> 21.011.563 TL (Enflasyonun sermaye erozyonu)<\/li>\n<li><b>Net D\u00f6nem Zarar\u0131:<\/b> 16,7 milyon TL (Sonu\u00e7)<\/li>\n<\/ul>\n<h2>3. Varl\u0131klar Ger\u00e7ekten Eriyor mu? 100 Milyon&#8217;dan 84 Milyon&#8217;a Yolculuk<\/h2>\n<p>31 Aral\u0131k 2025 itibar\u0131yla haz\u0131rlanan Finansal Durum Tablosu, varl\u0131klar\u0131n nominal de\u011ferinden ziyade &#8220;g\u00fcncel sat\u0131n alma g\u00fcc\u00fc&#8221; \u00fczerinden sunulmas\u0131n\u0131 zorunlu k\u0131l\u0131yor. Bu perspektifle bak\u0131ld\u0131\u011f\u0131nda, \u015firketin varl\u0131k y\u00f6netimindeki daralma net bir \u015fekilde g\u00f6r\u00fclmektedir:<\/p>\n<ul>\n<li><b>Toplam Varl\u0131klar (2024 Sonu &#8211; D\u00fczeltilmi\u015f):<\/b> 100.646.889 TL<\/li>\n<li><b>Toplam Varl\u0131klar (2025 Sonu):<\/b> 84.648.263 TL<\/li>\n<li><b>Finansal Yat\u0131r\u0131mlar:<\/b> 75 milyon TL&#8217;den 63,7 milyon TL&#8217;ye gerilemi\u015ftir.<\/li>\n<li><b>Nakit ve Nakit Benzerleri:<\/b> 14,4 milyon TL&#8217;den 11,2 milyon TL&#8217;ye d\u00fc\u015fm\u00fc\u015ft\u00fcr.<\/li>\n<\/ul>\n<p>Bu veriler, portf\u00f6y b\u00fcy\u00fcmesinin genel fiyat art\u0131\u015f h\u0131z\u0131n\u0131n gerisinde kald\u0131\u011f\u0131n\u0131 teyit ediyor. Ancak bu tablonun do\u011frulu\u011fu konusunda piyasaya verilen g\u00fcvence tamd\u0131r. Ba\u011f\u0131ms\u0131z denet\u00e7i raporunda yer alan \u015fu ifade, yat\u0131r\u0131mc\u0131 i\u00e7in say\u0131sal g\u00fcvenli\u011fin s\u0131n\u0131rlar\u0131n\u0131 \u00e7iziyor:<\/p>\n<p>&#8220;G\u00f6r\u00fc\u015f\u00fcm\u00fcze g\u00f6re, ili\u015fikteki finansal tablolar, \u015eirket\u2019in 31 Aral\u0131k 2025 tarihi itibar\u0131yla finansal durumunu&#8230; T\u00fcrkiye Finansal Raporlama Standartlar\u0131\u2019na uygun olarak t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sunmaktad\u0131r.&#8221;<\/p>\n<h2>4. Yedi Ki\u015filik Dev Kadro: Operasyonel Verimlilik<\/h2>\n<p>Yat\u0131r\u0131m ortakl\u0131\u011f\u0131 modelinin en b\u00fcy\u00fck avantaj\u0131, &#8220;ki\u015fi ba\u015f\u0131na y\u00f6netilen varl\u0131k&#8221; (AUM per head) rasyosundaki y\u00fcksek verimliliktir. Raporun Dipnot 1 k\u0131sm\u0131nda yer alan bilgiye g\u00f6re, \u015firketin ortalama personel say\u0131s\u0131 9\u2019dan 7\u2019ye d\u00fc\u015fm\u00fc\u015ft\u00fcr. Yakla\u015f\u0131k 84,6 milyon TL\u2019lik bir portf\u00f6y\u00fcn sadece 7 ki\u015filik bir ekiple y\u00f6netiliyor olmas\u0131, operasyonel maliyetlerin minimize edildi\u011fi yal\u0131n bir y\u00f6netim stratejisinin g\u00f6stergesidir. Finansal teknolojilerin kullan\u0131m\u0131 ve uzmanla\u015fm\u0131\u015f kadro yap\u0131s\u0131, bu \u00f6l\u00e7ekteki bir yap\u0131y\u0131 ayakta tutan ana unsurdur.<\/p>\n<h2>5. Portf\u00f6y Tercihleri: Defansif ve Y\u00fcksek Likidite Odakl\u0131 Strateji<\/h2>\n<p>\u015eirketin yat\u0131r\u0131m tercihleri incelendi\u011finde, y\u00fcksek faiz ortam\u0131ndan faydalanmay\u0131 ama\u00e7layan, ayn\u0131 zamanda her an nakde d\u00f6nebilir (nimble) bir &#8220;defansif&#8221; duru\u015f sergiledi\u011fi g\u00f6r\u00fcl\u00fcyor. \u00d6zellikle Takasbank ve \u00f6zel sekt\u00f6r finansman bonolar\u0131na (k\u0131sa vadeli bor\u00e7lanma ara\u00e7lar\u0131) yap\u0131lan yo\u011funla\u015fma dikkat \u00e7ekicidir:<\/p>\n<ul>\n<li><b>Takasbank Para Piyasas\u0131:<\/b> %39,72 faiz oran\u0131yla de\u011ferlendirilen ciddi bir likidite rezervi bulunmaktad\u0131r.<\/li>\n<li><b>Kurumsal Finansman Bonolar\u0131:<\/b> Portf\u00f6yde Turkcell (TCELL), CarrefourSA, Ak Yat\u0131r\u0131m (AKM), P\u0131nar S\u00fct (PNSUT), Teknosa (TKNSA) ve \u015eeker Yat\u0131r\u0131m gibi piyasa devlerinin k\u0131sa vadeli bor\u00e7lanma ara\u00e7lar\u0131na yer verilmi\u015ftir.<\/li>\n<\/ul>\n<p>Bu bono yat\u0131r\u0131mlar\u0131, \u015firketin piyasadaki oynakl\u0131\u011fa kar\u015f\u0131 sabit getiri ve y\u00fcksek likidite kalkan\u0131n\u0131 kulland\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/p>\n<h2>6. Sonu\u00e7: 2026&#8217;ya Bak\u0131\u015f ve D\u00fc\u015f\u00fcnd\u00fcren Bir Soru<\/h2>\n<p>2025 y\u0131l\u0131, Euro Menkul K\u0131ymet Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 i\u00e7in enflasyon muhasebesinin t\u00fcm ger\u00e7ekli\u011fiyle bilan\u00e7olara yans\u0131d\u0131\u011f\u0131 bir &#8220;y\u00fczle\u015fme&#8221; y\u0131l\u0131 oldu. \u015eirketin \u00f6zkaynaklar\u0131, enflasyona g\u00f6re d\u00fczeltilmi\u015f bazda 95,6 milyon TL\u2019den 79,5 milyon TL\u2019ye gerilemi\u015ftir. Bu erimenin ana m\u00fcsebbibi operasyonel s\u00fcre\u00e7ler de\u011fil, \u015firketin bor\u00e7suz ve nakit a\u011f\u0131rl\u0131kl\u0131 yap\u0131s\u0131n\u0131n enflasyon kar\u015f\u0131s\u0131nda korumas\u0131z kalmas\u0131d\u0131r.<\/p>\n<p>Stratejik bir perspektifle bitirelim:<\/p>\n<p><b>&#8220;Y\u00fcksek enflasyon ortam\u0131nda bir yat\u0131r\u0131m ortakl\u0131\u011f\u0131 i\u00e7in ba\u015far\u0131; nominal k\u00e2r rakamlar\u0131n\u0131 b\u00fcy\u00fctmek midir, yoksa her ne pahas\u0131na olursa olsun ana sermayenin ger\u00e7ek sat\u0131n alma g\u00fcc\u00fcn\u00fc koruyabilmek mi?&#8221;<\/b><\/p>\n<\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Euro Menkul K\u0131ymet Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e. 2025 Y\u0131l\u0131 Finansal Bilgilendirme Belgesi<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, Euro Menkul K\u0131ymet Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.&#8217;nin (&#8220;\u015eirket&#8221;) 1 Ocak \u2013 31 Aral\u0131k 2025 hesap d\u00f6nemine ait ba\u011f\u0131ms\u0131z denetimden ge\u00e7mi\u015f finansal sonu\u00e7lar\u0131n\u0131 ve operasyonel performans\u0131n\u0131 sentezlemektedir. 9 \u015eubat 2026 tarihli ba\u011f\u0131ms\u0131z denet\u00e7i raporuna g\u00f6re \u015eirket, finansal tablolar\u0131n\u0131 T\u00fcrkiye Finansal Raporlama Standartlar\u0131&#8217;na (TFRS) uygun ve t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sunmu\u015ftur.<\/p>\n<p>2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131n\u0131n en belirgin \u00f6zelli\u011fi, y\u00fcksek enflasyonun finansal tablolar \u00fczerindeki etkisidir. \u015eirket, esas faaliyetlerinden 5.078.145 TL k\u00e2r elde etmesine ra\u011fmen, 21.011.563 TL tutar\u0131ndaki <b>net parasal kay\u0131p<\/b> nedeniyle y\u0131l\u0131 <b>16.708.911 TL net d\u00f6nem zarar\u0131<\/b> ile kapatm\u0131\u015ft\u0131r. Toplam varl\u0131klar ve \u00f6zkaynaklar, enflasyon d\u00fczeltmesi yap\u0131lm\u0131\u015f 2024 y\u0131l\u0131 rakamlar\u0131na k\u0131yasla gerileme g\u00f6stermi\u015ftir.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>1. \u015eirket Profili ve Operasyonel Yap\u0131<\/h2>\n<p>Euro Menkul K\u0131ymet Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e., sermaye piyasas\u0131 ara\u00e7lar\u0131ndan olu\u015fan bir portf\u00f6y\u00fcn y\u00f6netilmesi amac\u0131yla faaliyet g\u00f6stermektedir.<\/p>\n<ul>\n<li><b>Faaliyet Konusu:<\/b> Ortakl\u0131k portf\u00f6y\u00fcn\u00fc olu\u015fturmak, y\u00f6netmek, \u00e7e\u015fitlendirme yoluyla yat\u0131r\u0131m riskini en aza indirmek ve portf\u00f6y de\u011ferini koruyup art\u0131rmak amac\u0131yla ara\u015ft\u0131rmalar yapmak.<\/li>\n<li><b>Personel Yap\u0131s\u0131:<\/b> 2025 y\u0131l\u0131 i\u00e7erisinde ortalama personel say\u0131s\u0131 7&#8217;dir (2024 y\u0131l\u0131nda 9 ki\u015fi).<\/li>\n<li><b>Merkez:<\/b> \u015eirket merkezi Ankara&#8217;da bulunmaktad\u0131r.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>2. Ba\u011f\u0131ms\u0131z Denetim Bulgular\u0131 ve G\u00f6r\u00fc\u015f\u00fc<\/h2>\n<p>G\u00fcncel Ba\u011f\u0131ms\u0131z Denetim Dan\u0131\u015fmanl\u0131k A.\u015e. taraf\u0131ndan y\u00fcr\u00fct\u00fclen denetim s\u00fcreci sonucunda a\u015fa\u011f\u0131daki temel sonu\u00e7lara ula\u015f\u0131lm\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li><b>Denet\u00e7i G\u00f6r\u00fc\u015f\u00fc:<\/b> Finansal tablolar\u0131n \u015eirket&#8217;in finansal durumunu, performans\u0131n\u0131 ve nakit ak\u0131\u015flar\u0131n\u0131 ger\u00e7e\u011fe uygun bir bi\u00e7imde yans\u0131tt\u0131\u011f\u0131 teyit edilmi\u015ftir (Olumlu G\u00f6r\u00fc\u015f).<\/li>\n<li><b>Kilit Denetim Konusu:<\/b> Has\u0131lat\u0131n finansal tablolara kaydedilmesi, denetim s\u00fcrecinde en \u00f6nemli alan olarak belirlenmi\u015ftir. Denet\u00e7iler, has\u0131lat s\u00fcrecine ili\u015fkin kontrollerin dizayn\u0131n\u0131 ve uygulamas\u0131n\u0131 test etmi\u015f, sat\u0131\u015f listelerinin taml\u0131\u011f\u0131n\u0131 ve do\u011frulu\u011funu do\u011frulam\u0131\u015f ve herhangi bir \u00f6nemli hata tespit etmemi\u015ftir.<\/li>\n<li><b>Enflasyon Muhasebesi:<\/b> Finansal tablolar, TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131 kapsam\u0131nda enflasyon d\u00fczeltmesine tabi tutulmu\u015ftur.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>3. Finansal Durum Analizi (Bilan\u00e7o)<\/h2>\n<p>\u015eirket&#8217;in varl\u0131k ve kaynak yap\u0131s\u0131, 31 Aral\u0131k 2025 tarihi itibar\u0131yla sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6re (enflasyona g\u00f6re d\u00fczeltilmi\u015f olarak) a\u015fa\u011f\u0131da sunulmu\u015ftur:<\/p>\n<h3>Varl\u0131k Yap\u0131s\u0131<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Varl\u0131k Kalemi<\/td>\n<td>31 Aral\u0131k 2025 (TL)<\/td>\n<td>31 Aral\u0131k 2024 (TL)<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam D\u00f6nen Varl\u0131klar<\/b><\/td>\n<td><b>75.042.101<\/b><\/td>\n<td><b>89.721.288<\/b><\/td>\n<\/tr>\n<tr>\n<td>&#8211; Nakit ve Nakit Benzerleri<\/td>\n<td>11.258.484<\/td>\n<td>14.450.696<\/td>\n<\/tr>\n<tr>\n<td>&#8211; Finansal Yat\u0131r\u0131mlar<\/td>\n<td>63.716.996<\/td>\n<td>75.013.457<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Duran Varl\u0131klar<\/b><\/td>\n<td><b>9.606.162<\/b><\/td>\n<td><b>10.925.601<\/b><\/td>\n<\/tr>\n<tr>\n<td>&#8211; Kullan\u0131m Hakk\u0131 Varl\u0131klar\u0131<\/td>\n<td>5.576.011<\/td>\n<td>5.395.378<\/td>\n<\/tr>\n<tr>\n<td>&#8211; Maddi Duran Varl\u0131klar<\/td>\n<td>3.881.760<\/td>\n<td>5.327.873<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM VARLIKLAR<\/b><\/td>\n<td><b>84.648.263<\/b><\/td>\n<td><b>100.646.889<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Kaynak Yap\u0131s\u0131 ve \u00d6zkaynaklar<\/h3>\n<ul>\n<li><b>Toplam \u00d6zkaynaklar:<\/b> 79.520.909 TL (2024: 95.673.843 TL). \u00d6zkaynaklardaki azal\u0131\u015f\u0131n temel nedeni net d\u00f6nem zarar\u0131d\u0131r.<\/li>\n<li><b>\u00d6denmi\u015f Sermaye:<\/b> 20.000.000 TL.<\/li>\n<li><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 2.766.785 TL.<\/li>\n<li><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 2.360.569 TL.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>4. K\u00e2r veya Zarar Performans\u0131<\/h2>\n<p>2025 y\u0131l\u0131 operasyonel sonu\u00e7lar\u0131, \u015eirket&#8217;in br\u00fct k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 s\u00fcrd\u00fcrd\u00fc\u011f\u00fcn\u00fc ancak net bazda zarar yazd\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/p>\n<ul>\n<li><b>Has\u0131lat:<\/b> 65.656.318 TL (\u00d6nceki d\u00f6nem: 79.721.993 TL).<\/li>\n<li><b>Br\u00fct K\u00e2r:<\/b> 22.409.950 TL.<\/li>\n<li><b>Genel Y\u00f6netim Giderleri:<\/b> 16.916.319 TL tutar\u0131ndaki giderler, faaliyet k\u00e2r\u0131n\u0131 bask\u0131layan temel unsurlardan biri olmu\u015ftur.<\/li>\n<li><b>Esas Faaliyet K\u00e2r\u0131:<\/b> 5.078.145 TL.<\/li>\n<li><b>Net Parasal Kay\u0131p:<\/b> 21.011.563 TL (Y\u00fcksek enflasyonun parasal pozisyon \u00fczerindeki olumsuz etkisi).<\/li>\n<li><b>D\u00f6nem Net Zarar\u0131:<\/b> 16.708.911 TL.<\/li>\n<li><b>Hisse Ba\u015f\u0131na Kay\u0131p:<\/b> 0,84 TL (2024: 0,54 TL kay\u0131p).<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>5. Kritik Muhasebe Politikalar\u0131 ve Vergi Stat\u00fcs\u00fc<\/h2>\n<p>\u015eirket&#8217;in finansal raporlamas\u0131nda uygulanan temel ilkeler \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>Vergi Muafiyeti:<\/b> 5520 say\u0131l\u0131 Kurumlar Vergisi Kanunu uyar\u0131nca, T\u00fcrkiye&#8217;de kurulu menkul k\u0131ymet yat\u0131r\u0131m ortakl\u0131klar\u0131n\u0131n portf\u00f6y i\u015fletmecili\u011finden do\u011fan kazan\u00e7lar\u0131 <b>kurumlar vergisinden istisnad\u0131r<\/b>. Bu nedenle \u015eirket %0 vergi oran\u0131na tabidir.<\/li>\n<li><b>Enflasyon Muhasebesi (TMS 29):<\/b> Parasal olmayan kalemler (maddi duran varl\u0131klar, \u00f6zkaynaklar vb.) T\u00dcFE endeksi kullan\u0131larak d\u00fczeltilmi\u015ftir. 31 Aral\u0131k 2025 i\u00e7in kullan\u0131lan d\u00fczeltme katsay\u0131s\u0131 1,0000; 31 Aral\u0131k 2024 i\u00e7in ise 1,3089&#8217;dur.<\/li>\n<li><b>Kiralama \u0130\u015flemleri (TFRS 16):<\/b> \u015eirket, kiralama s\u00f6zle\u015fmelerinden kaynaklanan kullan\u0131m hakk\u0131 varl\u0131klar\u0131n\u0131 ve kira y\u00fck\u00fcml\u00fcl\u00fcklerini bilan\u00e7osuna yans\u0131tmaktad\u0131r.<\/li>\n<li><b>Finansal Ara\u00e7lar (TFRS 9):<\/b> Finansal varl\u0131klar, &#8220;ger\u00e7e\u011fe uygun de\u011fer fark\u0131 k\u00e2r\/zarara yans\u0131t\u0131lan&#8221; ve &#8220;itfa edilmi\u015f maliyeti ile \u00f6l\u00e7\u00fclen&#8221; olarak s\u0131n\u0131fland\u0131r\u0131lmaktad\u0131r.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>6. Nakit Ak\u0131\u015f Analizi<\/h2>\n<p>2025 y\u0131l\u0131 sonu itibar\u0131yla \u015eirket&#8217;in nakit pozisyonuna ili\u015fkin veriler \u015fu \u015fekildedir:<\/p>\n<ul>\n<li><b>D\u00f6nem Ba\u015f\u0131 Nakit ve Nakit Benzerleri:<\/b> 14.163.071 TL.<\/li>\n<li><b>\u0130\u015fletme Faaliyetlerinden Kaynaklanan Nakit Ak\u0131\u015f\u0131:<\/b> (7.406.724) TL (Negatif).<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetlerinden Kaynaklanan Nakit Ak\u0131\u015f\u0131:<\/b> 8.676.358 TL.<\/li>\n<li><b>Nakit \u00dczerindeki Enflasyon Etkisi:<\/b> (4.928.358) TL.<\/li>\n<li><b>D\u00f6nem Sonu Nakit ve Nakit Benzerleri:<\/b> 11.058.680 TL.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>\u00d6nemli Notlar ve Sonu\u00e7<\/h2>\n<p>Finansal raporlar, \u015eirket&#8217;in s\u00fcreklili\u011fi ilkesine g\u00f6re haz\u0131rlanm\u0131\u015ft\u0131r. 2025 y\u0131l\u0131 sonu\u00e7lar\u0131, operasyonel olarak k\u00e2r \u00fcretilmesine ra\u011fmen, T\u00fcrkiye ekonomisindeki y\u00fcksek enflasyonun sat\u0131n alma g\u00fcc\u00fc \u00fczerindeki etkisiyle net zarara d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc ortaya koymaktad\u0131r. \u015eirket&#8217;in likiditesi b\u00fcy\u00fck oranda finansal yat\u0131r\u0131mlarda (63,7 milyon TL) ve banka mevduatlar\u0131nda bulunmaktad\u0131r. \u015eirket, Kurumlar Vergisi&#8217;nden muaf olmas\u0131 avantaj\u0131yla portf\u00f6y y\u00f6netim faaliyetlerine devam etmektedir.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"1020\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>T\u00fcrk\u00e7e: Euro Menkul K\u0131ymet Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.\u2019nin 2025 y\u0131l\u0131 finansal karnesi yay\u0131mland\u0131! \u015eirketin portf\u00f6y y\u00f6netimindeki stratejik de\u011fi\u015fikli\u011fi, %200 bedelsiz sermaye art\u0131r\u0131m\u0131 karar\u0131 ve net aktif de\u011ferindeki de\u011fi\u015fimleri i\u00e7eren raporun \u00f6ne \u00e7\u0131kan t\u00fcm detaylar\u0131n\u0131 bu yaz\u0131m\u0131zda inceliyoruz. Finansal performans ve operasyonel geli\u015fmeler hakk\u0131nda bilgi sahibi olun.<br \/>\nEnglish Translation: The 2025 financial scorecard of Euro Menkul K\u0131ymet Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e. has been released! In this post, we examine all the prominent details of the report, including the strategic change in portfolio management, the 200% bonus capital increase decision, and changes in net asset value. Stay informed about financial performance and operational developments.<\/p>\n","protected":false},"author":1,"featured_media":970,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[232],"class_list":["post-1020","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-euyo"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1020","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=1020"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1020\/revisions"}],"predecessor-version":[{"id":1021,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1020\/revisions\/1021"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/970"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=1020"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1020"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1020"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}