{"id":1034,"date":"2026-02-10T20:33:36","date_gmt":"2026-02-10T17:33:36","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1034"},"modified":"2026-02-10T20:34:43","modified_gmt":"2026-02-10T17:34:43","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-vakfa-vakif-faktoring-2025-12-bilanco-analizi-vakif-faktoring-ciro-duserken-karini-nasil-artirdi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1034","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #VAKFA | Vak\u0131f Faktoring 2025\/12 Bilan\u00e7o Analizi &#8211; Vak\u0131f Faktoring Ciro D\u00fc\u015ferken K\u00e2r\u0131n\u0131 Nas\u0131l Art\u0131rd\u0131"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/creators.spotify.com\/pod\/profile\/market-risk-tr\/embed\/episodes\/VAKFA--Vakf-Faktoring-202512-Bilano-Analizi---Vakf-Faktoring-Ciro-Derken-Krn-Nasl-Artrd-e3etgfc\/a-acfe26r\" height=\"102px\" width=\"400px\" frameborder=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> Vak\u0131f Faktoring A.\u015e.&#8217;nin 31 Aral\u0131k 2025 tarihinde sona eren hesap d\u00f6nemine ait finansal raporlar\u0131ndan \u00f6ne \u00e7\u0131kan \u00f6nemli noktalar a\u015fa\u011f\u0131dad\u0131r:<\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>2025 Finansal Raporlar\u0131ndan \u00d6nemli Ba\u015fl\u0131klar (Turkish)<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\">\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Net D\u00f6nem K\u00e2r\u0131:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> \u015eirket, 2025 y\u0131l\u0131nda <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>1.924.858 bin TL<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> net k\u00e2r elde ederek, bir \u00f6nceki y\u0131l\u0131n 1.707.179 bin TL tutar\u0131ndaki k\u00e2r\u0131n\u0131 geride b\u0131rakm\u0131\u015ft\u0131r.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Aktif B\u00fcy\u00fckl\u00fc\u011f\u00fc:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> Toplam varl\u0131klar, 2024 sonundaki 32,8 milyar TL seviyesinden <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>41,8 milyar TL<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\">&#8216;ye y\u00fckselmi\u015ftir.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Faktoring Alacaklar\u0131:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> \u015eirketin ana faaliyet kalemi olan faktoring alacaklar\u0131, <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>41.713.384 bin TL<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> olarak kaydedilmi\u015ftir (2024: 32,4 milyar TL).\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Halka Arz ve Borsa \u0130stanbul:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> Vak\u0131f Faktoring paylar\u0131, 7 Kas\u0131m 2025&#8217;te SPK onay\u0131 alm\u0131\u015f ve <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>20 Kas\u0131m 2025<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> tarihinde Borsa \u0130stanbul Y\u0131ld\u0131z Pazar&#8217;da <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>&#8220;VAKFA.E&#8221;<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> koduyla i\u015flem g\u00f6rmeye ba\u015flam\u0131\u015ft\u0131r.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>\u00d6zkaynaklar ve Sermaye:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> Toplam \u00f6zkaynaklar halka arz\u0131n da etkisiyle <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>7.008.963 bin TL<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\">&#8216;ye ula\u015fm\u0131\u015ft\u0131r. \u015eirketin \u00f6denmi\u015f sermayesi 850 milyon TL&#8217;den <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>900 milyon TL<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\">&#8216;ye \u00e7\u0131kar\u0131lm\u0131\u015ft\u0131r.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>\u0130\u015ftirak Sat\u0131\u015f\u0131:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> \u015eirket, faaliyet konusuyla uyum sa\u011flamak amac\u0131yla Vak\u0131f Enerji&#8217;deki paylar\u0131n\u0131n tamam\u0131n\u0131 Eyl\u00fcl 2025&#8217;te 56.803 bin TL bedelle devretmi\u015ftir.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Bilan\u00e7o Sonras\u0131 Geli\u015fmeler:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> \u015eubat 2026&#8217;da pay fiyat\u0131n\u0131 desteklemek amac\u0131yla bir <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>hisse geri al\u0131m program\u0131<\/strong><\/span><\/span><span data-slate-node=\"text\" data-slate-fragment=\"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\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> ba\u015flat\u0131lm\u0131\u015f ve toplamda yakla\u015f\u0131k 7 milyon adet pay geri al\u0131nm\u0131\u015ft\u0131r. <\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Vak\u0131f Faktoring\u2019in 2025 Finansal Karnesi: Yat\u0131r\u0131mc\u0131lar\u0131n Bilmesi Gereken 5 Kritik Geli\u015fme<\/span><\/h1>\n<h2>1. Giri\u015f: Faktoring D\u00fcnyas\u0131nda Yeni Bir D\u00f6nem<\/h2>\n<p>Bir \u015firketin ba\u015far\u0131s\u0131 sadece k\u00e2r rakamlar\u0131nda m\u0131 gizlidir, yoksa kurumsal d\u00f6n\u00fc\u015f\u00fcm\u00fcnde mi? Faktoring sekt\u00f6r\u00fc, T\u00fcrkiye ekonomisinin can damar\u0131 olan reel sekt\u00f6r\u00fcn likidite ihtiyac\u0131n\u0131 kar\u015f\u0131layan en dinamik mekanizmalardan biridir. Vak\u0131f Faktoring i\u00e7in 2025 y\u0131l\u0131, sadece finansal tablolar\u0131n b\u00fcy\u00fcd\u00fc\u011f\u00fc bir d\u00f6nem de\u011fil, ayn\u0131 zamanda \u015firketin kabuk de\u011fi\u015ftirerek sermaye piyasalar\u0131na g\u00fc\u00e7l\u00fc bir ad\u0131m att\u0131\u011f\u0131 bir &#8220;milat&#8221; y\u0131l\u0131 olmu\u015ftur. Ekonomideki dalgalanmalara ra\u011fmen verimlilik oda\u011f\u0131n\u0131 kaybetmeyen \u015firketin 2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131, yat\u0131r\u0131mc\u0131lar i\u00e7in stratejik ipu\u00e7lar\u0131 bar\u0131nd\u0131r\u0131yor.<\/p>\n<h2>2. Borsa \u0130stanbul\u2019da Yeni Bir Y\u0131ld\u0131z: Halka Arz D\u00f6n\u00fcm\u00fc<\/h2>\n<p>Vak\u0131f Faktoring i\u00e7in 2025 y\u0131l\u0131n\u0131n en belirleyici geli\u015fmesi ku\u015fkusuz halka arz s\u00fcrecidir. 7 Kas\u0131m 2025 tarihinde Sermaye Piyasas\u0131 Kurulu (SPK) b\u00fclteninde onaylanan s\u00fcre\u00e7, 20 Kas\u0131m 2025 tarihinde Borsa \u0130stanbul Y\u0131ld\u0131z Pazar\u2019da <b>&#8220;VAKFA.E&#8221;<\/b> i\u015flem koduyla ba\u015flayan i\u015flemlerle ta\u00e7lanm\u0131\u015ft\u0131r. Bu hamle, \u015firketin \u015feffafl\u0131k standartlar\u0131n\u0131 en \u00fcst seviyeye ta\u015f\u0131rken sermaye yap\u0131s\u0131n\u0131 da k\u00f6kten g\u00fc\u00e7lendirmi\u015ftir.<\/p>\n<p>Halka arzla birlikte \u015firketin \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi 850 milyon TL&#8217;den 900 milyon TL&#8217;ye y\u00fckseltilmi\u015ftir. Daha da \u00f6nemlisi, \u015firketin kay\u0131tl\u0131 sermaye tavan\u0131 7 milyar TL olarak belirlenmi\u015ftir. Bu geni\u015fleme alan\u0131, \u015firketin gelecekteki b\u00fcy\u00fcme vizyonunun ne kadar kapsaml\u0131 oldu\u011funun bir g\u00f6stergesidir. Ayr\u0131ca \u015firket, Eyl\u00fcl 2025\u2019te i\u015ftiraki Vak\u0131f Enerji ve Madencilik A.\u015e.\u2019deki paylar\u0131n\u0131n tamam\u0131n\u0131 56,8 milyon TL bedelle devrederek, halka arz sonras\u0131 odak noktas\u0131n\u0131 tamamen ana faaliyeti olan faktoring hizmetlerine \u00e7evirdi\u011fini kan\u0131tlam\u0131\u015ft\u0131r.<\/p>\n<h2>3. K\u00e2rl\u0131l\u0131kta Verimlilik Hamlesi: Gelir D\u00fc\u015ferken K\u00e2r Nas\u0131l Artt\u0131?<\/h2>\n<p>2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131 incelendi\u011finde, ilk bak\u0131\u015fta paradoksal bir durum dikkat \u00e7ekmektedir: Esas faaliyet gelirleri 2024 y\u0131l\u0131ndaki 12,8 milyar TL seviyesinden 2025 sonunda 9,57 milyar TL\u2019ye gerilemi\u015ftir. Ancak bu gelir d\u00fc\u015f\u00fc\u015f\u00fcne ra\u011fmen, d\u00f6nem net k\u00e2r\u0131 bir \u00f6nceki y\u0131l\u0131n (1,70 milyar TL) \u00fczerine \u00e7\u0131karak <b>1,92 milyar TL<\/b> seviyesine ula\u015fm\u0131\u015ft\u0131r.<\/p>\n<p>Bu ba\u015far\u0131n\u0131n arkas\u0131nda iki temel s\u00fctun bulunmaktad\u0131r: Birincisi, finansman giderlerinin 10,4 milyar TL\u2019den 6,5 milyar TL\u2019ye indirilmesiyle sa\u011flanan yakla\u015f\u0131k %37\u2019lik radikal maliyet iyile\u015ftirmesidir. \u0130kincisi ise aktif hazine y\u00f6netimidir; &#8220;Kambiyo \u0130\u015flemleri K\u00e2r\u0131&#8221; kalemi 1,54 milyar TL&#8217;den 3,37 milyar TL&#8217;ye \u00e7\u0131karak %117 oran\u0131nda devasa bir hacim art\u0131\u015f\u0131 kaydetmi\u015f ve operasyonel karl\u0131l\u0131\u011f\u0131 desteklemi\u015ftir.<\/p>\n<p>Ba\u011f\u0131ms\u0131z denetim raporu da bu tablolar\u0131n do\u011frulu\u011funu \u015fu ifadelerle onaylamaktad\u0131r:<\/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 ve ayn\u0131 tarihte sona eren hesap d\u00f6nemine ait finansal performans\u0131n\u0131 ve nakit ak\u0131\u015flar\u0131n\u0131&#8230; BDDK Muhasebe ve Finansal Raporlama Mevzuat\u0131\u2019na uygun olarak t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sunmaktad\u0131r.&#8221;<\/p>\n<h2>4. 7 Milyar TL\u2019lik \u00d6zkaynak G\u00fcc\u00fc ve Sermaye Yedekleri<\/h2>\n<p>Vak\u0131f Faktoring, 2025 y\u0131l\u0131n\u0131 adeta bir &#8220;finansal kale&#8221; in\u015fa ederek kapatm\u0131\u015ft\u0131r. 2024 y\u0131l\u0131 sonunda 4,39 milyar TL olan toplam \u00f6zkaynaklar, 2025 y\u0131l\u0131 sonunda tam <b>7 milyar TL<\/b> e\u015fi\u011fine ula\u015fm\u0131\u015ft\u0131r. Bir y\u0131l i\u00e7inde \u00f6zkaynaklarda ya\u015fanan bu devasa art\u0131\u015fta, halka arz\u0131n sa\u011flad\u0131\u011f\u0131 ivme kilit rol oynam\u0131\u015ft\u0131r.<\/p>\n<p>\u00d6zellikle halka arz s\u00fcrecinden gelen 643 milyon TL\u2019lik &#8220;hisse senedi ihra\u00e7 primleri&#8221;, sermaye yedekleri kaleminde g\u00fc\u00e7l\u00fc bir pozisyon olu\u015fturmu\u015ftur. Bu sermaye yap\u0131s\u0131, \u015firketin sadece mevcut y\u00fck\u00fcml\u00fcl\u00fcklerini kar\u015f\u0131lamakla kalmay\u0131p, olas\u0131 piyasa risklerine kar\u015f\u0131 ne kadar dayan\u0131kl\u0131 oldu\u011funun en net kan\u0131t\u0131d\u0131r.<\/p>\n<h2>5. Sekt\u00f6rel Tercihler: Ekonominin Nabz\u0131 Hangi Sekt\u00f6rlerde At\u0131yor?<\/h2>\n<p>\u015eirketin 41,7 milyar TL\u2019ye ula\u015fan toplam faktoring alacaklar\u0131n\u0131n da\u011f\u0131l\u0131m\u0131, T\u00fcrkiye&#8217;nin reel sekt\u00f6r \u00fcretimindeki stratejik de\u011fi\u015fimi yans\u0131tmaktad\u0131r. Vak\u0131f Faktoring, riskini \u00e7e\u015fitlendirirken en b\u00fcy\u00fck pay\u0131 \u00fcretimin lokomotiflerine ay\u0131rm\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li><b>Motorlu ta\u015f\u0131tlar imalat ve sat\u0131\u015f (%25,71)<\/b><\/li>\n<li><b>Makine ve te\u00e7hizat (%23,80)<\/b><\/li>\n<li><b>Kimya ve kimya \u00fcr\u00fcnleri (%9,08)<\/b><\/li>\n<li>G\u0131da (%7,80)<\/li>\n<\/ul>\n<p>Burada en dikkat \u00e7ekici veri, &#8220;Makine ve Te\u00e7hizat&#8221; sekt\u00f6r\u00fcn\u00fcn pay\u0131d\u0131r. 2024 y\u0131l\u0131nda yaln\u0131zca %4,96 (1,6 milyar TL) olan bu pay, 2025 y\u0131l\u0131nda yakla\u015f\u0131k be\u015f kat artarak %23,80\u2019e (9,9 milyar TL) y\u00fckselmi\u015ftir. Bu keskin art\u0131\u015f, \u015firketin stratejik rotas\u0131n\u0131 do\u011frudan end\u00fcstriyel \u00fcretime ve sabit sermaye yat\u0131r\u0131mlar\u0131n\u0131n finansman\u0131na k\u0131rd\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/p>\n<h2>6. Risk Y\u00f6netimi ve Denetim: EY\u2019den &#8220;Temiz&#8221; Onay<\/h2>\n<p>G\u00fcney Ba\u011f\u0131ms\u0131z Denetim (EY) taraf\u0131ndan denetlenen 2025 raporu, Sorumlu Denet\u00e7i <b>Tolga \u00d6zdemir<\/b> imzas\u0131yla yat\u0131r\u0131mc\u0131ya g\u00fcven veren &#8220;Olumlu G\u00f6r\u00fc\u015f&#8221; ile sunulmu\u015ftur. Denetim raporunda &#8220;Kilit Denetim Konusu&#8221; olarak i\u015faretlenen faktoring alacaklar\u0131n\u0131n de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc meselesi, \u015firketin ihtiyatl\u0131l\u0131k politikas\u0131n\u0131 ortaya koymaktad\u0131r.<\/p>\n<p>Vak\u0131f Faktoring, vadesi bir y\u0131l\u0131 ge\u00e7en zarar niteli\u011findeki alacaklar\u0131 i\u00e7in <b>%100 oran\u0131nda \u00f6zel kar\u015f\u0131l\u0131k<\/b> ay\u0131rma politikas\u0131n\u0131 titizlikle s\u00fcrd\u00fcrmektedir. Takipteki alacaklar i\u00e7in ayr\u0131lan bu tam kar\u015f\u0131l\u0131klar, \u015firketin bilan\u00e7osunda herhangi bir &#8220;gizli risk&#8221; bar\u0131nd\u0131rmad\u0131\u011f\u0131n\u0131n teminat\u0131d\u0131r. Raporun vurgulad\u0131\u011f\u0131 \u00fczere: <i>&#8220;\u015eirket&#8217;in 31 Aral\u0131k 2025 tarihi itibar\u0131yla finansal durumunu&#8230; ger\u00e7e\u011fe uygun bir bi\u00e7imde sunmaktad\u0131r.&#8221;<\/i> ifadesi, finansal disiplinin en \u00fcst d\u00fczeydeki onay\u0131d\u0131r.<\/p>\n<h2>7. Sonu\u00e7: Gelece\u011fe G\u00fcvenle Bakmak<\/h2>\n<p>Vak\u0131f Faktoring i\u00e7in 2025 y\u0131l\u0131, halka arz\u0131n getirdi\u011fi kurumsalla\u015fma, i\u015ftirak portf\u00f6y\u00fcn\u00fcn sadele\u015fmesi ve sermaye art\u0131\u015f\u0131n\u0131n yaratt\u0131\u011f\u0131 finansal g\u00fc\u00e7le bir d\u00f6n\u00fcm noktas\u0131d\u0131r. Gelirler ve giderler aras\u0131ndaki dengenin verimlilik lehine de\u011fi\u015fmesi, \u015firketin zorlu piyasa ko\u015fullar\u0131ndaki operasyonel \u00e7evikli\u011fini kan\u0131tlam\u0131\u015ft\u0131r.<\/p>\n<p>Halka a\u00e7\u0131k bir \u015firket olarak Vak\u0131f Faktoring, 7 milyar TL&#8217;yi a\u015fan \u00f6zkaynak g\u00fcc\u00fcyle 2026 y\u0131l\u0131nda T\u00fcrkiye&#8217;nin reel sekt\u00f6r b\u00fcy\u00fcmesini nas\u0131l \u015fekillendirecek?<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h1>Vak\u0131f Faktoring A.\u015e. 2025 Y\u0131l\u0131 Finansal Analiz ve Denetim Brifingi<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Vak\u0131f Faktoring A.\u015e. (\u015eirket), 31 Aral\u0131k 2025 tarihinde sona eren hesap d\u00f6neminde, operasyonel verimlili\u011fini ve sermaye yap\u0131s\u0131n\u0131 g\u00fc\u00e7lendirerek \u00f6nemli bir finansal b\u00fcy\u00fcme kaydetmi\u015ftir. G\u00fcney Ba\u011f\u0131ms\u0131z Denetim ve SMMM A.\u015e. (Ernst &amp; Young) taraf\u0131ndan ger\u00e7ekle\u015ftirilen ba\u011f\u0131ms\u0131z denetim sonucunda, \u015eirket\u2019in finansal tablolar\u0131n\u0131n t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun oldu\u011fu ve BDDK muhasebe mevzuat\u0131na uygun haz\u0131rland\u0131\u011f\u0131na dair &#8220;olumlu g\u00f6r\u00fc\u015f&#8221; bildirilmi\u015ftir.<\/p>\n<p>2025 y\u0131l\u0131n\u0131n en kritik geli\u015fmesi, \u015eirket paylar\u0131n\u0131n halka arz edilerek Borsa \u0130stanbul\u2019da i\u015flem g\u00f6rmeye ba\u015flamas\u0131d\u0131r. Bu s\u00fcre\u00e7le birlikte \u00e7\u0131kar\u0131lm\u0131\u015f sermaye 900.000 bin TL\u2019ye y\u00fckselmi\u015f ve \u00f6zkaynaklar bir \u00f6nceki y\u0131la g\u00f6re %59,6 oran\u0131nda artarak 7.008.963 bin TL seviyesine ula\u015fm\u0131\u015ft\u0131r. D\u00f6nem net k\u00e2r\u0131, bir \u00f6nceki y\u0131la g\u00f6re art\u0131\u015f g\u00f6stererek 1.924.858 bin TL olarak ger\u00e7ekle\u015fmi\u015ftir. Aktif b\u00fcy\u00fckl\u00fc\u011f\u00fc ise 41,9 milyar TL seviyesini a\u015farak sekt\u00f6rdeki g\u00fc\u00e7l\u00fc konumunu teyit etmi\u015ftir.<\/p>\n<h2>1. Ba\u011f\u0131ms\u0131z Denetim ve G\u00f6r\u00fc\u015f \u00d6zeti<\/h2>\n<p>G\u00fcney Ba\u011f\u0131ms\u0131z Denetim ve SMMM A.\u015e. taraf\u0131ndan y\u00fcr\u00fct\u00fclen denetim s\u00fcreci, T\u00fcrkiye Denetim Standartlar\u0131&#8217;na uygun olarak tamamlanm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>Denetim G\u00f6r\u00fc\u015f\u00fc:<\/b> \u015eirket&#8217;in finansal durum tablosu, k\u00e2r veya zarar tablosu ve nakit ak\u0131\u015flar\u0131, BDDK Muhasebe ve Finansal Raporlama Mevzuat\u0131\u2019na uygun ve t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bulunmu\u015ftur.<\/li>\n<li><b>Kilit Denetim Konusu:<\/b> Faktoring alacaklar\u0131n\u0131n de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc, bakiyelerin b\u00fcy\u00fckl\u00fc\u011f\u00fc ve y\u00f6netim yarg\u0131s\u0131 i\u00e7ermesi nedeniyle en \u00f6nemli denetim konusu olarak belirlenmi\u015ftir. Denet\u00e7i, alacaklar\u0131n BDDK mevzuat\u0131na g\u00f6re s\u0131n\u0131fland\u0131r\u0131lmas\u0131n\u0131 ve ayr\u0131lan kar\u015f\u0131l\u0131klar\u0131n yeterlili\u011fini test etmi\u015ftir.<\/li>\n<li><b>Di\u011fer Mevzuat Y\u00fck\u00fcml\u00fcl\u00fckleri:<\/b> 6102 say\u0131l\u0131 T\u00fcrk Ticaret Kanunu (TTK) uyar\u0131nca tutulan defter d\u00fczeninin ve y\u00f6netim kurulu a\u00e7\u0131klamalar\u0131n\u0131n kanuna ve esas s\u00f6zle\u015fmeye uygun oldu\u011fu teyit edilmi\u015ftir.<\/li>\n<\/ul>\n<h2>2. Finansal Performans Analizi<\/h2>\n<p>\u015eirket, 2025 y\u0131l\u0131nda gelir ve gider dengesini optimize ederek k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 art\u0131rm\u0131\u015ft\u0131r.<\/p>\n<h3>2.1. Gelir ve Gider Kalemleri Kar\u015f\u0131la\u015ft\u0131rmas\u0131<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Gelir\/Gider Kalemi (Bin TL)<\/td>\n<td>1 Ocak &#8211; 31 Aral\u0131k 2025<\/td>\n<td>1 Ocak &#8211; 31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Gelirleri<\/b><\/td>\n<td>9.574.437<\/td>\n<td>12.809.590<\/td>\n<\/tr>\n<tr>\n<td><b>Finansman Giderleri (-)<\/b><\/td>\n<td>(6.587.793)<\/td>\n<td>(10.455.033)<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>2.986.644<\/td>\n<td>2.354.557<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Giderleri (-)<\/b><\/td>\n<td>(336.575)<\/td>\n<td>(230.783)<\/td>\n<\/tr>\n<tr>\n<td><b>Net Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td>2.748.129<\/td>\n<td>2.440.675<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Net K\u00e2r\u0131<\/b><\/td>\n<td><b>1.924.858<\/b><\/td>\n<td><b>1.707.179<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>\u00d6nemli Tespitler:<\/b><\/p>\n<ul>\n<li><b>K\u00e2rl\u0131l\u0131k:<\/b> Esas faaliyet gelirlerinde (faiz ve komisyon) bir \u00f6nceki y\u0131la g\u00f6re d\u00fc\u015f\u00fc\u015f g\u00f6r\u00fclmesine ra\u011fmen, finansman giderlerinin daha keskin bir \u015fekilde azalmas\u0131 (\u00f6zellikle kullan\u0131lan kredilere verilen faizlerin 10 milyar TL&#8217;den 6,3 milyar TL&#8217;ye d\u00fc\u015fmesi) br\u00fct k\u00e2r\u0131 ve net d\u00f6nem k\u00e2r\u0131n\u0131 yukar\u0131 \u00e7ekmi\u015ftir.<\/li>\n<li><b>Operasyonel Giderler:<\/b> Personel giderleri (195.929 bin TL) ve reklam giderleri (56.459 bin TL) faaliyet giderleri i\u00e7indeki en b\u00fcy\u00fck kalemleri olu\u015fturmu\u015ftur.<\/li>\n<li><b>Hisse Ba\u015f\u0131na Kazan\u00e7:<\/b> 2024 y\u0131l\u0131nda 2,0084 olan hisse ba\u015f\u0131na kazan\u00e7, 2025 y\u0131l\u0131nda 2,2638&#8217;e y\u00fckselmi\u015ftir.<\/li>\n<\/ul>\n<h2>3. Bilan\u00e7o ve Varl\u0131k Yap\u0131s\u0131<\/h2>\n<p>\u015eirketin aktif toplam\u0131 2025 sonu itibar\u0131yla 41.889.207 bin TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r.<\/p>\n<h3>3.1. Varl\u0131k Da\u011f\u0131l\u0131m\u0131 (Bin TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Varl\u0131k Kalemi<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td>Nakit ve Nakit Benzerleri<\/td>\n<td>97.569<\/td>\n<td>306.833<\/td>\n<\/tr>\n<tr>\n<td>Faktoring Alacaklar\u0131 (Net)<\/td>\n<td>41.713.384<\/td>\n<td>32.424.129<\/td>\n<\/tr>\n<tr>\n<td>Di\u011fer Aktifler<\/td>\n<td>37.046<\/td>\n<td>67.043<\/td>\n<\/tr>\n<tr>\n<td><b>Varl\u0131k Toplam\u0131<\/b><\/td>\n<td><b>41.889.207<\/b><\/td>\n<td><b>32.888.810<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>3.2. Faktoring Alacaklar\u0131 ve Sekt\u00f6rel Da\u011f\u0131l\u0131m<\/h3>\n<p>\u015eirketin ana faaliyet konusu olan faktoring alacaklar\u0131, toplam aktiflerin %99,5\u2019ini olu\u015fturmaktad\u0131r.<\/p>\n<ul>\n<li><b>Vade Yap\u0131s\u0131:<\/b> Alacaklar\u0131n %51,3\u2019\u00fc (21,4 milyar TL) 1 aya kadar vadeli i\u015flemlerden olu\u015fmaktad\u0131r. Bu durum portf\u00f6y\u00fcn y\u00fcksek likiditeye sahip oldu\u011funu g\u00f6stermektedir.<\/li>\n<li><b>Sekt\u00f6rel Konsantrasyon:<\/b>\n<ul>\n<li>Motorlu Ta\u015f\u0131tlar \u0130malat ve Sat\u0131\u015f: %25,71<\/li>\n<li>Makine ve Te\u00e7hizat: %23,80 (2024\u2019teki %4,96\u2019l\u0131k paydan b\u00fcy\u00fck bir art\u0131\u015f kaydedilmi\u015ftir)<\/li>\n<li>Kimya ve Kimya \u00dcr\u00fcnleri: %9,08<\/li>\n<li>G\u0131da: %7,80<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2>4. Sermaye Yap\u0131s\u0131 ve Halka Arz<\/h2>\n<p>2025 y\u0131l\u0131, Vak\u0131f Faktoring i\u00e7in kurumsalla\u015fma ad\u0131na bir d\u00f6n\u00fcm noktas\u0131 olmu\u015ftur.<\/p>\n<ul>\n<li><b>Halka Arz S\u00fcreci:<\/b> 16 Eyl\u00fcl 2024&#8217;te yap\u0131lan ba\u015fvuru 7 Kas\u0131m 2025&#8217;te onaylanm\u0131\u015ft\u0131r. 12-14 Kas\u0131m 2025 tarihlerinde talep toplanm\u0131\u015f ve 20 Kas\u0131m 2025&#8217;te &#8220;VAKFA.E&#8221; koduyla Borsa \u0130stanbul Y\u0131ld\u0131z Pazar\u2019da i\u015flem g\u00f6rmeye ba\u015flam\u0131\u015ft\u0131r.<\/li>\n<li><b>Sermaye Art\u0131r\u0131m\u0131:<\/b> Halka arz ile birlikte \u00e7\u0131kar\u0131lm\u0131\u015f sermaye 850.000 bin TL\u2019den 900.000 bin TL\u2019ye \u00e7\u0131kar\u0131lm\u0131\u015ft\u0131r. Bu i\u015flem sonucunda 643.010 bin TL tutar\u0131nda &#8220;Hisse Senedi \u0130hra\u00e7 Primi&#8221; olu\u015fmu\u015ftur.<\/li>\n<li><b>Ortakl\u0131k Yap\u0131s\u0131 De\u011fi\u015fimi:<\/b>\n<ul>\n<li>T\u00fcrkiye Vak\u0131flar Bankas\u0131 T.A.O.: %75,00 (Halka arz \u00f6ncesi %92,10)<\/li>\n<li>Halka A\u00e7\u0131k B\u00f6l\u00fcm: %25,00<\/li>\n<li>Di\u011fer i\u015ftiraklerin (Vak\u0131f Finansal Kiralama vb.) paylar\u0131 halka arz ve devir s\u00fcre\u00e7leriyle s\u0131f\u0131rlanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2>5. Risk Y\u00f6netimi ve Kar\u015f\u0131l\u0131klar<\/h2>\n<p>\u015eirket, ihtiyatl\u0131l\u0131k ilkesi \u00e7er\u00e7evesinde riskli alacaklar i\u00e7in kar\u015f\u0131l\u0131k ay\u0131rma politikas\u0131n\u0131 s\u00fcrd\u00fcrmektedir.<\/p>\n<ul>\n<li><b>\u00d6zel Kar\u015f\u0131l\u0131klar:<\/b> Zarar niteli\u011findeki 97.366 bin TL tutar\u0131ndaki takipteki alacaklar i\u00e7in %100 oran\u0131nda \u00f6zel kar\u015f\u0131l\u0131k ayr\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Genel Kar\u015f\u0131l\u0131klar:<\/b> Finansal yeniden yap\u0131land\u0131rma s\u00fcrecine giren bir m\u00fc\u015fteriden olan alacaklar nedeniyle 80.100 bin TL genel kar\u015f\u0131l\u0131k ayr\u0131lm\u0131\u015ft\u0131r (2024: 53.450 bin TL).<\/li>\n<li><b>Al\u0131nan Teminatlar:<\/b> Takipteki alacaklara kar\u015f\u0131l\u0131k 268.897 bin TL tutar\u0131nda \u00e7ek ve senet teminat\u0131 bulunmaktad\u0131r. Ayr\u0131ca Takasbank&#8217;a verilen teminat mektuplar\u0131 7,3 milyar TL seviyesindedir.<\/li>\n<\/ul>\n<h2>6. \u00d6nemli Dipnotlar ve Operasyonel Bilgiler<\/h2>\n<ul>\n<li><b>Personel Durumu:<\/b> 31 Aral\u0131k 2025 itibar\u0131yla \u00e7al\u0131\u015fan say\u0131s\u0131 63&#8217;t\u00fcr (2024: 64). \u00dcst y\u00f6netime sa\u011flanan \u00fccret ve menfaatler toplam\u0131 18.300 bin TL&#8217;dir.<\/li>\n<li><b>Ertelenmi\u015f Vergi:<\/b> \u015eirket 29.561 bin TL net ertelenmi\u015f vergi varl\u0131\u011f\u0131na sahiptir. Kar da\u011f\u0131t\u0131m\u0131 hesaplamalar\u0131nda bu tutar\u0131n nakit niteli\u011finde olmad\u0131\u011f\u0131 m\u00fctalaa edilmektedir.<\/li>\n<li><b>\u0130li\u015fkili Taraf \u0130\u015flemleri:<\/b> \u015eirketin en b\u00fcy\u00fck kredi sa\u011flay\u0131c\u0131s\u0131 20,6 milyar TL ile ana orta\u011f\u0131 T\u00fcrkiye Vak\u0131flar Bankas\u0131 T.A.O.&#8217;dur. \u015eirket, mevduatlar\u0131n\u0131n 22,9 milyon TL&#8217;lik k\u0131sm\u0131n\u0131 da ayn\u0131 bankada tutmaktad\u0131r.<\/li>\n<li><b>\u0130\u015ftirak Sat\u0131\u015f\u0131:<\/b> 22 Eyl\u00fcl 2025 tarihinde, mevzuat gere\u011fi faaliyet konusunun s\u0131n\u0131rland\u0131r\u0131lmas\u0131 kapsam\u0131nda, Vak\u0131f Enerji ve Madencilik A.\u015e.\u2019deki paylar\u0131n tamam\u0131 56.803 bin TL bedelle Vak\u0131f Pazarlama A.\u015e.\u2019ye devredilmi\u015ftir.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"1034\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Vak\u0131f Faktoring 2025 Y\u0131l\u0131nda Rekor B\u00fcy\u00fcme ve Halka Arzla G\u00fc\u00e7lendi Vak\u0131f Faktoring, 2025 y\u0131l\u0131n\u0131 1,9 milyar TL net k\u00e2r ve 41,8 milyar TL aktif b\u00fcy\u00fckl\u00fck ile kapatarak finansal g\u00fcc\u00fcn\u00fc kan\u0131tlad\u0131. Y\u0131l\u0131n en \u00f6nemli geli\u015fmesi olarak Kas\u0131m ay\u0131nda ba\u015far\u0131yla tamamlanan halka arz s\u00fcreciyle Borsa \u0130stanbul Y\u0131ld\u0131z Pazar&#8217;da i\u015flem g\u00f6rmeye ba\u015flayan \u015firket, stratejik i\u015ftirak sat\u0131\u015flar\u0131 ve 2026 ba\u015f\u0131nda duyurdu\u011fu hisse geri al\u0131m program\u0131yla yat\u0131r\u0131mc\u0131 g\u00fcvenini peki\u015ftirmeye devam ediyor.<\/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;<br \/>\nWordpress Blog Excerpt (English Translation)<br \/>\nVak\u0131f Faktoring Strengthened by Record Growth and IPO in 2025 Vak\u0131f Faktoring proved its financial strength by closing 2025 with a net profit of 1.9 billion TL and total assets of 41.8 billion TL. As the most significant development of the year, the company began trading on the Borsa \u0130stanbul Stars Market following a successfully completed IPO process in November. With strategic subsidiary sales and the share buyback program announced in early 2026, it continues to reinforce investor confidence.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[179],"class_list":["post-1034","post","type-post","status-publish","format-standard","hentry","category-bilancoanalizi","tag-vakfa"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1034","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=1034"}],"version-history":[{"count":3,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1034\/revisions"}],"predecessor-version":[{"id":1037,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1034\/revisions\/1037"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=1034"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1034"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1034"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}