{"id":1038,"date":"2026-02-10T20:45:38","date_gmt":"2026-02-10T17:45:38","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1038"},"modified":"2026-02-10T20:47:17","modified_gmt":"2026-02-10T17:47:17","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-krtek-karsu-tekstil-sanayii-2025-12-bilanco-analizi-karsu-tekstil-satislar-duserken-nasil-kara-gecti","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1038","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #KRTEK | Karsu Tekstil Sanayii 2025\/12 Bilan\u00e7o Analizi &#8211; Karsu Tekstil Sat\u0131\u015flar D\u00fc\u015ferken Nas\u0131l K\u00e2ra Ge\u00e7ti"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/creators.spotify.com\/pod\/profile\/market-risk-tr\/embed\/episodes\/KRTEK--Karsu-Tekstil-Sanayii-202512-Bilano-Analizi---Karsu-Tekstil-Satlar-Derken-Nasl-Kra-Geti-e3eth12\/a-acfe304\" 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\"><strong>2025 Finansal Raporlar\u0131ndan \u00d6ne \u00c7\u0131kan Notlar \/ Key Highlights from the 2025 Financial ReportsT\u00fcrk\u00e7e:<\/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 K\u00e2rl\u0131l\u0131k:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> Karsu Tekstil, 2024 y\u0131l\u0131ndaki 473.544.266 TL&#8217;lik net d\u00f6nem zarar\u0131n\u0131n ard\u0131ndan, 2025 y\u0131l\u0131n\u0131 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>16.530.271 TL net d\u00f6nem k\u00e2r\u0131<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> ile kapatarak g\u00fc\u00e7l\u00fc bir toparlanma g\u00f6stermi\u015ftir.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Has\u0131lat ve Sat\u0131\u015flar:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> \u015eirketin 2025 y\u0131l\u0131 toplam has\u0131lat\u0131 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>1.990.364.098 TL<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> olarak ger\u00e7ekle\u015fmi\u015ftir. Bu tutar\u0131n 1.264.615.978 TL&#8217;si yurt i\u00e7i, <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>742.266.366 TL<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\">&#8216;si ise yurt d\u0131\u015f\u0131 sat\u0131\u015flardan (ihracat) olu\u015fmaktad\u0131r.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Varl\u0131klar ve \u00d6zkaynaklar:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> Toplam varl\u0131klar 31 Aral\u0131k 2025 itibar\u0131yla <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>3.051.548.600 TL<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> seviyesindedir. \u015eirketin \u00f6zkaynaklar\u0131 ise <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>1.704.686.543 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.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Bor\u00e7 Yap\u0131s\u0131:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> \u015eirketin net borcu, 2024 y\u0131l\u0131ndaki 1.958.250.042 TL seviyesinden 2025 y\u0131l\u0131 sonunda <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>1.291.103.885 TL<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\">&#8216;ye gerileyerek finansal yap\u0131da iyile\u015fme sa\u011flam\u0131\u015ft\u0131r.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>\u00dcretim Miktarlar\u0131:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> 2025 y\u0131l\u0131nda <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>7.000 ton iplik<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> ve <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>183.890 metre kuma\u015f<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> \u00fcretimi ger\u00e7ekle\u015ftirilmi\u015ftir.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Enflasyon Muhasebesi:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> Finansal tablolar, TMS 29 uyar\u0131nca y\u00fcksek enflasyonlu ekonomilerde finansal raporlama standartlar\u0131na g\u00f6re <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>enflasyon d\u00fczeltmesine tabi tutulmu\u015f<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> ve 31 Aral\u0131k 2025 sat\u0131n alma g\u00fcc\u00fc cinsinden sunulmu\u015ftur.<\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>English:<\/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 Profitability:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> Karsu Tekstil showed a strong recovery by closing 2025 with a <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>net profit of 16,530,271 TL<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\">, following a net loss of 473,544,266 TL in 2024.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Revenue and Sales:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> The company&#8217;s total revenue for 2025 reached <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>1,990,364,098 TL<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\">. Of this amount, 1.26B TL came from domestic sales, while <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>742,266,366 TL<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> was generated from international sales (exports).\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Assets and Equity:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> As of December 31, 2025, total assets stood at <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>3,051,548,600 TL<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\">. The company&#8217;s total equity reached <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>1,704,686,543 TL<\/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>Debt Structure:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> The company\u2019s net debt improved, decreasing from 1,958,250,042 TL in 2024 to <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>1,291,103,885 TL<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> by the end of 2025.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Production Volumes:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> In 2025, the company produced <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>7,000 tons of yarn<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> and <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>183,890 meters of fabric<\/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>Inflation Accounting:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> In accordance with TAS 29, the financial statements have been <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>adjusted for inflation<\/strong><\/span><\/span><span data-slate-node=\"text\" data-slate-fragment=\"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\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> and are presented in terms of the purchasing power at December 31, 2025.<\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<h1>Enflasyonun G\u00f6lgesinde B\u00fcy\u00fck D\u00f6n\u00fc\u015f\u00fcm: Karsu Tekstil 2025 Finansal Tablolar\u0131ndan 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<h2>1. Giri\u015f: Rakamlar\u0131n \u00d6tesindeki Hikayeyi Yakalamak<\/h2>\n<p>2025 y\u0131l\u0131 finansal raporlar\u0131, T\u00fcrkiye\u2019nin k\u00f6kl\u00fc sanayi kurulu\u015flar\u0131 i\u00e7in sadece birer k\u00e2r-zarar beyan\u0131 de\u011fil, TMS 29 (Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama) standartlar\u0131n\u0131n etkisiyle tam bir &#8220;finansal bulmacaya&#8221; d\u00f6n\u00fc\u015ft\u00fc. Kayseri\u2019den d\u00fcnyaya uzanan bir iplik devinin, makinelerin g\u00fcr\u00fclt\u00fcs\u00fc ile bilan\u00e7onun sessiz rakamlar\u0131 aras\u0131ndaki o ince \u00e7izgide nas\u0131l y\u00fcr\u00fcd\u00fc\u011f\u00fcn\u00fc anlamak, bug\u00fcn her zamankinden daha kritik. Karsu Tekstil\u2019in 31 Aral\u0131k 2025 tarihli dipnotlar\u0131, geleneksel tekstil \u00fcretiminin modern finansal zorluklarla imtihan\u0131n\u0131 ve stratejik bir yeniden yap\u0131land\u0131rma s\u00fcrecini t\u00fcm \u00e7\u0131plakl\u0131\u011f\u0131yla ortaya koyuyor. Bu analizde, sadece y\u00fczeydeki rakamlar\u0131 de\u011fil, sat\u0131r aralar\u0131na gizlenmi\u015f operasyonel &#8220;cerrahi hamleleri&#8221; ve enflasyon muhasebesinin yaratt\u0131\u011f\u0131 ill\u00fczyonlar\u0131 de\u015fifre edece\u011fiz.<\/p>\n<h2>2. Ger\u00e7ek 1: Dev Zarardan K\u00e2ra \u2013 Ertelenmi\u015f Vergi ve Reel K\u00fc\u00e7\u00fclme K\u0131skac\u0131<\/h2>\n<p>Karsu Tekstil\u2019in 2025 y\u0131l\u0131 tablolar\u0131nda ilk bak\u0131\u015fta &#8220;imkans\u0131z&#8221; g\u00f6r\u00fcnen bir geri d\u00f6n\u00fc\u015f g\u00f6ze \u00e7arp\u0131yor. 2024 y\u0131l\u0131n\u0131 473,5 milyon TL gibi sars\u0131c\u0131 bir net d\u00f6nem zarar\u0131yla kapatan \u015firket, 2025 y\u0131l\u0131nda 16,5 milyon TL (tam olarak 16.530.271 TL) net d\u00f6nem k\u00e2r\u0131na ula\u015ft\u0131. Ancak bu k\u00e2r\u0131n kayna\u011f\u0131n\u0131 inceledi\u011fimizde kar\u015f\u0131m\u0131za \u00e7\u0131kan tablo olduk\u00e7a d\u00fc\u015f\u00fcnd\u00fcr\u00fcc\u00fc. \u015eirketin has\u0131lat\u0131, 2024 y\u0131l\u0131ndaki 2,54 milyar TL seviyesinden reel olarak gerileyerek 1,99 milyar TL\u2019ye d\u00fc\u015ft\u00fc.<\/p>\n<p>Bu k\u00e2rl\u0131l\u0131k &#8220;mucizesinin&#8221; arkas\u0131nda yatan as\u0131l itici g\u00fc\u00e7, Not 40\u2019ta gizli olan devasa vergi hareketi. 2024 y\u0131l\u0131nda 56 milyon TL vergi gideri yazan \u015firket, 2025 y\u0131l\u0131nda 54,4 milyon TL tutar\u0131nda bir &#8220;Ertelenmi\u015f Vergi Geliri&#8221; elde etti. Not 41\u2019e g\u00f6re hisse ba\u015f\u0131na kazanc\u0131n -0,13491 TL\u2019den 0,00471 TL\u2019ye \u00e7\u0131kmas\u0131 sevindirici olsa da, bu k\u00e2r\u0131n operasyonel bir \u015fahlan\u0131\u015ftan ziyade finansal bir kalem oynamas\u0131ndan kaynakland\u0131\u011f\u0131n\u0131 g\u00f6rmek gerekiyor.<\/p>\n<p>&#8220;Has\u0131lat\u0131n reel olarak darald\u0131\u011f\u0131 bir d\u00f6nemde gelen net k\u00e2r, operasyonel bir zaferden ziyade ertelenmi\u015f vergi gelirleri ve enflasyon d\u00fczeltmelerinin bilan\u00e7oda a\u00e7t\u0131\u011f\u0131 bir ya\u015fam alan\u0131d\u0131r.&#8221;<\/p>\n<h2>3. Ger\u00e7ek 2: G\u00f6r\u00fcnmez El \u2013 TMS 29\u2019un Finansal Can Simidi<\/h2>\n<p>\u015eirketin net k\u00e2ra ge\u00e7i\u015findeki en kritik kald\u0131ra\u00e7, Not 39\u2019da detayland\u0131r\u0131lan &#8220;Net Parasal Pozisyon Kazanc\u0131&#8221; oldu. Enflasyon muhasebesinin (TMS 29) bilan\u00e7oya etkisi, Karsu i\u00e7in 2024\u2019teki 21,5 milyon TL\u2019lik &#8220;kay\u0131p&#8221; tablosunu, 2025\u2019te 45,3 milyon TL\u2019lik bir &#8220;kazanca&#8221; d\u00f6n\u00fc\u015ft\u00fcrd\u00fc.<\/p>\n<p>Bir stratejik analist g\u00f6z\u00fcyle bakt\u0131\u011f\u0131m\u0131zda; bu kazan\u00e7 iplik \u00fcretimindeki verimlilik art\u0131\u015f\u0131ndan de\u011fil, \u015firketin parasal y\u00fck\u00fcml\u00fcl\u00fcklerinin enflasyon kar\u015f\u0131s\u0131nda erimesinden kaynaklan\u0131yor. \u015eirket, enflasyonun y\u00fcksek seyretti\u011fi bu labirentte, bor\u00e7 ve varl\u0131k pozisyonlamas\u0131n\u0131 do\u011fru yaparak finansal tablolar\u0131n\u0131 &#8220;temizlemeyi&#8221; ba\u015farm\u0131\u015f durumda. Ancak bu durum, \u015firketin ba\u015far\u0131s\u0131n\u0131n ne kadar\u0131n\u0131n kuma\u015f dokumaktan, ne kadar\u0131n\u0131n ise enflasyonun &#8220;g\u00f6r\u00fcnmez eli&#8221; sayesinde ger\u00e7ekle\u015fti\u011fini sorgulatmaktad\u0131r.<\/p>\n<h2>4. Ger\u00e7ek 3: Sessiz K\u00fc\u00e7\u00fclme \u2013 \u0130\u015f G\u00fcc\u00fcnde Sert Kesinti ve Liderlik De\u011fi\u015fimi<\/h2>\n<p>Bilan\u00e7o rakamlar\u0131 k\u00e2ra i\u015faret ederken, arka planda olduk\u00e7a sanc\u0131l\u0131 bir &#8220;operasyonel cerrahi&#8221; y\u00fcr\u00fct\u00fcld\u00fc\u011f\u00fc g\u00f6r\u00fcl\u00fcyor. Not 1\u2019deki veriler, \u015firket personel say\u0131s\u0131n\u0131n bir y\u0131l i\u00e7inde 454\u2019ten 384\u2019e d\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc kan\u0131tl\u0131yor. Bu daralman\u0131n as\u0131l vurdu\u011fu yer ise \u00fcretim kapasitesinin kalbi olan sendikal\u0131 (kapsam i\u00e7i) personel grubu; say\u0131lar\u0131 377\u2019den 313\u2019e kadar gerilemi\u015f durumda.<\/p>\n<p>Bu &#8220;sessiz k\u00fc\u00e7\u00fclme,&#8221; Not 31\u2019deki maliyet kalemlerine de do\u011frudan yans\u0131d\u0131: Direkt i\u015f\u00e7ilik giderleri 207,5 milyon TL\u2019den 192,9 milyon TL\u2019ye d\u00fc\u015f\u00fcr\u00fcld\u00fc. Dikkat \u00e7ekici olan bir di\u011fer husus ise, 25 A\u011fustos 2025 tarihinde ana ortaklardan Metin Molu\u2019nun vefat\u0131d\u0131r. \u015eirketin i\u015f g\u00fcc\u00fcndeki bu sert daralma, yeni bir stratejik y\u00f6nelimin mi yoksa bir liderlik bo\u015flu\u011funun yaratt\u0131\u011f\u0131 zorunlu bir savunma mekanizmas\u0131n\u0131n m\u0131 \u00fcr\u00fcn\u00fc? Bu sorunun cevab\u0131, Karsu\u2019nun gelecekteki \u00fcretim g\u00fcc\u00fcn\u00fc belirleyecektir.<\/p>\n<h2>5. Ger\u00e7ek 4: Finansal Kale Stratejisi \u2013 Alt\u0131n ve Yeni Mevziler<\/h2>\n<p>Karsu Tekstil, nakit varl\u0131klar\u0131n\u0131 koruma bi\u00e7iminde radikal bir strateji de\u011fi\u015fikli\u011fine gitti. Not 4 (Finansal Yat\u0131r\u0131mlar) incelendi\u011finde, \u015firketin likiditeyi bankalar aras\u0131nda adeta bir satran\u00e7 tahtas\u0131 gibi hareket ettirdi\u011fi g\u00f6r\u00fcl\u00fcyor:<\/p>\n<ul>\n<li><b>B\u00fcy\u00fck Fon \u00c7\u0131k\u0131\u015flar\u0131:<\/b> 2024 y\u0131l\u0131nda Aktifbank (97,1 milyon TL), Denizbank (27,9 milyon TL), \u0130\u015f Bankas\u0131 (24,8 milyon TL) ve Vak\u0131fbank (16,3 milyon TL) gibi bankalardaki fon hesaplar\u0131 2025 sonunda tamamen s\u0131f\u0131rlanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Yeni Mevziler:<\/b> Nakit, 2025 itibar\u0131yla Ziraat Bankas\u0131 (26,4 milyon TL) ve Anadolu Bank (36,1 milyon TL) fonlar\u0131na kayd\u0131r\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Alt\u0131n Kalkan\u0131:<\/b> \u015eirket, enflasyona kar\u015f\u0131 alt\u0131n varl\u0131klar\u0131n\u0131 \u00e7e\u015fitlendirerek korumaya \u00e7al\u0131\u015fm\u0131\u015ft\u0131r. Denizbank Alt\u0131n Hesab\u0131 12,1 milyon TL\u2019den 18,3 milyon TL\u2019ye y\u00fckselirken, Vak\u0131fbank Alt\u0131n Hesab\u0131 da 220 bin TL seviyesinden 351 bin TL\u2019ye \u00e7\u0131karak bu savunma hatt\u0131n\u0131 tahkim etmi\u015ftir.<\/li>\n<\/ul>\n<h2>6. Ger\u00e7ek 5: Kur Riski Y\u00f6netimi \u2013 Dolar Uzun, Euro K\u0131sa Pozisyon<\/h2>\n<p>Risk y\u00f6netimi taraf\u0131nda, net yabanc\u0131 para pozisyonunun 163,9 milyon TL\u2019den 8,8 milyon TL\u2019ye gerilemesi, ilk bak\u0131\u015fta muazzam bir risk azaltma hamlesi gibi g\u00f6r\u00fcn\u00fcyor. Ancak detaylara indi\u011fimizde (Not 48), Karsu\u2019nun \u00e7ok daha ince bir denge kurdu\u011funu g\u00f6r\u00fcyoruz.<\/p>\n<p>\u015eirket, toplam 8,8 milyon TL&#8217;lik net pozisyonun i\u00e7inde asl\u0131nda iki farkl\u0131 hikaye bar\u0131nd\u0131r\u0131yor: 2,2 milyon ABD Dolar\u0131 tutar\u0131nda &#8220;net varl\u0131k&#8221; (uzun pozisyon) ta\u015f\u0131rken, -1,7 milyon Euro tutar\u0131nda bir &#8220;net y\u00fck\u00fcml\u00fcl\u00fck&#8221; (k\u0131sa pozisyon) i\u00e7inde bulunuyor. Bu durum, \u015firketin kur dalgalanmalar\u0131na kar\u015f\u0131 &#8220;kale&#8221; gibi bir bilan\u00e7o kurmaya \u00e7al\u0131\u015ft\u0131\u011f\u0131n\u0131, ancak Euro bazl\u0131 y\u00fck\u00fcml\u00fcl\u00fckleri nedeniyle parite riskine kar\u015f\u0131 hassasiyetini korudu\u011funu g\u00f6steriyor. \u015eirket, d\u00f6vizin TL kar\u015f\u0131s\u0131ndaki olas\u0131 h\u0131zl\u0131 art\u0131\u015flar\u0131ndan elde edilebilecek kambiyo k\u00e2r\u0131ndan feragat ederek, belirsiz bir piyasada &#8220;finansal g\u00fcvenlik&#8221; moduna ge\u00e7meyi tercih etmi\u015ftir.<\/p>\n<h2>7. Sonu\u00e7: Yeni D\u00f6nemde Tekstil Devini Neler Bekliyor?<\/h2>\n<p>Karsu Tekstil i\u00e7in 2025 y\u0131l\u0131, bir yandan personel maliyetlerinin &#8220;operasyonel ne\u015fterle&#8221; kesildi\u011fi, di\u011fer yandan enflasyon muhasebesi ve ertelenmi\u015f vergi gelirleriyle bilan\u00e7onun &#8220;k\u00e2\u011f\u0131t \u00fczerinde&#8221; canland\u0131r\u0131ld\u0131\u011f\u0131 hibrit bir y\u0131l olmu\u015ftur. \u015eirket, bor\u00e7lulu\u011funu ve kur riskini minimize ederek finansal bir kale in\u015fa etmi\u015f olsa da, has\u0131lat\u0131ndaki reel daralma ve \u00fcretimdeki personel kayb\u0131, operasyonel s\u00fcrd\u00fcr\u00fclebilirlik a\u00e7\u0131s\u0131ndan bir soru i\u015fareti olarak kalmaya devam etmektedir.<\/p>\n<p>Bir tekstil devinin ger\u00e7ek ba\u015far\u0131s\u0131n\u0131, sadece dokudu\u011fu kaliteli kuma\u015flar m\u0131, yoksa enflasyon ve karma\u015f\u0131k finansal ara\u00e7lar labirentindeki bu \u00e7evik hamleleri mi belirler?<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Karsu Tekstil Sanayii ve Ticaret A.\u015e. 2025 Y\u0131l\u0131 Finansal ve Operasyonel Bilgilendirme Belgesi<\/span><\/h1>\n<p>Bu belge, Karsu Tekstil Sanayii ve Ticaret A.\u015e.&#8217;nin (&#8220;\u015eirket&#8221;) 31 Aral\u0131k 2025 tarihinde sona eren hesap d\u00f6nemine ait finansal tablolar\u0131, muhasebe politikalar\u0131 ve operasyonel performans\u0131na ili\u015fkin kapsaml\u0131 bir analiz sunmaktad\u0131r. T\u00fcm tutarlar, aksi belirtilmedik\u00e7e, 31 Aral\u0131k 2025 tarihi itibar\u0131yla sat\u0131n alma g\u00fcc\u00fc esas\u0131na (enflasyon muhasebesi) g\u00f6re T\u00fcrk Liras\u0131 (TL) cinsinden ifade edilmi\u015ftir.<\/p>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>2025 y\u0131l\u0131, \u015eirket i\u00e7in finansal toparlanma ve yap\u0131sal uyum y\u0131l\u0131 olmu\u015ftur. 2024 y\u0131l\u0131ndaki 473,5 milyon TL&#8217;lik net d\u00f6nem zarar\u0131n\u0131n ard\u0131ndan, \u015eirket 2025 y\u0131l\u0131n\u0131 <b>16.530.271 TL net d\u00f6nem k\u00e2r\u0131<\/b> ile kapatm\u0131\u015ft\u0131r. Bu ba\u015far\u0131, enflasyonist ortam\u0131n zorluklar\u0131na ra\u011fmen operasyonel verimlilik ve finansal risk y\u00f6netiminin bir sonucudur. \u015eirket&#8217;in toplam has\u0131lat\u0131 1,99 milyar TL seviyesinde ger\u00e7ekle\u015firken, ihracat\u0131n toplam sat\u0131\u015flar i\u00e7indeki pay\u0131 yakla\u015f\u0131k %37 (742,3 milyon TL) olmu\u015ftur.<\/p>\n<p>\u00d6zellikle TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131n\u0131n uygulanmas\u0131, finansal tablolar\u0131n ger\u00e7ek sat\u0131n alma g\u00fcc\u00fcn\u00fc yans\u0131tmas\u0131n\u0131 sa\u011flam\u0131\u015ft\u0131r. \u015eirket&#8217;in net bor\u00e7\/sermaye oran\u0131 %53,6&#8217;dan %43,1&#8217;e gerileyerek finansal yap\u0131da g\u00fc\u00e7lenmeye i\u015faret etmi\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. Kurumsal Profil ve Organizasyon Yap\u0131s\u0131<\/h2>\n<h3>1.1 \u015eirket Bilgileri ve Faaliyet Konusu<\/h3>\n<p>17 Mart 1973 tarihinde kurulan \u015eirket&#8217;in merkezi Kayseri&#8217;dedir. Ba\u015fl\u0131ca faaliyet alanlar\u0131 \u015funlard\u0131r:<\/p>\n<ul>\n<li>Pamuk, suni ve sentetik elyaf i\u015flenerek iplik \u00fcretimi ve pazarlamas\u0131.<\/li>\n<li>Ham, mamul \u00f6rg\u00fc ve boyal\u0131 kuma\u015f \u00fcretimi.<\/li>\n<li>Elektrik enerjisi \u00fcretimi.<\/li>\n<\/ul>\n<p>\u015eirket&#8217;in Kayseri Serbest B\u00f6lgesi&#8217;nde bir \u015fubesi bulunmakla birlikte hen\u00fcz faaliyete ge\u00e7memi\u015ftir. \u0130stanbul Esentepe&#8217;de ise bir irtibat b\u00fcrosu mevcuttur.<\/p>\n<h3>1.2 Ortakl\u0131k Yap\u0131s\u0131 ve Y\u00f6netim<\/h3>\n<p>31 Aral\u0131k 2025 itibar\u0131yla \u015eirket&#8217;in halka a\u00e7\u0131kl\u0131k oran\u0131 yakla\u015f\u0131k <b>%49<\/b>&#8216;dur.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ortak Ad\u0131<\/td>\n<td>Pay Oran\u0131 (%) (2025)<\/td>\n<td>Pay Oran\u0131 (%) (2024)<\/td>\n<\/tr>\n<tr>\n<td>Metin Molu*<\/td>\n<td>9,42<\/td>\n<td>9,42<\/td>\n<\/tr>\n<tr>\n<td>Meral Molu<\/td>\n<td>8,72<\/td>\n<td>8,72<\/td>\n<\/tr>\n<tr>\n<td>S\u0131la Azra Seyok<\/td>\n<td>8,33<\/td>\n<td>8,33<\/td>\n<\/tr>\n<tr>\n<td>Arif Molu<\/td>\n<td>6,97<\/td>\n<td>7,39<\/td>\n<\/tr>\n<tr>\n<td>T\u00fcrkay Ayd\u0131n<\/td>\n<td>5,34<\/td>\n<td>5,70<\/td>\n<\/tr>\n<tr>\n<td>Di\u011fer (Halka A\u00e7\u0131k Dahil)<\/td>\n<td>61,22<\/td>\n<td>60,44<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><b>100,00<\/b><\/td>\n<td><b>100,00<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i>*Metin Molu 25.08.2025 tarihinde vefat etmi\u015f olup, veraset i\u015flemleri devam etmektedir.<\/i><\/p>\n<p><b>Y\u00f6netim Kurulu Ba\u015fkan\u0131:<\/b> S\u0131la Azra Seyok <b>Y\u00f6netim Kurulu \u00dcyesi ve Genel M\u00fcd\u00fcr:<\/b> Nevzat Seyok<\/p>\n<h3>1.3 \u0130stihdam Verileri<\/h3>\n<p>Personel say\u0131s\u0131nda bir \u00f6nceki y\u0131la g\u00f6re bir daralma g\u00f6zlemlenmi\u015ftir:<\/p>\n<ul>\n<li><b>31 Aral\u0131k 2025:<\/b> 384 \u00e7al\u0131\u015fan (313 sendikal\u0131, 71 sendikas\u0131z)<\/li>\n<li><b>31 Aral\u0131k 2024:<\/b> 454 \u00e7al\u0131\u015fan (377 sendikal\u0131, 77 sendikas\u0131z)<\/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. Finansal Raporlama ve Enflasyon Muhasebesi (TMS 29)<\/h2>\n<p>\u015eirket, finansal tablolar\u0131n\u0131 T\u00fcrkiye Finansal Raporlama Standartlar\u0131 (TFRS) ve TMS 29 uyar\u0131nca haz\u0131rlam\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>D\u00fczeltme Katsay\u0131s\u0131:<\/b> 31 Aral\u0131k 2025 endeksi 3.513,87 (katsay\u0131 1,00000) iken, 31 Aral\u0131k 2024 kar\u015f\u0131la\u015ft\u0131rmal\u0131 verileri 1,30892 katsay\u0131s\u0131 ile d\u00fczeltilmi\u015ftir.<\/li>\n<li><b>Net Parasal Pozisyon Kazanc\u0131:<\/b> Enflasyon d\u00fczeltmesi sonucunda 2025 y\u0131l\u0131nda <b>45.295.543 TL<\/b> net parasal pozisyon kazanc\u0131 kaydedilmi\u015ftir. Bu tutar, parasal olmayan kalemlerin (stoklar, duran varl\u0131klar, \u00f6z kaynaklar) yeniden de\u011ferlenmesinden kaynaklanmaktad\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>3. Finansal Performans Analizi<\/h2>\n<h3>3.1 Has\u0131lat ve Sat\u0131\u015flar\u0131n Maliyeti<\/h3>\n<p>Sat\u0131\u015f performans\u0131nda yurti\u00e7i pazarda daralma, yurtd\u0131\u015f\u0131 pazarda ise g\u00f6rece istikrar g\u00f6zlenmi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>31 Aral\u0131k 2025 (TL)<\/td>\n<td>31 Aral\u0131k 2024 (TL)<\/td>\n<\/tr>\n<tr>\n<td>Yurti\u00e7i Sat\u0131\u015flar<\/td>\n<td>1.264.615.978<\/td>\n<td>1.813.095.299<\/td>\n<\/tr>\n<tr>\n<td>Yurtd\u0131\u015f\u0131 Sat\u0131\u015flar<\/td>\n<td>742.266.366<\/td>\n<td>765.809.179<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Has\u0131lat<\/b><\/td>\n<td><b>1.990.364.098<\/b><\/td>\n<td><b>2.547.295.863<\/b><\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015flar\u0131n Maliyeti<\/td>\n<td>(1.863.009.737)<\/td>\n<td>(2.387.113.617)<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td><b>127.354.361<\/b><\/td>\n<td><b>160.182.246<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>3.2 Giderlerin Niteliksel Da\u011f\u0131l\u0131m\u0131<\/h3>\n<p>Operasyonel giderlerde 2024 y\u0131l\u0131na g\u00f6re tasarruf sa\u011flanm\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li><b>Pazarlama, Sat\u0131\u015f ve Da\u011f\u0131t\u0131m Giderleri:<\/b> 120,1 milyon TL (2024: 140,3 milyon TL).<\/li>\n<li><b>Genel Y\u00f6netim Giderleri:<\/b> 92,9 milyon TL (2024: 97,7 milyon TL).<\/li>\n<li><b>Ar-Ge Giderleri:<\/b> 5,5 milyon TL.<\/li>\n<\/ul>\n<h3>3.3 Amortisman ve \u0130tfa Giderleri<\/h3>\n<p>2025 y\u0131l\u0131nda toplam amortisman ve itfa gideri <b>153.391.661 TL<\/b> olarak ger\u00e7ekle\u015fmi\u015ftir. Bu giderin 125,8 milyon TL&#8217;si sat\u0131lan mal\u0131n maliyetine y\u00fcklenmi\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>4. Varl\u0131klar ve Bor\u00e7 Yap\u0131s\u0131<\/h2>\n<h3>4.1 Maddi ve Maddi Olmayan Duran Varl\u0131klar<\/h3>\n<p>\u015eirket&#8217;in maddi duran varl\u0131klar\u0131n\u0131n net defter de\u011feri <b>1,785 milyar TL<\/b>&#8216;dir. Gayrimenkuller ve makine-tesis gruplar\u0131 31.12.2023 tarihinde yap\u0131lan ekspertiz raporlar\u0131na dayanarak rayi\u00e7 de\u011ferleri ile izlenmektedir.<\/p>\n<ul>\n<li><b>Arazi ve Arsalar:<\/b> 58,1 milyon TL<\/li>\n<li><b>Binalar:<\/b> 785,8 milyon TL<\/li>\n<li><b>Makine, Tesis ve Cihazlar:<\/b> 1,2 milyar TL<\/li>\n<\/ul>\n<h3>4.2 Bor\u00e7lanma ve Finansal Y\u00fck\u00fcml\u00fcl\u00fckler<\/h3>\n<p>Toplam finansal bor\u00e7lar 1,6 milyar TL&#8217;den <b>842,5 milyon TL<\/b>&#8216;ye d\u00fc\u015f\u00fcr\u00fclerek finansal risk azalt\u0131lm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>K\u0131sa Vadeli Finansal Bor\u00e7lar:<\/b> 507,9 milyon TL<\/li>\n<li><b>Uzun Vadeli Finansal Bor\u00e7lar:<\/b> 334,5 milyon TL<\/li>\n<\/ul>\n<p>Finansman giderleri toplam\u0131 2025 y\u0131l\u0131nda <b>263,9 milyon TL<\/b> olmu\u015ftur (2024: 524,8 milyon TL). Bu giderlerin 89,8 milyon TL&#8217;si uzun vadeli faiz giderlerinden olu\u015fmaktad\u0131r.<\/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>5. Risk Y\u00f6netimi<\/h2>\n<h3>5.1 Kur Riski ve D\u00f6viz Pozisyonu<\/h3>\n<p>\u015eirket, ithal hammadde kullan\u0131m\u0131 ve ihracat faaliyetleri nedeniyle kur riskine maruzdur. 31 Aral\u0131k 2025 itibar\u0131yla <b>net d\u00f6viz pozisyonu 8.845.009 TL (art\u0131)<\/b> seviyesindedir.<\/p>\n<p><b>D\u00f6viz Varl\u0131k\/Y\u00fck\u00fcml\u00fcl\u00fck Da\u011f\u0131l\u0131m\u0131 (Orijinal Birim):<\/b><\/p>\n<ul>\n<li><b>USD:<\/b> 3.962.493 Varl\u0131k \/ 1.702.947 Y\u00fck\u00fcml\u00fcl\u00fck (Net: +2,26 milyon USD)<\/li>\n<li><b>EUR:<\/b> 6.146.818 Varl\u0131k \/ 7.874.286 Y\u00fck\u00fcml\u00fcl\u00fck (Net: -1,73 milyon EUR)<\/li>\n<\/ul>\n<h3>5.2 Kredi ve Likidite Riski<\/h3>\n<ul>\n<li><b>Ticari Alacaklar:<\/b> DBS (Do\u011frudan Bor\u00e7land\u0131rma Sistemi) ve sigorta ile g\u00fcvence alt\u0131na al\u0131nm\u0131\u015ft\u0131r. 464,8 milyon TL tutar\u0131ndaki ticari alaca\u011f\u0131n tamam\u0131 bu kapsamdad\u0131r.<\/li>\n<li><b>\u015e\u00fcpheli Alacaklar:<\/b> 26,1 milyon TL tutar\u0131nda \u015f\u00fcpheli ticari alacak kar\u015f\u0131l\u0131\u011f\u0131 ayr\u0131lm\u0131\u015ft\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. \u00d6nemli Dipnotlar ve Te\u015fvikler<\/h2>\n<ul>\n<li><b>Devlet Te\u015fvikleri:<\/b> \u015eirket 2025 y\u0131l\u0131nda \u00e7e\u015fitli kanunlar (5510, 4857, 6111 vb.) kapsam\u0131nda toplam <b>10,1 milyon TL<\/b> \u00fczerinde SGK prim te\u015fviki ve asgari \u00fccret deste\u011finden yararlanm\u0131\u015ft\u0131r.<\/li>\n<li><b>\u0130li\u015fkili Taraf \u0130\u015flemleri:<\/b> Molu Enerji \u00dcretim A.\u015e.&#8217;den 36,3 milyon TL tutar\u0131nda elektrik santrali kira hizmeti al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<li><b>K\u0131dem Tazminat\u0131:<\/b> Akt\u00fceryal hesaplamalar sonucu k\u0131dem tazminat\u0131 kar\u015f\u0131l\u0131\u011f\u0131 <b>48,6 milyon TL<\/b> olarak belirlenmi\u015ftir. 01.01.2026 itibar\u0131yla tavan\u0131n 64.948,77 TL&#8217;ye y\u00fckselmesi bilan\u00e7o sonras\u0131 \u00f6nemli bir geli\u015fmedir.<\/li>\n<li><b>Dahilde \u0130\u015fleme \u0130zin Belgeleri:<\/b> \u015eirket, ihracat taahh\u00fctlerine ba\u011fl\u0131 olarak \u00e7e\u015fitli d\u00f6nemlerde g\u00fcmr\u00fck vergisi ve KDV muafiyeti sa\u011flayan belgeler kullanm\u0131\u015f, bir k\u0131sm\u0131n\u0131n kapatma i\u015flemlerini 2025 y\u0131l\u0131nda tamamlam\u0131\u015ft\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>7. Raporlama D\u00f6neminden Sonraki Olaylar<\/h2>\n<p>Bilan\u00e7o tarihi (31 Aral\u0131k 2025) ile raporun onay tarihi (10 \u015eubat 2026) aras\u0131nda, finansal tablolar\u0131 d\u00fczeltmeyi gerektirecek herhangi bir husus saptanmam\u0131\u015ft\u0131r. K\u0131dem tazminat\u0131 tavan\u0131ndaki art\u0131\u015f, gelecek d\u00f6nem kar\u015f\u0131l\u0131klar\u0131n\u0131 etkileyecek bir unsur olarak not edilmi\u015ftir.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"1038\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>T\u00fcrk\u00e7e: Karsu Tekstil 2025 Y\u0131l\u0131nda Yeniden K\u00e2rda! Karsu Tekstil&#8217;in 2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131 a\u00e7\u0131kland\u0131. Zorlu k\u00fcresel ekonomik ko\u015fullara ve sekt\u00f6rdeki durgunlu\u011fa ra\u011fmen, \u015firket verimlilik ve inovasyon odakl\u0131 yat\u0131r\u0131mlar\u0131yla y\u0131l\u0131 16,5 milyon TL net k\u00e2r ile tamamlamay\u0131 ba\u015fard\u0131. \u00d6zellikle teknik tekstil ve s\u00fcrd\u00fcr\u00fclebilir \u00fcr\u00fcn gam\u0131ndaki geli\u015fimini s\u00fcrd\u00fcren Karsu, ihracat pazarlar\u0131ndaki g\u00fcc\u00fcn\u00fc koruyor. Finansal bor\u00e7lar\u0131ndaki azalma ve g\u00fc\u00e7l\u00fc \u00f6zkaynak yap\u0131s\u0131yla 2026 y\u0131l\u0131na umutla bakan Karsu Tekstil\u2019in detayl\u0131 analizine ve gelecek hedeflerine blog yaz\u0131m\u0131zdan ula\u015fabilirsiniz.<br \/>\nEnglish: Karsu Tekstil Returns to Profit in 2025! Karsu Tekstil has announced its 2025 financial results. Despite challenging global economic conditions and a sectoral slowdown, the company managed to complete the year with a net profit of 16.5 million TL, thanks to its investments focused on efficiency and innovation. Continuing its development especially in technical textiles and sustainable product lines, Karsu maintains its strength in export markets. You can find our detailed analysis and future goals for Karsu Tekstil\u2014which looks toward 2026 with confidence due to reduced financial debt and a strong equity structure\u2014in our latest blog post.<\/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":[14],"class_list":["post-1038","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-krtek"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1038","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=1038"}],"version-history":[{"count":3,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1038\/revisions"}],"predecessor-version":[{"id":1041,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1038\/revisions\/1041"}],"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=1038"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1038"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1038"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}