{"id":1052,"date":"2026-02-10T23:17:45","date_gmt":"2026-02-10T20:17:45","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1052"},"modified":"2026-02-10T23:39:55","modified_gmt":"2026-02-10T20:39:55","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-isgyo-is-gayrimenkul-yatirim-ortakligi-2025-12-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1052","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #ISGYO | \u0130\u015f Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 2025\/12 Bilan\u00e7o Analizi &#8211; \u0130\u015f GYO Bor\u00e7lar\u0131 S\u0131f\u0131rlad\u0131 Ama Zarar A\u00e7\u0131klad\u0131"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/creators.spotify.com\/pod\/profile\/market-risk-tr\/embed\/episodes\/ISGYO---Gayrimenkul-Yatrm-Ortakl-202512-Bilano-Analizi----GYO-Borlar-Sfrlad-Ama-Zarar-Aklad-e3etonb\/a-acfedhq\" height=\"102px\" width=\"400px\" frameborder=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>\u0130\u015f Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e. (\u0130\u015f GYO) taraf\u0131ndan yay\u0131nlanan 31 Aral\u0131k 2025 tarihli finansal raporlardan elde edilen temel bilgiler ve WordPress blog \u00f6zeti a\u015fa\u011f\u0131dad\u0131r:<br \/>\n2025 Finansal Raporu \u00d6nemli Geli\u015fmeler \/ Key Highlights from the 2025 Financial Reports<br \/>\nT\u00fcrk\u00e7e:<br \/>\n\u2022 Net D\u00f6nem Zarar\u0131: \u015eirket, 2025 y\u0131l\u0131nda 958.319.746 TL net d\u00f6nem zarar\u0131 a\u00e7\u0131klam\u0131\u015ft\u0131r; bu rakam 2024 y\u0131l\u0131ndaki 1.167.598.428 TL&#8217;lik net k\u00e2rla kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda \u00f6nemli bir d\u00fc\u015f\u00fc\u015f\u00fc temsil etmektedir.<br \/>\n\u2022 Has\u0131lat ve Kira Gelirleri: Toplam has\u0131lat 3,13 milyar TL seviyesinde ger\u00e7ekle\u015firken, bu tutar\u0131n 1,77 milyar TL&#8217;sini kira gelirleri olu\u015fturmu\u015ftur. Kira gelirleri bir \u00f6nceki y\u0131la g\u00f6re (1,46 milyar TL) art\u0131\u015f g\u00f6stermi\u015ftir.<br \/>\n\u2022 Toplam Varl\u0131klar ve \u00d6zkaynaklar: \u015eirketin toplam varl\u0131klar\u0131 58,19 milyar TL olarak kaydedilirken, \u00f6zkaynaklar toplam\u0131 50,25 milyar TL seviyesindedir.<br \/>\n\u2022 Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller: Portf\u00f6ydeki yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkullerin toplam ger\u00e7e\u011fe uygun de\u011feri 44,06 milyar TL olarak belirlenmi\u015ftir.<br \/>\n\u2022 Bor\u00e7lulukta Azalma: Finansal bor\u00e7lanmalar 2024 y\u0131l\u0131ndaki 5,61 milyar TL seviyesinden, 2025 sonunda 1,01 milyar TL seviyesine gerileyerek bor\u00e7 y\u00fck\u00fcnde ciddi bir azalma sa\u011flanm\u0131\u015ft\u0131r.<br \/>\n\u2022 Enflasyon Muhasebesi: Finansal tablolar, TMS 29 uyar\u0131nca paran\u0131n 31 Aral\u0131k 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6re enflasyona g\u00f6re d\u00fczeltilerek sunulmu\u015ftur.<\/p>\n<p>English:<br \/>\n\u2022 Net Loss for the Period: The company reported a net loss of 958,319,746 TL for 2025, which is a significant decrease compared to the net profit of 1,167,598,428 TL in 2024.<br \/>\n\u2022 Revenue and Rental Income: Total revenue stood at 3.13 billion TL, with 1.77 billion TL generated from rental income. Rental income increased compared to the previous year&#8217;s 1.46 billion TL.<br \/>\n\u2022 Total Assets and Equity: The company&#8217;s total assets were recorded at 58.19 billion TL, while total equity stood at 50.25 billion TL.<br \/>\n\u2022 Investment Properties: The total fair value of investment properties in the portfolio was determined to be 44.06 billion TL.<br \/>\n\u2022 Reduction in Debt: Financial borrowings decreased significantly from 5.61 billion TL in 2024 to 1.01 billion TL at the end of 2025, representing a major reduction in the debt load.<br \/>\n\u2022 Inflation Accounting: In accordance with TAS 29, the financial statements have been restated for inflation based on the purchasing power of the Turkish Lira as of December 31, 2025.<\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<h1><span style=\"color: #0000ff;\">\u0130\u015f GYO 2025 Finansal Raporu: Gayrimenkul Devinden 5 \u00c7arp\u0131c\u0131 ve Beklenmedik \u00c7\u0131kar\u0131m<\/span><\/h1>\n<h2>1. Giri\u015f: Rakamlar\u0131n Arkas\u0131ndaki Hikayeyi Okumak<\/h2>\n<p>Bir \u015firketin portf\u00f6y\u00fcnde \u0130stanbul\u2019un en prestijli g\u00f6kdelenleri, devasa teknoloji merkezleri ve milyarlarca liral\u0131k varl\u0131\u011f\u0131 varken nas\u0131l olur da y\u0131l sonunda zarar a\u00e7\u0131klayabilir? Gayrimenkul piyasas\u0131n\u0131n devasa rakamlar\u0131 ile finansal raporlar\u0131n teknik dili birle\u015fti\u011finde, bazen kar\u015f\u0131m\u0131za &#8220;milyarl\u0131k ill\u00fczyonlar&#8221; \u00e7\u0131kabiliyor. &#8220;Bir \u015firket 58 milyar liral\u0131k varl\u0131\u011fa sahipken neden zarar eder?&#8221; veya &#8220;Enflasyon rakamlar\u0131 bilan\u00e7olar\u0131 nas\u0131l birer ka\u011f\u0131t \u00fczerinde cezaya d\u00f6n\u00fc\u015ft\u00fcr\u00fcyor?&#8221; gibi sorular, \u0130\u015f GYO\u2019nun 2025 y\u0131l\u0131 verilerini her yat\u0131r\u0131mc\u0131 i\u00e7in bir finans dersine d\u00f6n\u00fc\u015ft\u00fcr\u00fcyor. 10 \u015eubat 2026 tarihinde yay\u0131mlanan bu rapor, sadece bir performans \u00f6zeti de\u011fil; de\u011fi\u015fen vergi yasalar\u0131n\u0131n, y\u00fcksek enflasyon muhasebesinin ve agresif bir portf\u00f6y temizli\u011finin hikayesidir.<\/p>\n<h2>2. Enflasyon Muhasebesi ve &#8220;Net Parasal Pozisyon&#8221; \u015eoku<\/h2>\n<p>2025 y\u0131l\u0131 raporlamas\u0131nda en belirgin a\u011f\u0131rl\u0131k, TMS 29 (Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama) standartlar\u0131n\u0131n uygulanmas\u0131ndan geldi. \u015eirket, bu teknik uygulama sonucunda <b>635,6 milyon TL tutar\u0131nda bir &#8220;net parasal pozisyon kayb\u0131&#8221;<\/b> bildirdi (Not 24).<\/p>\n<p><b>Analistin Notu:<\/b> Parasal varl\u0131klar (nakit gibi) enflasyon kar\u015f\u0131s\u0131nda erirken, parasal y\u00fck\u00fcml\u00fcl\u00fckler (bor\u00e7lar) genellikle bor\u00e7lunun lehine \u00e7al\u0131\u015f\u0131r. Ancak \u0130\u015f GYO, 2025 y\u0131l\u0131nda finansal bor\u00e7lar\u0131n\u0131 5,6 milyar TL seviyesinden 1,01 milyar TL\u2019ye (Not 7) indirerek bor\u00e7 y\u00fck\u00fcn\u00fc dramatik \u015fekilde azaltt\u0131. Bu durum, finansal sa\u011fl\u0131k a\u00e7\u0131s\u0131ndan olumlu olsa da, TMS 29 hesaplamas\u0131nda \u015firketin &#8220;enflasyondan kazan\u00e7 sa\u011flayan bor\u00e7lu&#8221; pozisyonunu zay\u0131flatt\u0131 ve net parasal pozisyon kayb\u0131n\u0131 derinle\u015ftirdi.<\/p>\n<p>D\u00fczeltmelerde kullan\u0131lan katsay\u0131lar, paran\u0131n sat\u0131n alma g\u00fcc\u00fcndeki de\u011fi\u015fimi net bir \u015fekilde sergiliyor:<\/p>\n<ul>\n<li><b>31 Aral\u0131k 2025:<\/b> 1,00000<\/li>\n<li><b>31 Aral\u0131k 2024:<\/b> 1,30892<\/li>\n<li><b>31 Aral\u0131k 2023:<\/b> 1,88980<\/li>\n<\/ul>\n<h2>3. 58,19 Milyar Liral\u0131k Varl\u0131k, Beklenmedik D\u00f6nem Zarar\u0131<\/h2>\n<p>\u0130\u015f GYO, 2025 y\u0131l\u0131n\u0131 <b>58.192.770.367 TL<\/b> toplam varl\u0131k b\u00fcy\u00fckl\u00fc\u011f\u00fc ile kapatt\u0131. Ancak bu devasa varl\u0131k g\u00fcc\u00fcne ra\u011fmen \u015firket, y\u0131l\u0131 <b>958,3 milyon TL net d\u00f6nem zarar\u0131yla<\/b> tamamlad\u0131. 2024 y\u0131l\u0131ndaki 1,16 milyar TL\u2019lik kardan bu noktaya gelinmesi ilk bak\u0131\u015fta &#8220;counter-intuitive&#8221; (beklenmedik) g\u00f6r\u00fcnse de, bu durum operasyonel bir ba\u015far\u0131s\u0131zl\u0131ktan ziyade teknik bir muhasebe sonucudur.<\/p>\n<p>Bu zarar\u0131n en b\u00fcy\u00fck sebebi, faaliyet karlar\u0131n\u0131 g\u00f6lgeleyen <b>1,36 milyar TL\u2019lik ertelenmi\u015f vergi gideridir.<\/b> Ba\u011f\u0131ms\u0131z denetim kurulu\u015fu PwC, bu karma\u015f\u0131k tabloya ra\u011fmen \u015firketin finansal resminin d\u00fcr\u00fcstl\u00fc\u011f\u00fcn\u00fc &#8220;Olumlu G\u00f6r\u00fc\u015f&#8221; (Clean Opinion) vererek teyit etmi\u015ftir:<\/p>\n<p>&#8220;&#8230;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 T\u00fcrkiye Finansal Raporlama Standartlar\u0131\u2019na (\u201cTFRS\u2019lere\u201d) uygun olarak t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sunmaktad\u0131r.&#8221;<\/p>\n<h2>4. GYO\u2019lar \u0130\u00e7in Yeni Bir Devir: %50 Temett\u00fc ve Vergi K\u0131skac\u0131<\/h2>\n<p>Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131klar\u0131 (GYO) i\u00e7in 1 Ocak 2025 tarihi bir d\u00f6n\u00fcm noktas\u0131 oldu. 7524 say\u0131l\u0131 Kanun ile kurumlar vergisi istisnas\u0131ndan faydalanma \u015fartlar\u0131 radikal bir \u015fekilde de\u011fi\u015fti (Not 2.4.14 ve 25).<\/p>\n<p><b>Ertelenmi\u015f Vergi Gideri (Non-Cash):<\/b> Bilan\u00e7oyu a\u011f\u0131rla\u015ft\u0131ran 1,36 milyar TL&#8217;lik gider, asl\u0131nda nakit bir vergi \u00f6demesi de\u011fil, yasa de\u011fi\u015fikli\u011fiyle birlikte gelecekteki vergi y\u00fck\u00fcml\u00fcl\u00fcklerinin %0 olan eski istisna oran\u0131ndan %30 seviyesine revize edilmesinden kaynaklanan &#8220;ka\u011f\u0131t \u00fczerinde&#8221; bir kar\u015f\u0131l\u0131kt\u0131r. Yeni d\u00fczenleme \u015fu iki temel \u015fart\u0131 dayat\u0131yor:<\/p>\n<ul>\n<li><b>Temett\u00fc Da\u011f\u0131t\u0131m \u015eart\u0131:<\/b> Ta\u015f\u0131nmaz kazan\u00e7lar\u0131n\u0131n en az %50&#8217;sinin ortaklara temett\u00fc olarak da\u011f\u0131t\u0131lmas\u0131 zorunludur.<\/li>\n<li><b>Vergi Oran\u0131 Ayr\u0131m\u0131:<\/b> Bu \u015fart\u0131n yerine getirilmemesi durumunda istisna kalkmakta; \u0130\u015f GYO bu belirsizli\u011fi y\u00f6netmek ad\u0131na hesaplamalar\u0131nda %30 vergi oran\u0131n\u0131 kullanmak durumunda kalm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>5. Varl\u0131klar\u0131n %75\u2019i Tek Bir Tahmine mi Ba\u011fl\u0131? 44 Milyar TL ve De\u011ferleme \u00d6znelli\u011fi<\/h2>\n<p>\u015eirket varl\u0131klar\u0131n\u0131n %75\u2019inden fazlas\u0131n\u0131 (<b>44.056.930.000 TL<\/b>) &#8220;Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller&#8221; olu\u015fturuyor (Not 10). Ba\u011f\u0131ms\u0131z denet\u00e7inin bu konuyu &#8220;Kilit Denetim Konusu&#8221; olarak se\u00e7mesi, bu rakam\u0131n ne kadar &#8220;\u00f6znel&#8221; varsay\u0131mlara dayand\u0131\u011f\u0131n\u0131n bir kan\u0131t\u0131d\u0131r.<\/p>\n<p>2025 y\u0131l\u0131nda \u0130stanbul \u0130\u015f Kuleleri ve Tuzla Teknoloji Merkezi gibi ana varl\u0131klar\u0131n de\u011ferlemesinde a\u011f\u0131rl\u0131kl\u0131 olarak <b>&#8220;Emsal Kar\u015f\u0131la\u015ft\u0131rma&#8221; (Peer Comparison)<\/b> y\u00f6ntemi kullan\u0131lm\u0131\u015ft\u0131r. De\u011ferleme uzmanlar\u0131n\u0131n piyasadaki benzer sat\u0131\u015flara bakarak yapt\u0131\u011f\u0131 bu tahminler; kapitalizasyon oranlar\u0131 ve doluluk tahminleri gibi tamamen muhakeme gerektiren unsurlar i\u00e7erir. Volatil bir piyasada, emsal projelerdeki k\u00fc\u00e7\u00fck bir fiyat sapmas\u0131 veya de\u011ferleme uzman\u0131n\u0131n varsay\u0131m\u0131ndaki y\u00fczde birlik bir de\u011fi\u015fim, \u0130\u015f GYO bilan\u00e7osunda milyarlarca liral\u0131k bir varl\u0131\u011f\u0131n bir anda &#8220;var olmas\u0131na&#8221; veya &#8220;yok olmas\u0131na&#8221; neden olabilir.<\/p>\n<h2>6. Portf\u00f6yde B\u00fcy\u00fck Temizlik: Gidenler ve Gelenler<\/h2>\n<p>2025 y\u0131l\u0131, \u0130\u015f GYO i\u00e7in stratejik bir portf\u00f6y optimizasyonu y\u0131l\u0131 oldu. 2024 y\u0131l\u0131ndaki 3,6 milyar TL\u2019lik \u0130stanbul Marmarapark AVM \u00e7\u0131k\u0131\u015f\u0131yla ba\u015flayan bu trend, 2025&#8217;te devasa bir boyuta ula\u015ft\u0131. \u00d6zellikle \u0130stanbul Finans Merkezi (\u0130FM) binas\u0131n\u0131n <b>7.545.807.946 TL<\/b> tutar\u0131ndaki sat\u0131\u015f\u0131, \u015firketin nakit ak\u0131\u015f\u0131n\u0131 ve likidite pozisyonunu k\u00f6kten de\u011fi\u015ftiren en kritik hamle oldu.<\/p>\n<h3>2025 Y\u0131l\u0131 \u00d6nemli Giri\u015fler\/\u00c7\u0131k\u0131\u015flar<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Varl\u0131k \u0130smi<\/td>\n<td>Hareket T\u00fcr\u00fc<\/td>\n<td>Analitik Not<\/td>\n<\/tr>\n<tr>\n<td>\u0130stanbul Finans Merkezi Binas\u0131<\/td>\n<td>\u00c7\u0131k\u0131\u015f<\/td>\n<td>7,54 Milyar TL; likidite ve nakit g\u00fcc\u00fc tazeleme<\/td>\n<\/tr>\n<tr>\n<td>Ankara \u0130\u015f Kule Binas\u0131<\/td>\n<td>\u00c7\u0131k\u0131\u015f<\/td>\n<td>1,43 Milyar TL; tam portf\u00f6y \u00e7\u0131k\u0131\u015f\u0131<\/td>\n<\/tr>\n<tr>\n<td>\u0130zmir Konak Ofis Binas\u0131<\/td>\n<td>Giri\u015f<\/td>\n<td>1,18 Milyar TL&#8217;lik yeni yat\u0131r\u0131m<\/td>\n<\/tr>\n<tr>\n<td>\u0130zmir \u015eehitler Arsas\u0131<\/td>\n<td>Giri\u015f<\/td>\n<td>1,14 Milyar TL&#8217;lik geli\u015ftirme yat\u0131r\u0131m\u0131<\/td>\n<\/tr>\n<tr>\n<td>Parmakkap\u0131 Hizmet Binas\u0131<\/td>\n<td>Giri\u015f<\/td>\n<td><b>672,7 Milyon TL<\/b> (\u0130ktisap bedeli)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Bu hareketler, \u015firketin oda\u011f\u0131n\u0131 daha \u00e7ok \u0130zmir ve \u0130stanbul&#8217;un se\u00e7ilmi\u015f ticari alanlar\u0131na kayd\u0131rd\u0131\u011f\u0131n\u0131 ve operasyonel verimlili\u011fi art\u0131rmak i\u00e7in &#8220;b\u00fcy\u00fck temizlik&#8221; yapt\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<\/p>\n<h2>7. Sonu\u00e7: Yat\u0131r\u0131mc\u0131y\u0131 Gelecekte Ne Bekliyor?<\/h2>\n<p>\u0130\u015f GYO\u2019nun 2025 raporu, dev bir gayrimenkul portf\u00f6y\u00fcn\u00fc y\u00f6netmenin sadece kira toplamak olmad\u0131\u011f\u0131n\u0131; ayn\u0131 zamanda karma\u015f\u0131k bir vergi ve enflasyon y\u00f6netimi sanat\u0131 oldu\u011funu kan\u0131tl\u0131yor. 958,3 milyon TL\u2019lik zarar, operasyonel bir \u00e7\u00f6k\u00fc\u015f de\u011fil; vergi kanunlar\u0131ndaki de\u011fi\u015fim (ertelenmi\u015f vergi) ve enflasyon muhasebesinin bilan\u00e7oya yans\u0131yan bedelidir. \u015eirketin bor\u00e7lar\u0131n\u0131 %80\u2019den fazla azaltm\u0131\u015f olmas\u0131 ve \u0130FM sat\u0131\u015f\u0131yla elde etti\u011fi devasa likidite, onu gelecekteki f\u0131rsatlar i\u00e7in diren\u00e7li k\u0131l\u0131yor. Ancak yat\u0131r\u0131mc\u0131lar i\u00e7in nihai soru g\u00fcncelli\u011fini koruyor:<\/p>\n<p><b>&#8220;Gayrimenkul yat\u0131r\u0131m\u0131 art\u0131k sadece tapu sahibi olmak m\u0131, yoksa karma\u015f\u0131k bir vergi ve enflasyon y\u00f6netimi sanat\u0131 m\u0131?&#8221;<\/b><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">\u0130\u015f Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 (\u0130\u015f GYO) 2025 Y\u0131l\u0131 Finansal De\u011ferlendirme ve Ba\u011f\u0131ms\u0131z Denetim Brifingi<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, \u0130\u015f Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 Anonim \u015eirketi\u2019nin (&#8220;\u015eirket&#8221;) 31 Aral\u0131k 2025 tarihi itibar\u0131yla sona eren hesap d\u00f6nemine ait finansal tablolar\u0131n\u0131 ve PwC taraf\u0131ndan haz\u0131rlanan ba\u011f\u0131ms\u0131z denet\u00e7i raporunu sentezlemektedir.<\/p>\n<p>2025 y\u0131l\u0131, \u015eirket i\u00e7in y\u00fcksek enflasyon d\u00fczeltmelerinin (TMS 29) uyguland\u0131\u011f\u0131 ve gayrimenkul yat\u0131r\u0131m ortakl\u0131klar\u0131na (GYO) y\u00f6nelik vergi mevzuat\u0131nda \u00f6nemli de\u011fi\u015fikliklerin ya\u015fand\u0131\u011f\u0131 bir d\u00f6nem olmu\u015ftur. \u015eirket, y\u0131l\u0131 <b>958,3 milyon TL net d\u00f6nem zarar\u0131<\/b> ile kapatm\u0131\u015ft\u0131r. Bu zararda, vergi mevzuat\u0131 de\u011fi\u015fikli\u011fi kaynakl\u0131 <b>1,56 milyar TL&#8217;lik vergi gideri<\/b> (bunun 1,36 milyar TL&#8217;si ertelenmi\u015f vergi gideridir) ve <b>635,7 milyon TL&#8217;lik net parasal pozisyon kayb\u0131<\/b> belirleyici rol oynam\u0131\u015ft\u0131r.<\/p>\n<p>Toplam varl\u0131klar 58,2 milyar TL seviyesinde olup, portf\u00f6y\u00fcn yakla\u015f\u0131k %76&#8217;s\u0131n\u0131 yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkuller olu\u015fturmaktad\u0131r. Ba\u011f\u0131ms\u0131z denet\u00e7i, finansal tablolar\u0131n TFRS standartlar\u0131na uygun olarak \u015eirket\u2019in mali durumunu ger\u00e7e\u011fe uygun bir \u015fekilde yans\u0131tt\u0131\u011f\u0131 y\u00f6n\u00fcnde &#8220;olumlu g\u00f6r\u00fc\u015f&#8221; bildirmi\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. Ba\u011f\u0131ms\u0131z Denetim ve G\u00f6r\u00fc\u015f \u00d6zeti<\/h2>\n<p>PwC Ba\u011f\u0131ms\u0131z Denetim ve Serbest Muhasebeci Mali M\u00fc\u015favirlik A.\u015e. taraf\u0131ndan y\u00fcr\u00fct\u00fclen denetim s\u00fcreci, Sermaye Piyasas\u0131 Kurulu (SPK) d\u00fczenlemeleri ve T\u00fcrkiye Denetim Standartlar\u0131 (BDS) \u00e7er\u00e7evesinde ger\u00e7ekle\u015ftirilmi\u015ftir.<\/p>\n<ul>\n<li><b>Denet\u00e7i G\u00f6r\u00fc\u015f\u00fc:<\/b> Finansal tablolar\u0131n, \u0130\u015f GYO\u2019nun 31 Aral\u0131k 2025 tarihi itibar\u0131yla finansal durumunu, performans\u0131n\u0131 ve nakit ak\u0131\u015flar\u0131n\u0131 t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sundu\u011fu teyit edilmi\u015ftir.<\/li>\n<li><b>Kilit Denetim Konusu:<\/b> Yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkullerin ger\u00e7e\u011fe uygun de\u011ferlerinin belirlenmesi en kritik alan olarak tan\u0131mlanm\u0131\u015ft\u0131r. Bu varl\u0131klar\u0131n toplam varl\u0131klar i\u00e7indeki y\u00fcksek pay\u0131 ve de\u011ferleme s\u00fcrecindeki \u00f6znel varsay\u0131mlar (iskonto oranlar\u0131, doluluk oranlar\u0131, kira gelirleri) bu \u00f6nceli\u011fin temel nedenidir.<\/li>\n<li><b>Mevzuata Uygunluk:<\/b> \u015eirket\u2019in defter tutma d\u00fczeninin ve y\u00f6netim kurulu a\u00e7\u0131klamalar\u0131n\u0131n T\u00fcrk Ticaret Kanunu (TTK) h\u00fck\u00fcmlerine uygun oldu\u011fu tespit edilmi\u015ftir.<\/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 Performans Analizi<\/h2>\n<p>\u015eirket\u2019in 2025 y\u0131l\u0131 faaliyet sonu\u00e7lar\u0131, \u00f6nceki y\u0131l ile kar\u015f\u0131la\u015ft\u0131rmal\u0131 olarak a\u015fa\u011f\u0131da sunulmu\u015ftur (T\u00fcm tutarlar 31 Aral\u0131k 2025 sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6redir):<\/p>\n<h3>Gelir ve K\u00e2rl\u0131l\u0131k Tablosu<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>2025 (TL)<\/td>\n<td>2024 (TL)<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>3.126.656.954<\/td>\n<td>5.298.337.127<\/td>\n<td>-%41<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>1.637.074.580<\/td>\n<td>1.798.511.446<\/td>\n<td>-%9<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td>1.221.439.473<\/td>\n<td>5.198.618.713<\/td>\n<td>-%76<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131\/(Zarar\u0131)<\/b><\/td>\n<td>(958.319.746)<\/td>\n<td>1.167.598.428<\/td>\n<td>-%182<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>\u00d6nemli Tespitler:<\/b><\/p>\n<ul>\n<li><b>Has\u0131lat Kayna\u011f\u0131:<\/b> Gelirlerin 1,77 milyar TL&#8217;si kira gelirlerinden, 1,27 milyar TL&#8217;si ise konut sat\u0131\u015flar\u0131ndan elde edilmi\u015ftir. 2024 y\u0131l\u0131na g\u00f6re konut sat\u0131\u015f gelirlerinde belirgin bir d\u00fc\u015f\u00fc\u015f g\u00f6zlenmi\u015ftir.<\/li>\n<li><b>De\u011ferleme Etkisi:<\/b> Esas faaliyetlerden di\u011fer gelirler alt\u0131nda 1,33 milyar TL tutar\u0131nda yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkul de\u011ferleme kazanc\u0131 kaydedilmi\u015ftir (2024: 4,23 milyar TL).<\/li>\n<li><b>Parasal Pozisyon:<\/b> Y\u00fcksek enflasyon ortam\u0131nda parasal kalemlerin elde tutulmas\u0131 nedeniyle 635,6 milyon TL net parasal pozisyon zarar\u0131 olu\u015fmu\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 ve Varl\u0131k Yap\u0131s\u0131<\/h2>\n<p>\u015eirket\u2019in aktif b\u00fcy\u00fckl\u00fc\u011f\u00fc, enflasyon d\u00fczeltmesi sonras\u0131 58,2 milyar TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/p>\n<ul>\n<li><b>Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller:<\/b> 44,06 milyar TL ile aktifin en b\u00fcy\u00fck kalemidir. 2025 y\u0131l\u0131nda \u0130zmir \u015eehitler Arsas\u0131, \u0130zmir Konak Ofis Binas\u0131 ve \u0130\u00e7erenk\u00f6y Ofis Binalar\u0131 al\u0131mlar\u0131 ger\u00e7ekle\u015ftirilmi\u015ftir.<\/li>\n<li><b>Stoklar:<\/b> Toplam stoklar 10,16 milyar TL seviyesindedir. \u00d6nemli projeler aras\u0131nda Litus \u0130stanbul Altunizade (2,72 milyar TL), Avrupa Konutlar\u0131 \u015ei\u015fli 2 (2,72 milyar TL) ve Kasaba Modern Projesi (2,58 milyar TL) yer almaktad\u0131r.<\/li>\n<li><b>Bor\u00e7lanma Yap\u0131s\u0131:<\/b> Finansal bor\u00e7lanmalar 1,01 milyar TL&#8217;ye d\u00fc\u015f\u00fcr\u00fclm\u00fc\u015ft\u00fcr (2024: 5,61 milyar TL). \u015eirket&#8217;in 31 Aral\u0131k 2025 itibar\u0131yla uzun vadeli banka kredisi borcu bulunmamaktad\u0131r; bor\u00e7lar\u0131n tamam\u0131 \u00e7\u0131kar\u0131lm\u0131\u015f tahvillerden olu\u015fmaktad\u0131r.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> Toplam \u00f6zkaynaklar 50,25 milyar TL&#8217;dir. Sermaye d\u00fczeltme farklar\u0131 26,98 milyar TL ile bu kalemin en b\u00fcy\u00fck bile\u015fenidir.<\/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. Kritik Operasyonel ve Stratejik Hususlar<\/h2>\n<h3>Vergi Mevzuat\u0131ndaki De\u011fi\u015fiklikler<\/h3>\n<p>2 A\u011fustos 2024 tarihli 7524 say\u0131l\u0131 Kanun ile 1 Ocak 2025\u2019ten itibaren GYO&#8217;lar i\u00e7in yeni bir vergi rejimi ba\u015flam\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li>Gayrimenkullerden elde edilen kazan\u00e7lar\u0131n en az <b>%50&#8217;sinin temett\u00fc olarak da\u011f\u0131t\u0131lmas\u0131<\/b> durumunda kurumlar vergisi oran\u0131 %10 olarak uygulanacakt\u0131r.<\/li>\n<li>Bu \u015fart\u0131n sa\u011flanmamas\u0131 durumunda genel oran olan %30 uygulanmaktad\u0131r.<\/li>\n<li>\u015eirket, ertelenmi\u015f vergi hesaplamalar\u0131nda %30 oran\u0131n\u0131 esas alm\u0131\u015f ve bu durum 5,77 milyar TL tutar\u0131nda bir ertelenmi\u015f vergi y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc olu\u015fmas\u0131na yol a\u00e7m\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>Gayrimenkul Portf\u00f6y\u00fc ve De\u011ferleme<\/h3>\n<p>Gayrimenkullerin de\u011ferlemesinde &#8220;gelir yakla\u015f\u0131m\u0131&#8221; ve &#8220;emsal kar\u015f\u0131la\u015ft\u0131rma&#8221; y\u00f6ntemleri kullan\u0131lm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>\u0130\u015f Kuleleri Kompleksi:<\/b> 14,84 milyar TL ger\u00e7e\u011fe uygun de\u011fer ile portf\u00f6y\u00fcn en de\u011ferli varl\u0131\u011f\u0131d\u0131r.<\/li>\n<li><b>Tuzla Teknoloji ve Operasyon Merkezi:<\/b> 14,25 milyar TL de\u011ferindedir.<\/li>\n<li><b>Kanyon AVM:<\/b> 5,73 milyar TL de\u011ferindedir.<\/li>\n<\/ul>\n<h3>\u0130potek ve Teminatlar<\/h3>\n<p>\u015eirket portf\u00f6y\u00fcndeki ta\u015f\u0131nmazlar (Kule-2, Kule-3 ve Kule \u00c7ar\u015f\u0131) \u00fczerinde \u0130\u015f Bankas\u0131 lehine toplam <b>136 milyon ABD Dolar\u0131 ve 5 milyar TL<\/b> tutar\u0131nda ipotek bulunmaktad\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. \u00d6nemli Notlar ve Gelecek Projeksiyonu<\/h2>\n<ul>\n<li><b>K\u00e2r Da\u011f\u0131t\u0131m\u0131:<\/b> 20 Mart 2025 tarihli Ola\u011fan Genel Kurul&#8217;da, yasal kay\u0131tlara g\u00f6re da\u011f\u0131t\u0131labilir k\u00e2r olu\u015fmad\u0131\u011f\u0131 i\u00e7in k\u00e2r da\u011f\u0131t\u0131m\u0131 yap\u0131lmamas\u0131na karar verilmi\u015ftir.<\/li>\n<li><b>Personel Yap\u0131s\u0131:<\/b> 2025 sonu itibar\u0131yla personel say\u0131s\u0131 75&#8217;e y\u00fckselmi\u015ftir (2024: 72).<\/li>\n<li><b>Yeni Standartlar:<\/b> TFRS 18 (Finansal Tablolarda Sunum ve A\u00e7\u0131klama) standard\u0131n\u0131n 1 Ocak 2027&#8217;den itibaren zorunlu olaca\u011f\u0131 ve \u015eirket&#8217;in bu ge\u00e7i\u015fin etkilerini de\u011ferlendirdi\u011fi belirtilmi\u015ftir.<\/li>\n<li><b>S\u00fcreklilik:<\/b> Y\u00f6netim, \u015eirket\u2019in s\u00fcreklili\u011fini devam ettirme kabiliyeti konusunda herhangi bir belirsizlik g\u00f6rmemektedir.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"1052\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Wordpress Blog Sayfas\u0131 \u00d6zeti \/ Excerpt for Wordpress Blog Page<br \/>\nT\u00fcrk\u00e7e \u00d6zeti: \u0130\u015f GYO 2025 Y\u0131l\u0131 Finansal Sonu\u00e7lar\u0131n\u0131 A\u00e7\u0131klad\u0131: G\u00fc\u00e7l\u00fc Kira Geliri ve Stratejik Bor\u00e7 Y\u00f6netimi \u00d6n Planda. \u0130\u015f GYO\u2019nun 2025 y\u0131l\u0131 finansal raporu, \u015firketin 58,2 milyar TL toplam varl\u0131k ve 50,2 milyar TL \u00f6zkaynak ile g\u00fc\u00e7l\u00fc bir finansal yap\u0131ya sahip oldu\u011funu teyit ediyor. Kira gelirlerinin 1,77 milyar TL&#8217;ye y\u00fckselerek istikrarl\u0131 b\u00fcy\u00fcmesini s\u00fcrd\u00fcrd\u00fc\u011f\u00fc bu d\u00f6nemde, finansal bor\u00e7lar\u0131n 1 milyar TL seviyesine \u00e7ekilmesi dikkat \u00e7ekici bir ba\u015far\u0131 olarak \u00f6ne \u00e7\u0131k\u0131yor. Enflasyon d\u00fczeltmeleri ve piyasa ko\u015fullar\u0131 nedeniyle d\u00f6nem net zarar\u0131 a\u00e7\u0131klanm\u0131\u015f olsa da, \u015firketin geni\u015f gayrimenkul portf\u00f6y\u00fc ve azalm\u0131\u015f bor\u00e7 y\u00fck\u00fc gelece\u011fe y\u00f6nelik diren\u00e7li bir duru\u015f sergiliyor.<br \/>\nEnglish Translation: \u0130\u015f GYO Announces 2025 Financial Results: Strong Rental Income and Strategic Debt Management in Focus. \u0130\u015f GYO\u2019s 2025 financial report confirms a robust financial structure with 58.2 billion TL in total assets and 50.2 billion TL in equity. During this period, rental income continued its steady growth, reaching 1.77 billion TL, while the reduction of financial debt to the 1 billion TL level stands out as a remarkable achievement. Although a net loss was reported due to inflation adjustments and market conditions, the company\u2019s extensive real estate portfolio and reduced debt burden demonstrate a resilient stance for the future.<\/p>\n","protected":false},"author":1,"featured_media":973,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[239],"class_list":["post-1052","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-isgyo"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1052","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=1052"}],"version-history":[{"count":4,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1052\/revisions"}],"predecessor-version":[{"id":1063,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1052\/revisions\/1063"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/973"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=1052"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1052"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1052"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}