{"id":1198,"date":"2026-02-16T14:18:42","date_gmt":"2026-02-16T11:18:42","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1198"},"modified":"2026-02-16T16:23:55","modified_gmt":"2026-02-16T13:23:55","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-rubns-rubenis-tekstil-2025-12-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1198","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 RUBNS | Rubenis Tekstil 2025\/12 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/creators.spotify.com\/pod\/profile\/market-risk-tr\/embed\/episodes\/RUBNS--Rubenis-Tekstil-202512-Bilano-Analizi---Rubenis-Tekstil-Nakit-A-ve-likili-Taraf-Riski-e3f5khm\/a-acfosaq\" height=\"102px\" width=\"400px\" frameborder=\"0\" scrolling=\"no\"><\/iframe><br \/>\n<em><span style=\"color: #0000ff;\">2025 Finansal Raporlar\u0131ndan \u00d6ne \u00c7\u0131kan Ba\u015fl\u0131klar<\/span><\/em><br \/>\n<em>\u2022 Has\u0131lat ve K\u00e2rl\u0131l\u0131k Durumu: \u015eirket, 2025 y\u0131l\u0131nda 2.139.525.826 TL has\u0131lat elde etmi\u015ftir. Ancak, enflasyon d\u00fczeltmeleri ve operasyonel maliyetlerin etkisiyle y\u0131l\u0131 152.831.318 TL net d\u00f6nem zarar\u0131 ile kapatm\u0131\u015ft\u0131r.<\/em><br \/>\n<em>\u2022 Varl\u0131k Yap\u0131s\u0131ndaki De\u011fi\u015fim: Toplam varl\u0131klar 5.236.357.001 TL seviyesine ula\u015fm\u0131\u015ft\u0131r. \u00d6zellikle d\u00f6nen varl\u0131klarda, bir \u00f6nceki y\u0131la g\u00f6re (1,75 Milyar TL&#8217;den 3,26 Milyar TL&#8217;ye) belirgin bir art\u0131\u015f g\u00f6zlemlenmektedir.<\/em><br \/>\n<em>\u2022 Stratejik Varl\u0131k Sat\u0131\u015f\u0131 (Boyahane Fabrikas\u0131): \u015eirket, \u015eanl\u0131urfa&#8217;da bulunan Boyahane Fabrikas\u0131&#8217;n\u0131 ili\u015fkili taraf\u0131 olan Rubenis \u0130\u00e7 ve D\u0131\u015f Ticaret A.\u015e.&#8217;ye 1.099.251.000 TL + KDV bedelle satm\u0131\u015ft\u0131r. Bu i\u015flem, 31 Aral\u0131k 2025 finansal tablolar\u0131na d\u00fczeltilmi\u015f haliyle yans\u0131t\u0131lm\u0131\u015ft\u0131r.<\/em><br \/>\n<em>\u2022 Enflasyon Muhasebesi Etkisi (TMS 29): 2025 y\u0131l\u0131 finansal tablolar\u0131, ilk kez TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131na g\u00f6re d\u00fczenlenmi\u015ftir. Bu uygulama, parasal olmayan kalemlerin yeniden de\u011ferlenmesine ve net parasal pozisyon kay\u0131plar\u0131n\u0131n (323,6 Milyon TL) olu\u015fmas\u0131na neden olmu\u015ftur.<\/em><br \/>\n<em>\u2022 \u00d6zkaynaklar: \u015eirketin toplam \u00f6zkaynaklar\u0131 3.954.865.876 TL olarak ger\u00e7ekle\u015fmi\u015ftir. \u00d6denmi\u015f sermaye ise 81.950.000 TL&#8217;dir.<\/em><br \/>\n<em>\u2022 Personel Say\u0131s\u0131nda Azalma: 2024 y\u0131l\u0131nda 551 olan istihdam edilen personel say\u0131s\u0131, 2025 sonu itibar\u0131yla 437 ki\u015fiye d\u00fc\u015fm\u00fc\u015ft\u00fcr.<\/em><\/p>\n<hr \/>\n<h1>Rubenis Tekstil\u2019in 2025 Finansal Karnesi: Rakamlar\u0131n Ard\u0131ndaki \u00dc\u00e7 Kritik Ger\u00e7ek<\/h1>\n<h2>Giri\u015f: Bir \u015eirketin Ger\u00e7ek De\u011feri Nas\u0131l \u00d6l\u00e7\u00fcl\u00fcr?<\/h2>\n<p>Bir \u015firketin finansal raporlar\u0131, sadece alt alta dizilmi\u015f so\u011fuk rakamlardan ibaret de\u011fildir; asl\u0131nda o i\u015fletmenin ekonomik f\u0131rt\u0131nalara kar\u015f\u0131 verdi\u011fi hayatta kalma m\u00fccadelesinin ve stratejik tercihlerinin birer \u00f6yk\u00fcs\u00fcd\u00fcr. Rubenis Tekstil\u2019in 2025 y\u0131l\u0131 Ba\u011f\u0131ms\u0131z Denet\u00e7i Raporu, y\u00fcksek enflasyonun &#8220;g\u00f6r\u00fcnmez elinin&#8221; bilan\u00e7olar\u0131 nas\u0131l k\u00f6kten de\u011fi\u015ftirdi\u011fini ve bir tekstil devinin bu yeni ger\u00e7ekli\u011fe nas\u0131l uyum sa\u011flamaya \u00e7al\u0131\u015ft\u0131\u011f\u0131n\u0131 anlamak i\u00e7in hayati ipu\u00e7lar\u0131 sunuyor. Bu yaz\u0131da, denetim raporunun teknik koridorlar\u0131ndan ge\u00e7erek \u015firketin gelece\u011fine \u0131\u015f\u0131k tutan \u00fc\u00e7 kritik noktay\u0131, bir analist g\u00f6z\u00fcyle sat\u0131r aralar\u0131ndan okuyoruz.<\/p>\n<h2>Enflasyon Muhasebesi (TMS 29): Rakamlar\u0131n &#8220;Sat\u0131n Alma G\u00fcc\u00fc&#8221; ile \u0130mtihan\u0131<\/h2>\n<p>2025 y\u0131l\u0131 finansal tablolar\u0131n\u0131n en belirleyici unsuru, hi\u00e7 ku\u015fkusuz TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131n\u0131n uygulanmas\u0131d\u0131r. Bu uygulama, paran\u0131n nominal de\u011ferini bir kenara b\u0131rak\u0131p rakamlar\u0131 &#8220;sat\u0131n alma g\u00fcc\u00fc&#8221; \u00fczerinden yeniden tan\u0131mlar. Rapora g\u00f6re, 31 Aral\u0131k 2025 itibar\u0131yla \u00fc\u00e7 y\u0131ll\u0131k k\u00fcm\u00fclatif enflasyon oran\u0131n\u0131n %211 gibi sars\u0131c\u0131 bir seviyeye ula\u015fmas\u0131, bu d\u00fczeltmenin neden zorunlu oldu\u011funu kan\u0131tl\u0131yor.<\/p>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7ilerin bu konuyu &#8220;Kilit Denetim Konusu&#8221; olarak belirlemesi sadece teknik bir gereklilik de\u011fil, ayn\u0131 zamanda y\u00fcksek risk uyar\u0131s\u0131d\u0131r. \u00c7\u00fcnk\u00fc bu boyuttaki bir enflasyon d\u00fczeltmesi; karma\u015f\u0131k hesaplama prosed\u00fcrleri, parasal ve parasal olmayan kalemlerin hassas ayr\u0131m\u0131 ve \u00f6nemli yanl\u0131\u015fl\u0131k riski ta\u015f\u0131r. Denet\u00e7inin buradaki oda\u011f\u0131, y\u00f6netimin yapt\u0131\u011f\u0131 detayl\u0131 hesaplamalar\u0131n do\u011frulu\u011funu sorgulamak ve mali tablolar\u0131n ger\u00e7e\u011fi yans\u0131t\u0131p yans\u0131tmad\u0131\u011f\u0131n\u0131 teyit etmektir.<\/p>\n<p>Finansal tablolar ve \u00f6nceki d\u00f6nemlere ait finansal bilgiler, T\u00fcrk Liras\u0131&#8217;n\u0131n genel sat\u0131n alma g\u00fcc\u00fcndeki de\u011fi\u015fikliklerin yans\u0131t\u0131lmas\u0131 i\u00e7in yeniden d\u00fczeltilmi\u015f ve sonu\u00e7 olarak, raporlama tarihine g\u00f6re T\u00fcrk Liras\u0131&#8217;n\u0131n sat\u0131n alma g\u00fcc\u00fc cinsinden sunulmu\u015ftur.<\/p>\n<h2>Milyarl\u0131k Soru: \u0130li\u015fkili Taraflardan Alacaklar ve Risk Y\u00f6netimi<\/h2>\n<p>\u015eirket bilan\u00e7osuna bakt\u0131\u011f\u0131m\u0131zda, likidite ve risk y\u00f6netimi a\u00e7\u0131s\u0131ndan en kritik kalemlerden birini g\u00f6r\u00fcyoruz: 1.745.520.246 TL tutar\u0131ndaki k\u0131sa vadeli ticari alacaklar. Ancak bu devasa rakam\u0131n as\u0131l \u00e7arp\u0131c\u0131 ve dikkatle incelenmesi gereken k\u0131sm\u0131, yakla\u015f\u0131k %90\u2019\u0131n\u0131n, yani <b>1.573.950.709 TL<\/b>\u2019sinin &#8220;ili\u015fkili taraflardan&#8221; (grup i\u00e7i \u015firketlerden) kaynaklanmas\u0131d\u0131r.<\/p>\n<p>Bu tablo, finansal literat\u00fcrde &#8220;yo\u011funla\u015fma riski&#8221; (concentration risk) ve &#8220;grup i\u00e7i ba\u011f\u0131ml\u0131l\u0131k&#8221; olarak adland\u0131r\u0131lan ciddi bir hassasiyete i\u015faret eder. Denet\u00e7ilerin bu durumu kilit denetim konusu se\u00e7mesinin temel nedeni, bu b\u00fcy\u00fckl\u00fckteki bir alaca\u011f\u0131n geri kazan\u0131labilirli\u011finin tamamen y\u00f6netim yarg\u0131lar\u0131na ve ili\u015fkili \u015firketlerin finansal sa\u011fl\u0131\u011f\u0131na ba\u011fl\u0131 olmas\u0131d\u0131r. \u015eirketin likiditesi adeta kendi ekosistemi i\u00e7inde &#8220;kilitlenmi\u015f&#8221; durumdad\u0131r. Nakit ak\u0131\u015f\u0131n\u0131n piyasa m\u00fc\u015fterilerinden ziyade grup i\u00e7i tahsilatlara bu denli ba\u011f\u0131ml\u0131 olmas\u0131, olas\u0131 bir ekonomik daralmada esnekli\u011fi s\u0131n\u0131rlayan en b\u00fcy\u00fck risklerden biridir.<\/p>\n<h2>K\u00e2rdan Zarara Keskin D\u00f6n\u00fc\u015f: 323 Milyon TL\u2019lik Parasal Kay\u0131p<\/h2>\n<p>Rubenis Tekstil\u2019in gelir tablosu, enflasyonun sermaye \u00fczerindeki y\u0131k\u0131c\u0131 etkisini en \u00e7\u0131plak haliyle \u00f6zetliyor. \u015eirket, 2024 y\u0131l\u0131nda (yeniden d\u00fczenlenmi\u015f haliyle) 48.312.724 TL net d\u00f6nem k\u00e2r\u0131 a\u00e7\u0131klam\u0131\u015fken, 2025 y\u0131l\u0131nda <b>152.831.318 TL<\/b> net d\u00f6nem zarar\u0131 kaydetmi\u015ftir.<\/p>\n<p>Bu keskin d\u00f6n\u00fc\u015f\u00fcn perde arkas\u0131ndaki temel fakt\u00f6r, <b>323.621.376 TL<\/b> tutar\u0131ndaki &#8220;Net Parasal Pozisyon Kay\u0131plar\u0131&#8221; kalemidir. Bu rakam, \u015firketin br\u00fct sat\u0131\u015flar\u0131ndan k\u00e2r etmesine ra\u011fmen, elinde tuttu\u011fu nakit ve benzeri parasal varl\u0131klar\u0131 enflasyona kar\u015f\u0131 koruyamad\u0131\u011f\u0131n\u0131 g\u00f6stermektedir. Bir analist g\u00f6z\u00fcyle bak\u0131ld\u0131\u011f\u0131nda; \u015firket operasyonel olarak canl\u0131 kalsa da, y\u00fcksek enflasyon ortam\u0131nda ana sermayesini koruma s\u0131nav\u0131nda ciddi bir &#8220;sat\u0131n alma g\u00fcc\u00fc erimesi&#8221; ile kar\u015f\u0131 kar\u015f\u0131ya kalm\u0131\u015ft\u0131r.<\/p>\n<h2>K\u00fc\u00e7\u00fclen \u0130\u015f G\u00fcc\u00fc: \u0130stihdamdaki De\u011fi\u015fim Ne Anlat\u0131yor?<\/h2>\n<p>Finansal verilerin \u00f6tesinde, \u015firketin operasyonel \u00f6l\u00e7e\u011findeki daralma personel say\u0131s\u0131na da do\u011frudan yans\u0131m\u0131\u015f durumda. 2024 y\u0131l\u0131nda 551 olan personel say\u0131s\u0131, 2025 y\u0131l\u0131 sonunda <b>437 ki\u015fiye<\/b> d\u00fc\u015fm\u00fc\u015ft\u00fcr. \u0130stihdamda ya\u015fanan bu %20\u2019den fazla kay\u0131p, tesad\u00fcfi bir strateji de\u011fi\u015fiminden ziyade, 152.8 milyon TL\u2019lik net zarar\u0131n ve daralan bilan\u00e7onun yaratt\u0131\u011f\u0131 bask\u0131ya kar\u015f\u0131 verilmi\u015f &#8220;savunma odakl\u0131&#8221; bir tepki olarak okunmal\u0131d\u0131r. Rubenis Tekstil, azalan i\u015f g\u00fcc\u00fc ile maliyet kontrol\u00fcn\u00fc \u00f6nceliklendirerek bu finansal daralmay\u0131 y\u00f6netmeye \u00e7al\u0131\u015fmaktad\u0131r.<\/p>\n<h2>Sonu\u00e7 ve Gelece\u011fe Bak\u0131\u015f: Say\u0131lar Yalan S\u00f6ylemez, Ama Her \u015eeyi De Anlatmaz<\/h2>\n<p>Rubenis Tekstil\u2019in 2025 finansal karnesi; enflasyon d\u00fczeltmelerinin maskeledi\u011fi operasyonel zorluklar\u0131, grup i\u00e7i alacaklardaki yo\u011funla\u015fma riskini ve k\u00fc\u00e7\u00fclen bir i\u015f g\u00fcc\u00fc yap\u0131s\u0131n\u0131 net bir \u015fekilde ortaya koyuyor. \u00d6zellikle 323 milyon TL&#8217;lik parasal pozisyon kayb\u0131, y\u00fcksek enflasyon ortam\u0131nda sadece &#8220;sat\u0131\u015f yapman\u0131n&#8221; yeterli olmad\u0131\u011f\u0131n\u0131, as\u0131l ba\u015far\u0131n\u0131n sermayeyi ve alacak kalitesini koruma becerisinde sakl\u0131 oldu\u011funu hat\u0131rlat\u0131yor.<\/p>\n<p>Sonu\u00e7 olarak \u015fu kritik soruyla ba\u015f ba\u015fa kal\u0131yoruz: Rubenis Tekstil, 2026 y\u0131l\u0131nda likiditesini grup d\u0131\u015f\u0131 piyasalara ne kadar yayabilecek ve enflasyonun sermayesini eritmesine nas\u0131l set \u00e7ekebilecek? \u015eirketin gelecekteki de\u011feri, nominal b\u00fcy\u00fcme rakamlar\u0131ndan ziyade bu yap\u0131sal riskleri nas\u0131l y\u00f6netece\u011fiyle belirlenecektir.<\/p>\n<p>&nbsp;<\/p>\n<h1>Rubenis Tekstil Sanayi Ticaret A.\u015e. 2025 Y\u0131l\u0131 Ba\u011f\u0131ms\u0131z Denetim ve Finansal De\u011ferlendirme Briefing Notu<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, Rubenis Tekstil Sanayi Ticaret A.\u015e.&#8217;nin (&#8220;\u015eirket&#8221;) 1 Ocak \u2013 31 Aral\u0131k 2025 hesap d\u00f6nemine ait ba\u011f\u0131ms\u0131z denetim raporu ve finansal tablolar\u0131n\u0131n kapsaml\u0131 bir sentezini sunmaktad\u0131r. Finansal Eksen Ba\u011f\u0131ms\u0131z Denetim ve Dan\u0131\u015fmanl\u0131k A.\u015e. taraf\u0131ndan y\u00fcr\u00fct\u00fclen denetim sonucunda, \u015eirket&#8217;in finansal tablolar\u0131n\u0131n T\u00fcrkiye Finansal Raporlama Standartlar\u0131\u2019na (TFRS) uygun olarak ger\u00e7e\u011fe uygun bir bi\u00e7imde sunuldu\u011fu g\u00f6r\u00fc\u015f\u00fcne var\u0131lm\u0131\u015ft\u0131r.<\/p>\n<p>2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131, T\u00fcrkiye ekonomisindeki y\u00fcksek enflasyonun etkilerini yans\u0131tan TMS 29 standard\u0131na g\u00f6re yeniden d\u00fczenlenmi\u015ftir. \u015eirket, 2025 y\u0131l\u0131nda 2.139.525.826 TL has\u0131lat elde etmesine ve esas faaliyetlerinden k\u00e2r sa\u011flamas\u0131na ra\u011fmen, net parasal pozisyon kay\u0131plar\u0131 ve finansman giderlerinin etkisiyle d\u00f6nemi <b>152.831.318 TL net zarar<\/b> ile kapatm\u0131\u015ft\u0131r. Denetim s\u00fcrecinde \u00f6zellikle ticari alacaklar\u0131n geri kazan\u0131labilirli\u011fi ve y\u00fcksek enflasyon muhasebesi uygulamalar\u0131 kritik odak noktalar\u0131 olarak belirlenmi\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 Denet\u00e7i G\u00f6r\u00fc\u015f\u00fc ve Uyumluluk<\/h2>\n<p>Finansal Eksen Ba\u011f\u0131ms\u0131z Denetim ve Dan\u0131\u015fmanl\u0131k A.\u015e. (Sorumlu Denet\u00e7i Ufuk Do\u011fruer) taraf\u0131ndan haz\u0131rlanan 4 \u015eubat 2026 tarihli rapor, \u015eirket&#8217;in finansal durumuna dair \u015fu temel sonu\u00e7lar\u0131 ortaya koymaktad\u0131r:<\/p>\n<ul>\n<li><b>Olumlu G\u00f6r\u00fc\u015f:<\/b> Finansal tablolar, \u015eirketin 31 Aral\u0131k 2025 tarihi itibar\u0131yla finansal durumunu ve performans\u0131n\u0131 TFRS&#8217;ye uygun olarak t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sunmaktad\u0131r.<\/li>\n<li><b>Mevzuat Uyumu:<\/b> 6102 say\u0131l\u0131 T\u00fcrk Ticaret Kanunu (TTK) uyar\u0131nca, defter tutma d\u00fczeninin ve finansal raporlaman\u0131n kanun ve esas s\u00f6zle\u015fme h\u00fck\u00fcmlerine ayk\u0131r\u0131 olmad\u0131\u011f\u0131 teyit edilmi\u015ftir.<\/li>\n<li><b>Risk Y\u00f6netimi:<\/b> TTK&#8217;n\u0131n 398&#8217;inci maddesi uyar\u0131nca d\u00fczenlenen &#8220;Riskin Erken Saptanmas\u0131 Sistemi ve Komitesi Hakk\u0131nda Denet\u00e7i Raporu&#8221; 4 \u015eubat 2026&#8217;da Y\u00f6netim Kurulu\u2019na sunulmu\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>2. Kilit Denetim Konular\u0131<\/h2>\n<p>Denetim s\u0131ras\u0131nda en fazla mesleki muhakeme gerektiren ve en \u00e7ok \u00f6nem arz eden iki temel konu belirlenmi\u015ftir:<\/p>\n<h3>2.1. Ticari Alacaklar ve Verilen Sipari\u015f Avanslar\u0131n\u0131n Geri Kazan\u0131labilirli\u011fi<\/h3>\n<p>\u015eirket&#8217;in 31 Aral\u0131k 2025 itibar\u0131yla k\u0131sa vadeli ticari alacaklar\u0131 ve avanslar\u0131 toplam varl\u0131klar i\u00e7inde \u00f6nemli bir paya sahiptir:<\/p>\n<ul>\n<li><b>\u0130li\u015fkili Taraflardan Ticari Alacaklar:<\/b> 1.573.950.709 TL<\/li>\n<li><b>\u0130li\u015fkili Olmayan Taraflardan Ticari Alacaklar:<\/b> 171.569.537 TL<\/li>\n<li><b>Verilen Sipari\u015f Avanslar\u0131:<\/b> 557.693.184 TL<\/li>\n<li><b>Risk Fakt\u00f6r\u00fc:<\/b> Bu alacaklar\u0131n geri kazan\u0131labilirli\u011fi; y\u00f6netim yarg\u0131lar\u0131, makroekonomik ko\u015fullar ve piyasa geli\u015fmelerine y\u00fcksek duyarl\u0131l\u0131k g\u00f6stermektedir. Denet\u00e7i, bu bakiyeleri do\u011frulama mektuplar\u0131 ve hukuk m\u00fc\u015favirlerinden al\u0131nan g\u00f6r\u00fc\u015flerle test etmi\u015ftir.<\/li>\n<\/ul>\n<h3>2.2. TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; Uygulamas\u0131<\/h3>\n<p>T\u00fcrkiye&#8217;deki y\u00fcksek enflasyon nedeniyle, 2025 y\u0131l\u0131 finansal tablolar\u0131 TMS 29 uyar\u0131nca d\u00fczeltilmi\u015ftir.<\/p>\n<ul>\n<li><b>Uygulama Esaslar\u0131:<\/b> Finansal veriler, T\u00dc\u0130K taraf\u0131ndan yay\u0131mlanan T\u00dcFE endeksleri (31 Aral\u0131k 2025 endeksi: 3.513,87) kullan\u0131larak sat\u0131n alma g\u00fcc\u00fc cinsinden yeniden d\u00fczenlenmi\u015ftir.<\/li>\n<li><b>Denetim Oda\u011f\u0131:<\/b> Parasal ve parasal olmayan kalemlerin ayr\u0131m\u0131, katsay\u0131 hesaplamalar\u0131n\u0131n matematiksel do\u011frulu\u011fu ve enflasyon etkilerinin dipnotlardaki sunumu titizlikle incelenmi\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>3. Finansal Performans Analizi (1 Ocak \u2013 31 Aral\u0131k 2025)<\/h2>\n<p>\u015eirket&#8217;in gelir tablosu, operasyonel karl\u0131l\u0131\u011fa ra\u011fmen net zarar\u0131n olu\u015ftu\u011fu karma\u015f\u0131k bir tablo \u00e7izmektedir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (TL &#8211; 31.12.2025 Sat\u0131n Alma G\u00fcc\u00fc)<\/td>\n<td>2025 (Cari)<\/td>\n<td>2024 (Yeniden D\u00fczenlenmi\u015f)<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>2.139.525.826<\/td>\n<td>2.259.055.162<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>310.905.689<\/td>\n<td>485.679.923<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td>297.809.135<\/td>\n<td>503.903.026<\/td>\n<\/tr>\n<tr>\n<td><b>Finansman Giderleri (Net)<\/b><\/td>\n<td>(216.495.285)<\/td>\n<td>(260.306.907)<\/td>\n<\/tr>\n<tr>\n<td><b>Net Parasal Pozisyon Kay\u0131plar\u0131<\/b><\/td>\n<td>(323.621.376)<\/td>\n<td>(164.531.150)<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Net K\u00e2r\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td><b>(152.831.318)<\/b><\/td>\n<td><b>48.312.724<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Performans\u0131n Temel Dinamikleri:<\/h3>\n<ul>\n<li><b>Has\u0131lat ve Br\u00fct Marj:<\/b> Has\u0131lat \u00f6nceki y\u0131la g\u00f6re reel anlamda hafif bir d\u00fc\u015f\u00fc\u015f g\u00f6stermi\u015f, br\u00fct k\u00e2r marj\u0131 da daralm\u0131\u015ft\u0131r.<\/li>\n<li><b>Net Parasal Kay\u0131p:<\/b> \u015eirket&#8217;in net zarar\u0131n\u0131n en b\u00fcy\u00fck nedeni, enflasyon d\u00fczeltmesi sonucu olu\u015fan <b>323,6 milyon TL<\/b> tutar\u0131ndaki net parasal pozisyon kayb\u0131d\u0131r. Bu, \u015eirket&#8217;in parasal varl\u0131klar\u0131n\u0131n parasal y\u00fck\u00fcml\u00fcl\u00fcklerinden fazla olmas\u0131 veya enflasyonun parasal kalemler \u00fczerindeki negatif etkisinden kaynaklanmaktad\u0131r.<\/li>\n<li><b>Finansman Maliyeti:<\/b> 216,7 milyon TL tutar\u0131ndaki y\u00fcksek finansman giderleri k\u00e2rl\u0131l\u0131k \u00fczerindeki bask\u0131y\u0131 art\u0131rm\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>4. Finansal Durum ve Sermaye Yap\u0131s\u0131<\/h2>\n<h3>Varl\u0131k Da\u011f\u0131l\u0131m\u0131<\/h3>\n<p>Toplam varl\u0131klar 31 Aral\u0131k 2025 itibar\u0131yla <b>5.236.357.001 TL<\/b> seviyesindedir.<\/p>\n<ul>\n<li><b>D\u00f6nen Varl\u0131klar (3,26 Milyar TL):<\/b> A\u011f\u0131rl\u0131kl\u0131 olarak ticari alacaklar (1,74 milyar TL) ve stoklardan (919,5 milyon TL) olu\u015fmaktad\u0131r. Nakit ve nakit benzerleri 14,5 milyon TL&#8217;ye y\u00fckselmi\u015ftir.<\/li>\n<li><b>Duran Varl\u0131klar (1,97 Milyar TL):<\/b> Maddi duran varl\u0131klar 1,79 milyar TL ile en b\u00fcy\u00fck kalemdir. Yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkuller 181,5 milyon TL de\u011ferindedir.<\/li>\n<\/ul>\n<h3>Y\u00fck\u00fcml\u00fcl\u00fckler ve \u00d6zkaynaklar<\/h3>\n<ul>\n<li><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 1.012.413.986 TL. Banka kredileri (480,2 milyon TL) ve ticari bor\u00e7lar (369,4 milyon TL) ana kalemlerdir.<\/li>\n<li><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 269.077.139 TL. Bu tutar\u0131n 186,7 milyon TL&#8217;si ertelenmi\u015f vergi y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcd\u00fcr.<\/li>\n<li><b>Toplam \u00d6zkaynaklar:<\/b> 3.954.865.876 TL. D\u00f6nem zarar\u0131 nedeniyle \u00f6nceki y\u0131la g\u00f6re (4,11 milyar TL) bir miktar gerileme ya\u015fanm\u0131\u015ft\u0131r. \u015eirket d\u00f6nem i\u00e7inde sermaye art\u0131r\u0131m\u0131 ger\u00e7ekle\u015ftirerek \u00f6denmi\u015f sermayesini 81.950.000 TL&#8217;ye \u00e7\u0131karm\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>5. Kurumsal Bilgiler ve Operasyonel Durum<\/h2>\n<ul>\n<li><b>Faaliyet Konusu:<\/b> Rubenis Tekstil; iplik ve \u00f6rme kuma\u015f imalat\u0131, ihracat\u0131 ve toptan ticaretinin yan\u0131 s\u0131ra gayrimenkul geli\u015ftirme faaliyetlerinde bulunmaktad\u0131r.<\/li>\n<li><b>\u00dcretim Tesisleri:<\/b> Genel merkez ve fabrika \u015eanl\u0131urfa 2. Organize Sanayi B\u00f6lgesi&#8217;nde yer almaktad\u0131r.<\/li>\n<li><b>Gayrimenkul Faaliyetleri:<\/b> \u0130stanbul Bak\u0131rk\u00f6y&#8217;deki Atak\u00f6y Prestij Konaklar\u0131 Projesi tamamlanm\u0131\u015f olup, 31 Aral\u0131k 2025 itibar\u0131yla 4 i\u015fyeri kiraya verilmi\u015f, di\u011fer t\u00fcm gayrimenkullerin sat\u0131\u015f\u0131 bitirilmi\u015ftir.<\/li>\n<li><b>\u0130stihdam:<\/b> \u015eirketin \u00e7al\u0131\u015fan say\u0131s\u0131 2024 sonundaki 551 ki\u015fiden, 2025 sonu itibar\u0131yla <b>437 ki\u015fiye<\/b> d\u00fc\u015fm\u00fc\u015ft\u00fcr.<\/li>\n<li><b>Ortakl\u0131k Yap\u0131s\u0131:<\/b>\n<ul>\n<li>Osman \u0130pek: %55,19<\/li>\n<li>Cemil \u0130pek: %0,37<\/li>\n<li>Halka A\u00e7\u0131k K\u0131s\u0131m: %44,44<\/li>\n<\/ul>\n<\/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 Gelecek Projeksiyonu<\/h2>\n<ul>\n<li><b>\u0130\u015fletmenin S\u00fcreklili\u011fi:<\/b> Finansal tablolar, \u015eirket&#8217;in faaliyetlerini \u00f6n\u00fcm\u00fczdeki bir y\u0131lda da do\u011fal ak\u0131\u015f\u0131 i\u00e7inde s\u00fcrd\u00fcrece\u011fi varsay\u0131m\u0131yla haz\u0131rlanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Bilan\u00e7o Tarihinden Sonraki Olaylar:<\/b> Not 30&#8217;da belirtildi\u011fi \u00fczere, raporlama d\u00f6neminden sonra finansal tablolar\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde etkileyen herhangi bir olay raporlanmam\u0131\u015ft\u0131r.<\/li>\n<li><b>Muhasebe Tahminleri:<\/b> \u015eirket y\u00f6netimi; ticari alacaklar i\u00e7in de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc, stok de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc ve maddi duran varl\u0131klar\u0131n faydal\u0131 \u00f6m\u00fcrleri gibi alanlarda \u00f6nemli tahminlerde bulunmaktad\u0131r.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Ba\u015fl\u0131k: Rubenis Tekstil 2025 Finansal Sonu\u00e7lar\u0131n\u0131 A\u00e7\u0131klad\u0131: Enflasyon Muhasebesi ve B\u00fcy\u00fck Varl\u0131k Sat\u0131\u015f\u0131 G\u00fcndemde<br \/>\nRubenis Tekstil, 2025 y\u0131l\u0131na ait ba\u011f\u0131ms\u0131z denetimden ge\u00e7mi\u015f finansal sonu\u00e7lar\u0131n\u0131 payla\u015ft\u0131. Enflasyon muhasebesinin (TMS 29) ilk kez uyguland\u0131\u011f\u0131 raporlama d\u00f6neminde, \u015firketin has\u0131lat\u0131 2,1 milyar TL seviyesinde ger\u00e7ekle\u015firken, stratejik bir kararla Boyahane Fabrikas\u0131&#8217;n\u0131n 1,1 milyar TL bedelle sat\u0131\u015f\u0131 ger\u00e7ekle\u015ftirildi. Y\u00fcksek enflasyon d\u00fczeltmelerinin k\u00e2rl\u0131l\u0131k \u00fczerindeki etkilerinin ve \u015firketin de\u011fi\u015fen varl\u0131k yap\u0131s\u0131n\u0131n detaylar\u0131n\u0131 inceledi\u011fimiz yeni analizimiz yay\u0131nda!<\/p>\n","protected":false},"author":5,"featured_media":972,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[254],"class_list":["post-1198","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-rubns"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1198","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\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1198"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1198\/revisions"}],"predecessor-version":[{"id":1204,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1198\/revisions\/1204"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/972"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=1198"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1198"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1198"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}