{"id":1208,"date":"2026-02-16T21:02:01","date_gmt":"2026-02-16T18:02:01","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1208"},"modified":"2026-02-17T03:50:32","modified_gmt":"2026-02-17T00:50:32","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-dstkf-destek-finans-faktoring-2025-12-bilanco-analizi-destek-finans-iki-kat-buyume-ve-riskler","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1208","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #DSTKF | Destek Finans Faktoring 2025\/12 Bilan\u00e7o Analizi &#8211; Destek Finans \u0130ki Kat B\u00fcy\u00fcme ve Riskler"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/creators.spotify.com\/pod\/profile\/market-risk-tr\/embed\/episodes\/DSTKF--Destek-Finans-Faktoring-202512-Bilano-Analizi---Destek-Finans-ki-Kat-Byme-ve-Riskler-e3f64p1\/a-acfphob\" width=\"400px\" height=\"102px\" frameborder=\"0\" scrolling=\"no\"><\/iframe><br \/>\n<strong><em>2025 Y\u0131l\u0131 Finansal Raporlar\u0131ndan \u00d6ne \u00c7\u0131kan Ba\u015fl\u0131klar<\/em><\/strong><br \/>\n<em>\u2022 G\u00fc\u00e7l\u00fc Kar Art\u0131\u015f\u0131: Grup, 2025 y\u0131l\u0131nda 3.765.780 bin TL net d\u00f6nem k\u00e2r\u0131 elde ederek, \u00f6nceki y\u0131l\u0131n (2.110.770 bin TL) olduk\u00e7a \u00fczerine \u00e7\u0131km\u0131\u015ft\u0131r.<\/em><br \/>\n<em>\u2022 Varl\u0131klarda Devasa B\u00fcy\u00fcme: Grup&#8217;un toplam varl\u0131klar\u0131, 2024 sonundaki 23.679.762 bin TL seviyesinden 48.495.615 bin TL&#8217;ye y\u00fckselerek %100&#8217;\u00fcn \u00fczerinde bir b\u00fcy\u00fcme kaydetmi\u015ftir.<\/em><br \/>\n<em>\u2022 Halka Arz ve \u00d6zkaynak G\u00fcc\u00fc: \u015eirket paylar\u0131 6 \u015eubat 2025 itibar\u0131yla Borsa \u0130stanbul\u2019da i\u015flem g\u00f6rmeye ba\u015flam\u0131\u015f ve \u015eirket halka a\u00e7\u0131k ortakl\u0131k stat\u00fcs\u00fc kazanm\u0131\u015ft\u0131r. Bu s\u00fcre\u00e7le birlikte \u00f6zkaynaklar 4.595.995 bin TL&#8217;den 12.206.297 bin TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r.<\/em><br \/>\n<em>\u2022 Esas Faaliyet Gelirleri: Faktoring faiz, \u00fccret ve komisyonlar\u0131ndan olu\u015fan esas faaliyet gelirleri toplam\u0131 7.014.794 bin TL olarak ger\u00e7ekle\u015fmi\u015ftir (2024: 4.905.602 bin TL).<\/em><br \/>\n<em>\u2022 Geni\u015fleyen Hizmet Yelpazesi: Grup; faktoring faaliyetlerinin yan\u0131 s\u0131ra, ba\u011fl\u0131 ortakl\u0131klar\u0131 olan Destek Yat\u0131r\u0131m Bankas\u0131 A.\u015e. ve Destek Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e. arac\u0131l\u0131\u011f\u0131yla yat\u0131r\u0131m bankac\u0131l\u0131\u011f\u0131 ve arac\u0131l\u0131k hizmetleri alanlar\u0131nda da faaliyetlerini s\u00fcrd\u00fcrmektedir.<\/em><br \/>\n<em>\u2022 Operasyonel Verimlilik: Toplam \u00f6zkaynaklar\u0131n toplam aktiflere oran\u0131 2024 y\u0131l\u0131ndaki %19 seviyesinden %25&#8217;e y\u00fckselerek finansal yap\u0131n\u0131n daha da g\u00fc\u00e7lendi\u011fini g\u00f6stermi\u015ftir.<\/em><br \/>\n<em>\u2022 Hisse Ba\u015f\u0131na Kazan\u00e7: 2024 y\u0131l\u0131nda 8,44 TL olan hisse ba\u015f\u0131na k\u00e2r, 2025 y\u0131l\u0131nda 11,58 TL&#8217;ye y\u00fckselmi\u015ftir.<\/em><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium\" src=\"https:\/\/pbs.twimg.com\/media\/HBUhnTUbUAA9Iyo?format=jpg&amp;name=4096x4096\" width=\"2752\" height=\"1536\" \/><\/p>\n<hr \/>\n<h1>Destek Finans Faktoring&#8217;in 2025 Y\u0131l\u0131 Bilan\u00e7osundan \u00c7\u0131kan 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek: Bir B\u00fcy\u00fcme Anatomisi<\/h1>\n<h2>1. Giri\u015f: Rakamlar\u0131n \u00d6tesindeki Hikaye<\/h2>\n<p>Finans d\u00fcnyas\u0131nda baz\u0131 mali y\u0131llar sadece takvim de\u011fi\u015fikli\u011fini de\u011fil, bir kurumun stratejik geneti\u011finin yeniden kodland\u0131\u011f\u0131 &#8220;k\u0131r\u0131lma noktalar\u0131n\u0131&#8221; temsil eder. Faktoring sekt\u00f6r\u00fc genellikle statik ve geleneksel bir nakit ak\u0131\u015f arac\u0131 olarak g\u00f6r\u00fclse de Destek Finans Faktoring&#8217;in 2025 y\u0131l\u0131 konsolide finansal tablolar\u0131, bu alg\u0131y\u0131 y\u0131kan bir &#8220;agresif bilan\u00e7o geni\u015flemesi&#8221; hikayesi sunuyor.<\/p>\n<p>2025 y\u0131l\u0131, \u015firket i\u00e7in sadece k\u00e2r hanesinin doldu\u011fu bir hesap d\u00f6nemi de\u011fil; halka arz\u0131n getirdi\u011fi sermaye r\u00fczgar\u0131yla \u00f6zkaynak yap\u0131s\u0131n\u0131n evrildi\u011fi ve ba\u011fl\u0131 ortakl\u0131klar\u0131yla geni\u015f bir finansal ekosisteme d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fc bir &#8220;d\u00f6n\u00fc\u015f\u00fcm y\u0131l\u0131&#8221; olarak kay\u0131tlara ge\u00e7ti. Bu analizde, ba\u011f\u0131ms\u0131z denetim raporunun teknik sat\u0131r aralar\u0131na gizlenmi\u015f, \u015firketin b\u00fcy\u00fcme anatomisini \u015fekillendiren be\u015f kritik ger\u00e7e\u011fi derinlemesine inceliyoruz.<\/p>\n<h2>2. Halka Arz\u0131n G\u00fcc\u00fc: \u00d6zkaynaklarda Rekor S\u0131\u00e7rama<\/h2>\n<p>\u015eirketin 2025 y\u0131l\u0131ndaki en radikal de\u011fi\u015fimi, sermaye piyasalar\u0131na att\u0131\u011f\u0131 o devasa ad\u0131mda sakl\u0131. 31 Aral\u0131k 2024 itibar\u0131yla 4,59 milyar TL olan toplam \u00f6zkaynaklar, 2025 y\u0131l sonunda %165\u2019lik bir art\u0131\u015fla 12,2 milyar TL seviyesine ula\u015ft\u0131. Bu s\u0131\u00e7raman\u0131n temel kataliz\u00f6r\u00fc, 6 \u015eubat 2025 tarihinde ger\u00e7ekle\u015fen Borsa \u0130stanbul (B\u0130ST) a\u00e7\u0131l\u0131m\u0131d\u0131r.<\/p>\n<p>Analitik bir perspektifle bak\u0131ld\u0131\u011f\u0131nda, 83.333 TL nominal de\u011ferli paylar\u0131n halka arz\u0131 ile sa\u011flanan 3,73 milyar TL&#8217;lik &#8220;Hisse Senedi \u0130hra\u00e7 Primleri&#8221;, bilan\u00e7onun pasif taraf\u0131nda muazzam bir likidite kalesi in\u015fa etmi\u015ftir. Bu durum, \u015firketin bor\u00e7\/\u00f6zkaynak rasyosunu iyile\u015ftirerek b\u00fcy\u00fcme stratejileri i\u00e7in s\u00fcrd\u00fcr\u00fclebilir bir zemin haz\u0131rlam\u0131\u015ft\u0131r.<\/p>\n<p>&#8220;\u015eirketin paylar\u0131 06.02.2025 tarihi itibariyle Borsa \u0130stanbul A.\u015e.\u2019de i\u015flem g\u00f6rmeye ba\u015flam\u0131\u015f, \u015eirket halka a\u00e7\u0131k ortakl\u0131k stat\u00fcs\u00fc kazanm\u0131\u015ft\u0131r.&#8221;<\/p>\n<h2>3. Varl\u0131k Parkuru: Nominal B\u00fcy\u00fcmenin S\u0131n\u0131rlar\u0131nda<\/h2>\n<p>Destek Finans Faktoring, toplam varl\u0131klar\u0131n\u0131 bir y\u0131l i\u00e7inde 23,6 milyar TL\u2019den 48,5 milyar TL\u2019ye \u00e7\u0131kararak operasyonel hacmini neredeyse iki kat\u0131na ta\u015f\u0131d\u0131. Ancak bir finansal analist i\u00e7in bu rakamlar\u0131n ard\u0131ndaki en \u00f6nemli teknik detay, enflasyon muhasebesi (TMS 29) uygulamas\u0131d\u0131r. BDDK&#8217;n\u0131n 5 Aral\u0131k 2024 tarihli karar\u0131 uyar\u0131nca 2025 y\u0131l\u0131nda enflasyon d\u00fczeltmesi yap\u0131lmam\u0131\u015ft\u0131r. Dolay\u0131s\u0131yla bu b\u00fcy\u00fcme, nominal de\u011ferler \u00fczerinden okunmal\u0131d\u0131r.<\/p>\n<p>Varl\u0131k yap\u0131s\u0131n\u0131n lokomotifi olan &#8220;\u0130tfa Edilmi\u015f Maliyeti \u0130le \u00d6l\u00e7\u00fclen Finansal Varl\u0131klar&#8221; (37 milyar TL) kalemi, hem 20,17 milyar TL\u2019lik faktoring alacaklar\u0131n\u0131 hem de 16,8 milyar TL\u2019lik di\u011fer finansal varl\u0131klar\u0131 i\u00e7ermektedir.<\/p>\n<p><b>Varl\u0131k De\u011fi\u015fim Analizi (\u00d6zet):<\/b><\/p>\n<ul>\n<li><b>2024 Toplam Varl\u0131klar:<\/b> 23,68 Milyar TL<\/li>\n<li><b>2025 Toplam Varl\u0131klar:<\/b> 48,50 Milyar TL<\/li>\n<li><b>Net Art\u0131\u015f Miktar\u0131:<\/b> +24,82 Milyar TL<\/li>\n<li><b>Nominal B\u00fcy\u00fcme Oran\u0131:<\/b> %104,8<\/li>\n<\/ul>\n<h2>4. Denet\u00e7inin G\u00f6z\u00fc: 20 Milyar TL&#8217;lik Aktif Kalitesi S\u0131nav\u0131<\/h2>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7i Metin Etkin (G\u00fcreli YMM) taraf\u0131ndan haz\u0131rlanan raporda &#8220;Kilit Denetim Konusu&#8221; olarak belirlenen alan, do\u011frudan \u015firketin ana damar\u0131 olan faktoring alacaklar\u0131d\u0131r. 20,17 milyar TL tutar\u0131ndaki bu alacaklar, toplam varl\u0131klar\u0131n %42\u2019sini olu\u015fturarak bilan\u00e7onun risk merkezini temsil etmektedir.<\/p>\n<p>&#8220;Faktoring alacaklar\u0131 toplam varl\u0131klar\u0131n %42\u2019sini olu\u015fturmaktad\u0131r&#8230; de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc kilit denetim konusu olarak belirlenmi\u015ftir.&#8221;<\/p>\n<p>Denet\u00e7ilerin bu alana odaklanmas\u0131, \u00f6zellikle &#8220;kabili r\u00fccu&#8221; ve &#8220;gayri kabili r\u00fccu&#8221; i\u015flemlerin s\u0131n\u0131fland\u0131r\u0131lmas\u0131nda y\u00f6netimin kulland\u0131\u011f\u0131 tahmin ve yarg\u0131lar\u0131n kritik \u00f6neminden kaynaklanmaktad\u0131r. \u015eirketin bu devasa hacme kar\u015f\u0131 ay\u0131rd\u0131\u011f\u0131 338,3 milyon TL&#8217;lik &#8220;Genel Kar\u015f\u0131l\u0131klar&#8221; (Dipnot 8.3), olas\u0131 kredi risklerine kar\u015f\u0131 olu\u015fturulan ilk savunma hatt\u0131d\u0131r. Denetim s\u00fcrecinde bu alacaklar\u0131n de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fcn\u00fcn tespit edilmesi i\u00e7in \u00f6rneklem yoluyla yap\u0131lan testler, aktif kalitesinin korunmas\u0131 ad\u0131na hayati bir denetim s\u00fczgeci i\u015flevi g\u00f6rm\u00fc\u015ft\u00fcr.<\/p>\n<h2>5. Sadece Faktoring De\u011fil: Mevduats\u0131z Bankac\u0131l\u0131k ve Ekosistem Stratejisi<\/h2>\n<p>Bilan\u00e7o verileri, grubun geleneksel bir faktoring \u015firketinden &#8220;finansal holding&#8221; yap\u0131s\u0131na evrildi\u011fini tescilliyor. Ancak bu ekosistemin kendine has bir stratejik k\u0131s\u0131t\u0131 bulunmaktad\u0131r: Ba\u011fl\u0131 ortakl\u0131k olan <b>Destek Yat\u0131r\u0131m Bankas\u0131 A.\u015e.<\/b>, bir &#8220;Kalk\u0131nma ve Yat\u0131r\u0131m Bankas\u0131&#8221; stat\u00fcs\u00fcndedir ve 5411 say\u0131l\u0131 Kanun uyar\u0131nca mevduat kabul etme yetkisi bulunmamaktad\u0131r.<\/p>\n<p>Bu durum, grubu mevduat toplamak yerine sermaye piyasas\u0131 enstr\u00fcmanlar\u0131 ve gayrinakdi krediler \u00fczerinden b\u00fcy\u00fcmeye itmi\u015ftir. Ekosistemin geni\u015fleme h\u0131z\u0131 ise g\u00f6z kama\u015ft\u0131r\u0131c\u0131:<\/p>\n<ul>\n<li><b>Yat\u0131r\u0131m Bankas\u0131:<\/b> May\u0131s 2025&#8217;te yap\u0131lan 1 milyar TL&#8217;lik nakdi art\u0131\u015fla sermayesi 1,6 milyar TL&#8217;ye \u00e7\u0131kar\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Menkul De\u011ferler:<\/b> Destek Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e., &#8220;Geni\u015f Yetkili Arac\u0131 Kurum&#8221; belgesi ile sermaye piyasalar\u0131nda tam yetkinli\u011fe ula\u015fm\u0131\u015f, sermayesi 2025 May\u0131s ay\u0131nda 1,3 milyar TL\u2019ye y\u00fckseltilmi\u015ftir.<\/li>\n<\/ul>\n<p>Bu yap\u0131, grubun m\u00fc\u015fterilerine sadece nakit de\u011fil, dan\u0131\u015fmanl\u0131k ve sermaye piyasas\u0131 ara\u00e7lar\u0131n\u0131 da i\u00e7eren 360 derecelik bir \u00e7\u00f6z\u00fcm paketi sunmas\u0131n\u0131 sa\u011flamaktad\u0131r.<\/p>\n<h2>6. Karl\u0131l\u0131k ve Verimlilik: \u0130nsan Kayna\u011f\u0131 ile Gelen S\u0131\u00e7rama<\/h2>\n<p>\u015eirket, 2025 y\u0131l\u0131nda 3,76 milyar TL net d\u00f6nem k\u00e2r\u0131na ula\u015farak operasyonel verimlili\u011fini kan\u0131tlad\u0131. Hisse ba\u015f\u0131na kazan\u00e7 rasyosunun 8,44&#8217;ten 11,58&#8217;e y\u00fckselmesi, halka arz sonras\u0131 artan sermaye taban\u0131na ra\u011fmen k\u00e2rl\u0131l\u0131\u011f\u0131n h\u0131z kesmedi\u011fini g\u00f6steriyor.<\/p>\n<p>Bu b\u00fcy\u00fcme, arka planda ciddi bir kurumsal yat\u0131r\u0131m ile desteklenmi\u015ftir. \u00c7al\u0131\u015fan say\u0131s\u0131n\u0131n 159&#8217;dan 222&#8217;ye \u00e7\u0131kar\u0131lmas\u0131, personel giderlerinin 261 milyon TL&#8217;den 761 milyon TL&#8217;ye y\u00fckselmesine neden olmu\u015ftur. Ancak genel i\u015fletme giderlerindeki (248 milyon TL&#8217;den 461 milyon TL&#8217;ye) bu art\u0131\u015f, i\u015f hacmindeki devasa geni\u015flemenin y\u00f6netilebilmesi i\u00e7in &#8220;be\u015feri sermaye&#8221; yat\u0131r\u0131m\u0131 olarak okunmal\u0131d\u0131r.<\/p>\n<h2>7. Sonu\u00e7: Yar\u0131n\u0131n Finans D\u00fcnyas\u0131nda Destek&#8217;in Yeri<\/h2>\n<p>2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131, Destek Finans Faktoring i\u00e7in bir &#8220;olgunluk ve yatay geni\u015fleme&#8221; d\u00f6neminin ilan\u0131d\u0131r. Halka arzla per\u00e7inlenen \u00f6zkaynaklar, enflasyon d\u00fczeltmesi olmamas\u0131na ra\u011fmen nominal olarak iki kat\u0131na \u00e7\u0131kan bir bilan\u00e7o ve bankac\u0131l\u0131k-menkul de\u011ferler ekseninde kurgulanan mevduat d\u0131\u015f\u0131 finansman modeli, \u015firketi klasik bir finans\u00f6rden modern bir finansal \u00fcsse d\u00f6n\u00fc\u015ft\u00fcr\u00fcyor.<\/p>\n<p>Geleneksel bir faktoring \u015firketi olarak yola \u00e7\u0131kan bir yap\u0131n\u0131n, bir y\u0131l i\u00e7inde dev bir finansal ekosisteme d\u00f6n\u00fc\u015fmesi, T\u00fcrkiye finans piyasalar\u0131ndaki yeni nesil b\u00fcy\u00fcme modelinin bir \u00f6nizlemesi mi? Rakamlar, bu stratejik d\u00f6n\u00fc\u015f\u00fcm\u00fcn hen\u00fcz ba\u015flang\u0131\u00e7 a\u015famas\u0131nda oldu\u011funu f\u0131s\u0131ld\u0131yor.<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Bilgilendirme Belgesi: Destek Finans Faktoring A.\u015e. 2025 Y\u0131l\u0131 Konsolide Finansal Analizi<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Destek Finans Faktoring A.\u015e. ve ba\u011fl\u0131 ortakl\u0131klar\u0131 (&#8220;Grup&#8221;), 2025 hesap d\u00f6neminde agresif bir b\u00fcy\u00fcme ve g\u00fc\u00e7l\u00fc bir k\u00e2rl\u0131l\u0131k performans\u0131 sergilemi\u015ftir. 31 Aral\u0131k 2025 itibar\u0131yla Grubun toplam varl\u0131klar\u0131, bir \u00f6nceki y\u0131la g\u00f6re %100&#8217;\u00fcn \u00fczerinde bir art\u0131\u015f g\u00f6stererek 48,5 milyar TL seviyesine ula\u015fm\u0131\u015ft\u0131r. Grubun d\u00f6nem net k\u00e2r\u0131 3,77 milyar TL olarak ger\u00e7ekle\u015ferek 2024 y\u0131l\u0131ndaki 2,11 milyar TL&#8217;lik seviyesini \u00f6nemli \u00f6l\u00e7\u00fcde a\u015fm\u0131\u015ft\u0131r.<\/p>\n<p>Bu d\u00f6nemdeki en kritik kurumsal geli\u015fme, \u015eirket paylar\u0131n\u0131n 6 \u015eubat 2025 tarihinde Borsa \u0130stanbul A.\u015e.&#8217;de i\u015flem g\u00f6rmeye ba\u015flamas\u0131 ve &#8220;halka a\u00e7\u0131k ortakl\u0131k&#8221; stat\u00fcs\u00fcn\u00fcn kazan\u0131lmas\u0131d\u0131r. Ba\u011f\u0131ms\u0131z denetim raporu, konsolide finansal tablolar\u0131n BDDK muhasebe ve finansal raporlama mevzuat\u0131na uygun olarak t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sunuldu\u011funu teyit eden &#8220;Olumlu G\u00f6r\u00fc\u015f&#8221; ile sonu\u00e7lanm\u0131\u015ft\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>1. Ba\u011f\u0131ms\u0131z Denetim Sonu\u00e7lar\u0131 ve Kilit Denetim Konular\u0131<\/h2>\n<p>G\u00fcreli Yeminli Mali M\u00fc\u015favirlik ve Ba\u011f\u0131ms\u0131z Denetim Hizmetleri A.\u015e. taraf\u0131ndan y\u00fcr\u00fct\u00fclen denetim s\u00fcreci, 16 \u015eubat 2026 tarihli raporla tamamlanm\u0131\u015ft\u0131r.<\/p>\n<h3>Denet\u00e7i G\u00f6r\u00fc\u015f\u00fc<\/h3>\n<ul>\n<li><b>G\u00f6r\u00fc\u015f T\u00fcr\u00fc:<\/b> Olumlu (Unqualified Opinion).<\/li>\n<li><b>Dayanak:<\/b> Denetim, T\u00fcrkiye Denetim Standartlar\u0131&#8217;n\u0131n bir par\u00e7as\u0131 olan Ba\u011f\u0131ms\u0131z Denetim Standartlar\u0131na (BDS) uygun olarak ger\u00e7ekle\u015ftirilmi\u015ftir.<\/li>\n<li><b>Mevzuat Uyumu:<\/b> Finansal tablolar\u0131n 6102 say\u0131l\u0131 T\u00fcrk Ticaret Kanunu (TTK) ve BDDK muhasebe d\u00fczenlemelerine uygun oldu\u011fu teyit edilmi\u015ftir.<\/li>\n<\/ul>\n<h3>Kilit Denetim Konusu: Faktoring Alacaklar\u0131 ve De\u011fer D\u00fc\u015f\u00fckl\u00fc\u011f\u00fc<\/h3>\n<p>Denet\u00e7iler, faktoring alacaklar\u0131n\u0131 &#8220;Kilit Denetim Konusu&#8221; olarak belirlemi\u015ftir. Bunun gerek\u00e7eleri \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>B\u00fcy\u00fckl\u00fck:<\/b> Faktoring alacaklar\u0131 (takipteki alacaklar dahil) 20.172.820 bin TL tutar\u0131ndad\u0131r ve toplam varl\u0131klar\u0131n %42&#8217;sini olu\u015fturmaktad\u0131r.<\/li>\n<li><b>Risk ve Yarg\u0131:<\/b> Alacaklar\u0131n s\u0131n\u0131fland\u0131r\u0131lmas\u0131 ve de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc kar\u015f\u0131l\u0131klar\u0131n\u0131n (Beklenen Zarar Kar\u015f\u0131l\u0131klar\u0131) hesaplanmas\u0131, y\u00f6netimin \u00f6nemli tahmin ve varsay\u0131mlar\u0131n\u0131 i\u00e7ermektedir.<\/li>\n<li><b>Denetim Prosed\u00fcrleri:<\/b> Denetim s\u0131ras\u0131nda \u00f6rneklem yoluyla s\u00f6zle\u015fmeler test edilmi\u015f, bilgi sistemleri uzmanlar\u0131yla kontroller de\u011ferlendirilmi\u015f ve kar\u015f\u0131l\u0131k hesaplamalar\u0131n\u0131n mevzuata uygunlu\u011fu 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>2. Finansal Durum Analizi (Bilan\u00e7o)<\/h2>\n<p>Grubun bilan\u00e7o yap\u0131s\u0131, hem \u00f6zkaynaklarda hem de yabanc\u0131 kaynaklarda belirgin bir geni\u015flemeye i\u015faret etmektedir.<\/p>\n<h3>Varl\u0131k Yap\u0131s\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<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>48.495.615<\/b><\/td>\n<td><b>23.679.762<\/b><\/td>\n<td><b>%104,8<\/b><\/td>\n<\/tr>\n<tr>\n<td>Nakit ve Nakit Benzerleri<\/td>\n<td>7.487.016<\/td>\n<td>2.442.152<\/td>\n<td>%206,6<\/td>\n<\/tr>\n<tr>\n<td>Faktoring Alacaklar\u0131 (Net)<\/td>\n<td>20.172.820<\/td>\n<td>14.632.567<\/td>\n<td>%37,9<\/td>\n<\/tr>\n<tr>\n<td>\u0130tfa Edilmi\u015f Maliyetli Di\u011fer Finansal Varl\u0131klar<\/td>\n<td>16.817.903<\/td>\n<td>4.497.540<\/td>\n<td>%273,9<\/td>\n<\/tr>\n<tr>\n<td>Takipteki Alacaklar<\/td>\n<td>93.766<\/td>\n<td>27.027<\/td>\n<td>%247,0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Y\u00fck\u00fcml\u00fcl\u00fckler ve \u00d6zkaynaklar (Bin TL)<\/h3>\n<ul>\n<li><b>Al\u0131nan Krediler:<\/b> 18.013.956 bin TL (2024: 9.613.507 bin TL).<\/li>\n<li><b>\u0130hra\u00e7 Edilen Menkul K\u0131ymetler:<\/b> 10.492.355 bin TL ile finansman yap\u0131s\u0131nda \u00f6nemli bir yer tutmaktad\u0131r.<\/li>\n<li><b>Toplam \u00d6zkaynaklar:<\/b> 12.206.297 bin TL seviyesine y\u00fckselmi\u015ftir (2024: 4.595.995 bin TL).\n<ul>\n<li><b>Sermaye Art\u0131\u015f\u0131:<\/b> \u00d6denmi\u015f sermaye 250.000 bin TL&#8217;den 333.333 bin TL&#8217;ye \u00e7\u0131kar\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Hisse Senedi \u0130hra\u00e7 Primleri:<\/b> Halka arz etkisiyle 3.730.865 bin TL&#8217;lik bir yedek olu\u015fmu\u015ftur.<\/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>3. Finansal Performans ve K\u00e2rl\u0131l\u0131k (Gelir Tablosu)<\/h2>\n<p>2025 y\u0131l\u0131, Grubun operasyonel verimlili\u011finin ve gelir yaratma kapasitesinin artt\u0131\u011f\u0131 bir d\u00f6nem olmu\u015ftur.<\/p>\n<h3>Gelir ve Gider Kalemleri (Bin TL)<\/h3>\n<ul>\n<li><b>Esas Faaliyet Gelirleri:<\/b> 7.014.794 bin TL (Tamam\u0131 Faktoring Gelirlerinden olu\u015fmaktad\u0131r).\n<ul>\n<li><i>Faktoring Faizleri:<\/i> 6.844.995 bin TL.<\/li>\n<li><i>\u00dccret ve Komisyonlar:<\/i> 169.799 bin TL.<\/li>\n<\/ul>\n<\/li>\n<li><b>Finansman Giderleri:<\/b> (3.845.063) bin TL.<\/li>\n<li><b>Br\u00fct K\u00e2r:<\/b> 3.169.731 bin TL.<\/li>\n<li><b>Faaliyet K\u00e2r\u0131\/Zarar\u0131 (Net):<\/b> 5.510.123 bin TL (Vergi \u00d6ncesi).<\/li>\n<li><b>D\u00f6nem Net K\u00e2r\u0131:<\/b> 3.765.780 bin TL.<\/li>\n<\/ul>\n<h3>Temel K\u00e2rl\u0131l\u0131k G\u00f6stergeleri<\/h3>\n<ul>\n<li><b>Hisse Ba\u015f\u0131na K\u00e2r:<\/b> 11,5830 TL (2024: 8,4431 TL).<\/li>\n<li><b>Kapsaml\u0131 Gelir:<\/b> Di\u011fer kapsaml\u0131 gelir unsurlar\u0131yla birlikte toplam kapsaml\u0131 gelir 3.796.104 bin TL olarak kaydedilmi\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>4. Organizasyonel Yap\u0131 ve Faaliyet Alanlar\u0131<\/h2>\n<h3>Grup Profili<\/h3>\n<ul>\n<li><b>Kurulu\u015f:<\/b> 8 Temmuz 1996.<\/li>\n<li><b>\u00c7al\u0131\u015fan Say\u0131s\u0131:<\/b> 2025 sonu itibar\u0131yla 222 (2024: 159).<\/li>\n<li><b>Ana Sermayedar:<\/b> Altun\u00e7 Kumova (Destek Holding A.\u015e. \u00fczerinden kontrol sa\u011flanmaktad\u0131r).<\/li>\n<\/ul>\n<h3>Ba\u011fl\u0131 Ortakl\u0131klar<\/h3>\n<ol>\n<li><b>Destek Yat\u0131r\u0131m Bankas\u0131 A.\u015e.:<\/b> Kalk\u0131nma ve Yat\u0131r\u0131m Bankas\u0131 stat\u00fcs\u00fcnde faaliyet g\u00f6stermektedir. 31 Aral\u0131k 2025 itibar\u0131yla \u00f6denmi\u015f sermayesi 1.600.000 bin TL&#8217;ye y\u00fckseltilmi\u015ftir.<\/li>\n<li><b>Destek Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e.:<\/b> &#8220;Geni\u015f Yetkili Arac\u0131 Kurum&#8221; olarak faaliyet g\u00f6stermektedir. Sermayesi 1.300.000 bin TL&#8217;ye \u00e7\u0131kar\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ol>\n<h3>Faaliyet B\u00f6l\u00fcmleri Baz\u0131nda Performans (2025)<\/h3>\n<ul>\n<li><b>Faktoring:<\/b> 3,58 milyar TL net k\u00e2r ile grubun ana k\u00e2r motoru olmaya devam etmi\u015ftir.<\/li>\n<li><b>Ticari\/Kurumsal Bankac\u0131l\u0131k:<\/b> 3,54 milyar TL net k\u00e2r katk\u0131s\u0131 sa\u011flam\u0131\u015ft\u0131r.<\/li>\n<li><b>Hazine:<\/b> (1,27) milyar TL seviyesinde bir net d\u00f6nem zarar\u0131 kaydetmi\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>5. \u00d6nemli Muhasebe Notlar\u0131 ve D\u00fczenlemeler<\/h2>\n<h3>Enflasyon Muhasebesi (TMS 29) Uygulanmamas\u0131<\/h3>\n<p>BDDK&#8217;n\u0131n 5 Aral\u0131k 2024 tarihli karar\u0131 uyar\u0131nca, finansal kiralama, faktoring ve bankalar i\u00e7in 2025 y\u0131l\u0131nda da enflasyon d\u00fczeltmesi (TMS 29) yap\u0131lmamas\u0131na karar verilmi\u015ftir. Bu nedenle, sunulan finansal tablolar enflasyon etkisinden ar\u0131nd\u0131r\u0131lmam\u0131\u015ft\u0131r.<\/p>\n<h3>Gelecek D\u00f6nem Standartlar\u0131<\/h3>\n<p>Grup, &#8220;TMS 1: Y\u00fck\u00fcml\u00fcl\u00fcklerin K\u0131sa veya Uzun Vadeli Olarak S\u0131n\u0131fland\u0131r\u0131lmas\u0131&#8221; ve &#8220;TFRS 16: Sat\u0131\u015f ve Geri Kiralama \u0130\u015flemleri&#8221; gibi hen\u00fcz y\u00fcr\u00fcrl\u00fc\u011fe girmemi\u015f standartlar\u0131n konsolide finansal tablolar \u00fczerindeki muhtemel etkilerini de\u011ferlendirmeye devam etmektedir.<\/p>\n<h3>S\u00fcrd\u00fcr\u00fclebilirlik Raporlamas\u0131<\/h3>\n<p>\u015eirket, Kamu G\u00f6zetimi Kurumu (KGK) taraf\u0131ndan yay\u0131mlanan TSRS 1 ve TSRS 2 standartlar\u0131 kapsam\u0131nda 1 Ocak 2024 tarihinden itibaren zorunlu s\u00fcrd\u00fcr\u00fclebilirlik raporlamas\u0131na tabi i\u015fletmeler kategorisinde yer almaktad\u0131r.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ba\u015fl\u0131k: Destek Finans Faktoring\u2019den 2025 Y\u0131l\u0131nda Rekor B\u00fcy\u00fcme ve Stratejik At\u0131l\u0131m!<br \/>\nDestek Finans Faktoring, 2025 y\u0131l\u0131 konsolide finansal sonu\u00e7lar\u0131yla sekt\u00f6rdeki g\u00fc\u00e7l\u00fc duru\u015funu ve b\u00fcy\u00fcme ivmesini kan\u0131tlad\u0131. Y\u0131l\u0131 3,7 milyar TL\u2019yi a\u015fan net k\u00e2r ve 48,5 milyar TL toplam varl\u0131k b\u00fcy\u00fckl\u00fc\u011f\u00fc ile kapatan Grup, \u00f6zellikle \u015fubat ay\u0131nda ger\u00e7ekle\u015fen halka arz\u0131 sonras\u0131 \u00f6zkaynaklar\u0131n\u0131 12,2 milyar TL seviyesine \u00e7\u0131kararak finansal yap\u0131s\u0131n\u0131 per\u00e7inledi.<br \/>\nYat\u0131r\u0131m bankac\u0131l\u0131\u011f\u0131 ve menkul de\u011ferler i\u015ftirakleriyle entegre bir finansal hizmet a\u011f\u0131 sunan Destek Finans Faktoring, hisse ba\u015f\u0131na kazanc\u0131n\u0131 11,58 TL\u2019ye y\u00fckselterek yat\u0131r\u0131mc\u0131lar\u0131na katma de\u011fer sa\u011flamaya devam ediyor. T\u00fcrkiye\u2019nin dinamik ekonomik yap\u0131s\u0131nda stratejik bir oyuncu olarak \u00f6ne \u00e7\u0131kan Grup\u2019un 2025 ba\u015far\u0131 hikayesi, s\u00fcrd\u00fcr\u00fclebilir b\u00fcy\u00fcme ve inovatif finansman \u00e7\u00f6z\u00fcmlerinin bir yans\u0131mas\u0131d\u0131r.<\/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":[256],"class_list":["post-1208","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-dstkf"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1208","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=1208"}],"version-history":[{"count":4,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1208\/revisions"}],"predecessor-version":[{"id":1252,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1208\/revisions\/1252"}],"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=1208"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1208"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1208"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}