{"id":1216,"date":"2026-02-16T21:08:37","date_gmt":"2026-02-16T18:08:37","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1216"},"modified":"2026-02-17T03:48:15","modified_gmt":"2026-02-17T00:48:15","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-pkart-plastikkart-akilli-kart-2025-12-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1216","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #PKART | Plastikkart Ak\u0131ll\u0131 Kart 2025\/12 Bilan\u00e7o Analizi &#8211; Plastikkart Sat\u0131\u015flar D\u00fc\u015ferken Nas\u0131l Nakit \u00dcretti"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/creators.spotify.com\/pod\/profile\/market-risk-tr\/embed\/episodes\/PKART--Plastikkart-Akll-Kart-202512-Bilano-Analizi---Plastikkart-Satlar-Derken-Nasl-Nakit-retti-e3f652b\/a-acfpi6d\" width=\"400px\" height=\"102px\" frameborder=\"0\" scrolling=\"no\"><\/iframe><br \/>\n<strong><em>2025 Y\u0131l\u0131 Finansal Raporu \u00d6nemli Sat\u0131r Ba\u015flar\u0131<\/em><\/strong><br \/>\n<em>\u2022 Net D\u00f6nem Kar\u0131 ve Karl\u0131l\u0131k: \u015eirket, 2025 y\u0131l\u0131nda 68.884.267 TL net d\u00f6nem kar\u0131 elde etmi\u015ftir. 2024 y\u0131l\u0131ndaki 79.595.427 TL&#8217;lik kara k\u0131yasla bir d\u00fc\u015f\u00fc\u015f g\u00f6zlemlense de, bu rakamlar\u0131n TMS 29 enflasyon muhasebesi kapsam\u0131nda 31 Aral\u0131k 2025 sat\u0131n alma g\u00fcc\u00fcne g\u00f6re d\u00fczeltildi\u011fini belirtmek gerekir.<\/em><br \/>\n<em>\u2022 Has\u0131lat Performans\u0131: Toplam has\u0131lat 2.285.190.126 TL olarak ger\u00e7ekle\u015fmi\u015ftir. Gelirlerin b\u00fcy\u00fck \u00e7o\u011funlu\u011fu yurt i\u00e7i kart sat\u0131\u015flar\u0131ndan (2.154.405.067 TL) elde edilmi\u015ftir.<\/em><br \/>\n<em>\u2022 Varl\u0131k Yap\u0131s\u0131 ve \u00d6zkaynaklar: \u015eirketin toplam varl\u0131klar\u0131 827.295.989 TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. Toplam \u00f6zkaynaklar ise bir \u00f6nceki y\u0131l sonundaki 458,5 milyon TL seviyesinden 482.107.005 TL&#8217;ye y\u00fckselmi\u015ftir.<\/em><br \/>\n<em>\u2022 Operasyonel Giderler: Sat\u0131\u015flar\u0131n maliyeti 2,06 milyar TL olarak ger\u00e7ekle\u015firken, bu kalem i\u00e7inde en b\u00fcy\u00fck pay\u0131 hammadde ve ticari mal maliyetleri almaktad\u0131r. Genel y\u00f6netim giderleri ise 61,8 milyon TL seviyesindedir.<\/em><br \/>\n<em>\u2022 Enflasyon Muhasebesi Etkisi: Finansal tablolar, T\u00fcrkiye&#8217;deki y\u00fcksek enflasyon nedeniyle TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131 uyar\u0131nca d\u00fczeltilerek sunulmu\u015ftur. Bu kapsamda 2025 y\u0131l\u0131nda 6.820.983 TL net parasal pozisyon kazanc\u0131 kaydedilmi\u015ftir.<\/em><br \/>\n<em>\u2022 Bor\u00e7 ve Sermaye Oran\u0131: \u015eirketin bor\u00e7\/sermaye oran\u0131 %24,27&#8217;den %36,09&#8217;a y\u00fckselmi\u015ftir.<\/em><br \/>\n<em>\u2022 Denet\u00e7i G\u00f6r\u00fc\u015f\u00fc: Ba\u011f\u0131ms\u0131z denetim kurulu\u015fu (BDO), \u015firketin finansal tablolar\u0131n\u0131n t\u00fcm \u00f6nemli y\u00f6nleriyle ge\u00e7erli finansal raporlama standartlar\u0131na (TFRS) uygun oldu\u011fu y\u00f6n\u00fcnde olumlu g\u00f6r\u00fc\u015f bildirmi\u015ftir.<\/em><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium\" src=\"https:\/\/pbs.twimg.com\/media\/HBUhEZ3bcAAQVxO?format=jpg&amp;name=4096x4096\" width=\"2752\" height=\"1536\" \/><\/p>\n<hr \/>\n<h1>Dijital G\u00fcvenli\u011fin Finansal Karnesi: Plastikkart\u2019\u0131n 2025 Verilerinden \u00c7\u0131kar\u0131lacak 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ders<\/h1>\n<p><b>1. Giri\u015f: Ak\u0131ll\u0131 Kartlar\u0131n G\u00f6r\u00fcnmeyen D\u00fcnyas\u0131na Ho\u015f Geldiniz<\/b><\/p>\n<p>Cebinizdeki banka kart\u0131ndan telefonunuzdaki SIM karta, pasaportunuzdaki \u00e7ipten kimlik kart\u0131n\u0131za kadar dijital d\u00fcnyan\u0131n g\u00fcvenli\u011fi sessiz bir kahraman\u0131n omuzlar\u0131nda y\u00fckseliyor: Ak\u0131ll\u0131 kartlar. T\u00fcrkiye\u2019nin bu alandaki \u00f6nc\u00fc oyuncusu Plastikkart, 2000 y\u0131l\u0131ndaki kurulu\u015fundan bu yana sekt\u00f6r\u00fcn merkezinde yer al\u0131yor. 2004 y\u0131l\u0131ndan beri Borsa \u0130stanbul\u2019da i\u015flem g\u00f6ren \u015firket, teknoloji ve finans\u0131n kesi\u015fim noktas\u0131ndaki stratejik konumunu koruyor. Plastikkart\u2019\u0131n 31 Aral\u0131k 2025 itibar\u0131yla yay\u0131mlanan finansal raporu, sadece bir \u015firketin performans\u0131n\u0131 de\u011fil, ayn\u0131 zamanda &#8220;enflasyon muhasebesi&#8221; (TMS 29) etkileriyle yeniden \u015fekillenen bir finansal portreyi sunuyor. Enflasyonun bilan\u00e7olar \u00fczerindeki &#8220;makyaj\u0131&#8221; silindi\u011finde, \u015firketin operasyonel kaslar\u0131n\u0131n nas\u0131l \u00e7al\u0131\u015ft\u0131\u011f\u0131n\u0131 g\u00f6rmek yat\u0131r\u0131mc\u0131lar i\u00e7in kritik dersler bar\u0131nd\u0131r\u0131yor.<\/p>\n<p><b>2. Br\u00fct Kar Art\u0131\u015f\u0131: Sat\u0131\u015flar D\u00fc\u015ferken Karl\u0131l\u0131k Nas\u0131l Artt\u0131?<\/b><\/p>\n<p>Plastikkart\u2019\u0131n 2025 y\u0131l\u0131 &#8220;Kar veya Zarar Tablosu&#8221; ilk bak\u0131\u015fta \u015fa\u015f\u0131rt\u0131c\u0131 bir tezat sunuyor. \u015eirketin toplam has\u0131lat\u0131, 2024 y\u0131l\u0131ndaki 2,54 milyar TL seviyesinden 2025 y\u0131l\u0131nda 2,28 milyar TL\u2019ye geriledi. Ancak bu ciro d\u00fc\u015f\u00fc\u015f\u00fcne ra\u011fmen br\u00fct kar, 159,8 milyon TL\u2019den 219,5 milyon TL\u2019ye y\u00fckseldi.<\/p>\n<p>Bir finansal analist g\u00f6z\u00fcyle Dipnot 15\u2019e indi\u011fimizde bu tezat\u0131n arkas\u0131ndaki &#8220;operasyonel d\u00f6n\u00fc\u015f\u00fcm\u00fc&#8221; g\u00f6r\u00fcyoruz. 2024\u2019te 1,4 milyar TL olan &#8220;Sat\u0131lan ticari mallar\u0131n maliyeti&#8221; 2025\u2019te dramatik bir \u015fekilde 699,6 milyon TL\u2019ye gerilerken, &#8220;Kullan\u0131lan hammadde maliyeti&#8221; 629 milyon TL\u2019den 1,03 milyar TL\u2019ye f\u0131rlam\u0131\u015ft\u0131r. Bu veriler, Plastikkart\u2019\u0131n &#8220;al-sat&#8221; odakl\u0131 ticari modelden, \u00e7ok daha yo\u011fun bir &#8220;\u00fcretim&#8221; modeline ge\u00e7ti\u011fini kan\u0131tl\u0131yor. \u015eirket, d\u0131\u015far\u0131dan bitmi\u015f \u00fcr\u00fcn almak yerine hammaddeyi i\u015fleyerek katma de\u011feri i\u00e7eride tutmay\u0131 ba\u015farm\u0131\u015f; bu da has\u0131lat d\u00fc\u015fse bile karl\u0131l\u0131k oranlar\u0131n\u0131n yukar\u0131 \u00e7ekilmesini sa\u011flam\u0131\u015ft\u0131r.<\/p>\n<p><b>3. Thales Ekosistemi: K\u00fcresel Bir Devle Ortakl\u0131k<\/b><\/p>\n<p>Plastikkart\u2019\u0131n \u00fcretim g\u00fcc\u00fcn\u00fcn arkas\u0131nda k\u00fcresel bir teknoloji devi olan Thales ekosistemi bulunuyor. \u015eirketin organizasyon yap\u0131s\u0131nda Gemalto B.V. \u00fczerinden sa\u011flanan kontrol ve Thales S.A. ile olan dolayl\u0131 y\u00f6netim ba\u011f\u0131, tedarik zinciri a\u00e7\u0131s\u0131ndan kritik bir avantaj sa\u011fl\u0131yor (Dipnot 1).<\/p>\n<p>\u015eirket, \u00fcretimin en stratejik par\u00e7as\u0131 olan &#8220;chip&#8221; mod\u00fcllerini, ili\u015fkili taraflar aras\u0131nda yer alan Thales DIS France SA\u2019dan temin etmektedir. 2025 y\u0131l\u0131 verilerine g\u00f6re, bu gruptan yap\u0131lan hammadde al\u0131mlar\u0131n\u0131n b\u00fcy\u00fckl\u00fc\u011f\u00fc tam olarak <b>1.192.948.750 TL<\/b> seviyesine ula\u015fm\u0131\u015f durumdad\u0131r. Bu durum, \u015firketin hammadde ihtiyac\u0131nda k\u00fcresel bir a\u011f\u0131n g\u00fcvencesi alt\u0131nda oldu\u011funu g\u00f6stermektedir.<\/p>\n<p>&#8220;\u015eirket, \u00fcretimde kulland\u0131\u011f\u0131 ham maddelerinin \u00f6nemli bir k\u0131sm\u0131n\u0131 yurt d\u0131\u015f\u0131ndan temin etmektedir. \u00dcretimin en \u00f6nemli girdisi olan &#8216;chip&#8217; mod\u00fcllerini kar\u015f\u0131l\u0131kl\u0131 i\u015fbirli\u011fi anla\u015fmas\u0131 imzalam\u0131\u015f oldu\u011fu ili\u015fkili taraflar aras\u0131nda yer alan Thales DIS SA firmas\u0131ndan temin etmektedir.&#8221; (Dipnot 1 ve 4).<\/p>\n<p><b>4. Enflasyonun &#8220;G\u00f6r\u00fcnmez&#8221; Eli: Sermaye D\u00fczeltme Farklar\u0131<\/b><\/p>\n<p>2025 y\u0131l\u0131 finansal tablolar\u0131nda uygulanan TMS 29 enflasyon muhasebesi, bilan\u00e7oyu tarihi maliyetlerin yaratt\u0131\u011f\u0131 yan\u0131lsamadan ar\u0131nd\u0131r\u0131yor. Tarihi maliyetle bak\u0131ld\u0131\u011f\u0131nda \u015firketin \u00f6denmi\u015f sermayesi 22,75 milyon TL gibi m\u00fctevaz\u0131 bir rakamda kal\u0131rken, &#8220;Sermaye D\u00fczeltme Farklar\u0131&#8221; (Dipnot 14) ile bu hacmin 732,8 milyon TL\u2019ye ula\u015ft\u0131\u011f\u0131 g\u00f6r\u00fcl\u00fcyor.<\/p>\n<p>Burada dikkat edilmesi gereken en kritik nokta, bu art\u0131\u015flar\u0131n &#8220;nakit d\u0131\u015f\u0131&#8221; (non-cash) d\u00fczeltmeler oldu\u011fudur. \u015eirket, paran\u0131n sat\u0131n alma g\u00fcc\u00fcndeki erimeye kar\u015f\u0131 bilan\u00e7osunu korurken, bu s\u00fcrecin gelir tablosuna yans\u0131mas\u0131 <b>6,8 milyon TL\u2019lik &#8220;Net Parasal Pozisyon Kazanc\u0131&#8221;<\/b> (Dipnot 24) olarak kar\u015f\u0131m\u0131za \u00e7\u0131k\u0131yor. Bu rakam, Plastikkart\u2019\u0131n enflasyonist ortamda parasal varl\u0131k ve y\u00fck\u00fcml\u00fcl\u00fcklerini y\u00f6neterek sat\u0131n alma g\u00fcc\u00fcn\u00fc korumay\u0131 ba\u015fard\u0131\u011f\u0131n\u0131n bir tescilidir.<\/p>\n<p><b>5. Hukuki ve Finansal Riskler: Vergi Davas\u0131 Kar\u015f\u0131l\u0131\u011f\u0131<\/b><\/p>\n<p>\u015eirketin &#8220;ihtiyatl\u0131l\u0131k&#8221; ilkesiyle y\u00f6netildi\u011finin en net g\u00f6stergesi Dipnot 12&#8217;deki &#8220;Di\u011fer uzun vadeli kar\u015f\u0131l\u0131klar&#8221; kaleminde gizli. 8 A\u011fustos 2025 tarihinde Kamuyu Ayd\u0131nlatma Platformu\u2019na (KAP) yap\u0131lan a\u00e7\u0131klamaya g\u00f6re, Marmara Kurumlar Vergi Dairesi ile <b>2022 hesap d\u00f6nemine<\/b> ili\u015fkin devam eden bir vergi dava s\u00fcreci bulunuyor.<\/p>\n<p>Plastikkart, bu s\u00fcre\u00e7 i\u00e7in 10,5 milyon TL\u2019lik bir kar\u015f\u0131l\u0131k ay\u0131rm\u0131\u015f durumda. \u015eirketin 68,8 milyon TL\u2019lik net d\u00f6nem kar\u0131 ile k\u0131yasland\u0131\u011f\u0131nda, bu tutar\u0131n kar \u00fczerindeki bask\u0131s\u0131 hissedilse de, ge\u00e7mi\u015f d\u00f6nemlerden (2022) gelen risklerin \u015feffaf bir \u015fekilde bilan\u00e7oya yans\u0131t\u0131lmas\u0131 finansal disiplin a\u00e7\u0131s\u0131ndan olumlu bir mesajd\u0131r.<\/p>\n<p><b>6. Stok Y\u00f6netimi ve De\u011fer D\u00fc\u015f\u00fckl\u00fc\u011f\u00fc: \u00dcretimin Gizli Maliyeti<\/b><\/p>\n<p>\u015eirketin \u00fcretim odakl\u0131 modele ge\u00e7i\u015fi stok kalemlerinde de kendini g\u00f6steriyor. Plastikkart\u2019\u0131n stoklar\u0131 (Dipnot 7), 2024\u2019teki 53,6 milyon TL seviyesinden 2025 sonunda 83,8 milyon TL\u2019ye y\u00fckseldi. Bu art\u0131\u015f, kullan\u0131lan hammadde maliyetindeki y\u00fckseli\u015fle do\u011frudan ba\u011flant\u0131l\u0131d\u0131r.<\/p>\n<p>Ancak madalyonun di\u011fer y\u00fcz\u00fcnde, 15,1 milyon TL\u2019lik &#8220;Stok De\u011fer D\u00fc\u015f\u00fckl\u00fc\u011f\u00fc Kar\u015f\u0131l\u0131\u011f\u0131&#8221; bulunuyor. Toplam stok miktar\u0131n\u0131n yakla\u015f\u0131k <b>%18\u2019ine<\/b> tekab\u00fcl eden bu kar\u015f\u0131l\u0131k oran\u0131 olduk\u00e7a y\u00fcksektir. Teknoloji sekt\u00f6r\u00fcnde \u00e7iplerin ve hammaddelerin h\u0131zla demode olabildi\u011fi (obsolescence) g\u00f6z \u00f6n\u00fcne al\u0131nd\u0131\u011f\u0131nda, bu durum \u00fcretimin getirdi\u011fi gizli bir maliyet riski olarak not edilmelidir.<\/p>\n<p><b>7. Sonu\u00e7: Gelece\u011fin Kartlar\u0131 ve Yat\u0131r\u0131mc\u0131n\u0131n Sorusu<\/b><\/p>\n<p>Plastikkart\u2019\u0131n 2025 y\u0131l\u0131 finansal tablolar\u0131, operasyonel olarak daha derin bir \u00fcretim modeline evrilen bir \u015firketi resmediyor. Finansal yap\u0131 a\u00e7\u0131s\u0131ndan bak\u0131ld\u0131\u011f\u0131nda, Bor\u00e7\/Sermaye oran\u0131n\u0131n %24,27&#8217;den %36,09&#8217;a y\u00fckselmesi (Dipnot 28.2) dikkat \u00e7ekicidir. Bu, nispi olarak bor\u00e7 y\u00fck\u00fcnde <b>yakla\u015f\u0131k %50\u2019lik bir art\u0131\u015f<\/b> anlam\u0131na gelse de, \u015firketin y\u00fcksek enflasyon ortam\u0131nda daha agresif bir kald\u0131ra\u00e7 stratejisi izledi\u011fini g\u00f6steriyor. Net d\u00f6nem kar\u0131 68,8 milyon TL seviyesinde dengelenirken, \u00f6zkaynak yap\u0131s\u0131 enflasyona kar\u015f\u0131 direncini koruyor.<\/p>\n<p>Enflasyonun ve k\u00fcresel tedarik zincirlerinin yeniden \u015fekillendi\u011fi bu d\u00f6nemde, yerli \u00fcretim yapan teknoloji \u015firketleri karl\u0131l\u0131klar\u0131n\u0131 korumak i\u00e7in sadece &#8220;ak\u0131ll\u0131 kart&#8221; \u00fcretmekten fazlas\u0131n\u0131 m\u0131 yapmal\u0131? Finansal sonu\u00e7lar, verimlilik ve stratejik ortakl\u0131klar\u0131n en az \u00fcretim teknolojisi kadar kritik oldu\u011funu g\u00f6steriyor.<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Plastikkart 2025 Mali Y\u0131l\u0131 Bilgilendirme Belgesi<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, Plastikkart Ak\u0131ll\u0131 Kart \u0130leti\u015fim Sistemleri Sanayi ve Ticaret A.\u015e.&#8217;nin (&#8220;\u015eirket&#8221;) 31 Aral\u0131k 2025 tarihinde sona eren mali y\u0131l\u0131na ili\u015fkin finansal durumunu, faaliyet sonu\u00e7lar\u0131n\u0131 ve ba\u011f\u0131ms\u0131z denetim bulgular\u0131n\u0131 \u00f6zetlemektedir.<\/p>\n<p>2025 mali y\u0131l\u0131, y\u00fcksek enflasyonun finansal tablolar \u00fczerindeki etkilerinin TMS 29 \u00e7er\u00e7evesinde d\u00fczeltildi\u011fi ve \u015eirket&#8217;in operasyonel karl\u0131l\u0131\u011f\u0131n\u0131 korudu\u011fu bir y\u0131l olmu\u015ftur. Temel finansal g\u00f6stergeler \u015f\u00f6yledir:<\/p>\n<ul>\n<li><b>Net D\u00f6nem Kar\u0131:<\/b> 68,9 milyon TL (2024: 79,6 milyon TL).<\/li>\n<li><b>Has\u0131lat:<\/b> 2,28 milyar TL (2024: 2,54 milyar TL).<\/li>\n<li><b>Br\u00fct Kar:<\/b> 219,5 milyon TL (2024: 159,9 milyon TL).<\/li>\n<li><b>Toplam Varl\u0131klar:<\/b> 827,3 milyon TL (2024: 683,9 milyon TL).<\/li>\n<\/ul>\n<p>\u015eirket, ana orta\u011f\u0131 Thales Grubu (Gemalto B.V. arac\u0131l\u0131\u011f\u0131yla) ile olan g\u00fc\u00e7l\u00fc tedarik ve ticari ili\u015fkisini s\u00fcrd\u00fcrm\u00fc\u015ft\u00fcr. Ba\u011f\u0131ms\u0131z denet\u00e7i BDO Turkey, finansal tablolar hakk\u0131nda &#8220;olumlu g\u00f6r\u00fc\u015f&#8221; bildirmi\u015f; has\u0131lat\u0131n muhasebele\u015ftirilmesini &#8220;Kilit Denetim Konusu&#8221; olarak tan\u0131mlam\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>\u015eirket Profili ve Organizasyon yap\u0131s\u0131<\/h2>\n<p>2000 y\u0131l\u0131nda \u0130stanbul&#8217;da kurulan Plastikkart, ak\u0131ll\u0131 telefon kartlar\u0131 (SIM), \u00f6n \u00f6demeli kartlar, ak\u0131ll\u0131 banka ve kimlik kartlar\u0131 \u00fcretimi ve ki\u015fiselle\u015ftirilmesi alan\u0131nda faaliyet g\u00f6stermektedir.<\/p>\n<ul>\n<li><b>Sahiplik Yap\u0131s\u0131:<\/b> \u015eirket, Gemalto B.V. (nihai olarak Thales S.A.) taraf\u0131ndan kontrol edilmektedir. 31 Aral\u0131k 2025 itibar\u0131yla sermaye paylar\u0131 \u015fu \u015fekildedir:\n<ul>\n<li><b>Gemalto B.V.:<\/b> %66,20<\/li>\n<li><b>Halka A\u00e7\u0131k K\u0131s\u0131m:<\/b> %33,80<\/li>\n<\/ul>\n<\/li>\n<li><b>Operasyonel Girdi:<\/b> \u00dcretimin en kritik girdisi olan &#8220;chip&#8221; mod\u00fclleri, ili\u015fkili taraf olan Thales DIS SA&#8217;dan temin edilmektedir.<\/li>\n<li><b>\u0130stihdam:<\/b> 2025 y\u0131l\u0131 itibar\u0131yla ortalama personel say\u0131s\u0131 150&#8217;dir (2024: 159).<\/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>Finansal Performans Analizi<\/h2>\n<p>\u015eirket&#8217;in finansal tablolar\u0131, TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131na uygun olarak 31 Aral\u0131k 2025 sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6re sunulmu\u015ftur.<\/p>\n<h3>Kar veya Zarar \u00d6zeti<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (TL)<\/td>\n<td>1 Ocak &#8211; 31 Aral\u0131k 2025<\/td>\n<td>1 Ocak &#8211; 31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>2.285.190.126<\/td>\n<td>2.540.149.437<\/td>\n<\/tr>\n<tr>\n<td><b>Sat\u0131\u015flar\u0131n Maliyeti<\/b><\/td>\n<td>(2.065.644.997)<\/td>\n<td>(2.380.280.313)<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar<\/b><\/td>\n<td>219.545.129<\/td>\n<td>159.869.124<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Kar\u0131<\/b><\/td>\n<td>107.138.114<\/td>\n<td>115.650.345<\/td>\n<\/tr>\n<tr>\n<td><b>Net Parasal Kazan\u00e7<\/b><\/td>\n<td>6.820.983<\/td>\n<td>9.966.889<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem Kar\u0131<\/b><\/td>\n<td>68.884.267<\/td>\n<td>79.595.427<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Analiz Notlar\u0131:<\/b><\/p>\n<ul>\n<li>Has\u0131latta reel bir d\u00fc\u015f\u00fc\u015f g\u00f6zlenmesine ra\u011fmen, br\u00fct kar marj\u0131nda iyile\u015fme sa\u011flanm\u0131\u015ft\u0131r.<\/li>\n<li>Sat\u0131\u015flar\u0131n maliyeti i\u00e7inde en b\u00fcy\u00fck kalemi 1,03 milyar TL ile hammadde maliyeti ve 699,6 milyon TL ile ticari mal maliyeti olu\u015fturmaktad\u0131r.<\/li>\n<li>Pazarlama giderleri %71 oran\u0131nda artarak 4,76 milyon TL&#8217;ye y\u00fckselmi\u015ftir.<\/li>\n<\/ul>\n<h3>Finansal Durum (Bilan\u00e7o)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (TL)<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nen Varl\u0131klar<\/b><\/td>\n<td>534.756.911<\/td>\n<td>334.587.679<\/td>\n<\/tr>\n<tr>\n<td><b>Duran Varl\u0131klar<\/b><\/td>\n<td>292.539.078<\/td>\n<td>349.352.021<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td>827.295.989<\/td>\n<td>683.939.700<\/td>\n<\/tr>\n<tr>\n<td><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>304.166.035<\/td>\n<td>196.545.208<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td>482.107.005<\/td>\n<td>458.526.792<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\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>Kilit Denetim Konular\u0131 ve Ba\u011f\u0131ms\u0131z Denetim<\/h2>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7i raporunda has\u0131lat\u0131n muhasebele\u015ftirilmesi en kritik konu olarak de\u011ferlendirilmi\u015ftir.<\/p>\n<h3>Has\u0131lat\u0131n Muhasebele\u015ftirilmesi<\/h3>\n<p>\u015eirket&#8217;in has\u0131lat\u0131, mal ve hizmetlerin kontrol\u00fc m\u00fc\u015fteriye ge\u00e7ti\u011finde kaydedilir. Denetim raporunda \u015fu hususlar \u00f6ne \u00e7\u0131kar\u0131lm\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li><b>Faturas\u0131 Kesilmi\u015f Ancak Sevk Edilmemi\u015f \u00dcr\u00fcnler (Bill-and-hold):<\/b> Baz\u0131 durumlarda kontrol, ek protokollerle m\u00fc\u015fteriye ge\u00e7mekte ancak fiziksel teslimat stok sahalar\u0131nda devam etmektedir.<\/li>\n<li><b>Zamana Yay\u0131l\u0131 Muhasebele\u015ftirme:<\/b> M\u00fc\u015fteriye \u00f6zel \u00fcretilen ak\u0131ll\u0131 kartlarda, s\u00f6zle\u015fme feshi durumunda maliyet art\u0131 makul kar marj\u0131 hakk\u0131 varsa, has\u0131lat \u00fcretim s\u00fcrecine yay\u0131larak kaydedilmektedir.<\/li>\n<li><b>Bedelsiz Kart Sat\u0131\u015flar\u0131:<\/b> Bedelli ve bedelsiz kartlar\u0131n birlikte sat\u0131ld\u0131\u011f\u0131 s\u00f6zle\u015fmelerde gelir, birim sat\u0131\u015f fiyat\u0131 \u00fczerinden hesaplanarak kay\u0131tlara al\u0131nmaktad\u0131r.<\/li>\n<\/ul>\n<h3>Ba\u011f\u0131ms\u0131z Denet\u00e7i G\u00f6r\u00fc\u015f\u00fc<\/h3>\n<p>BDO Turkey taraf\u0131ndan y\u00fcr\u00fct\u00fclen denetim sonucunda, finansal tablolar\u0131n \u015eirket&#8217;in finansal durumunu ve performans\u0131n\u0131 TFRS&#8217;ye uygun olarak t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sundu\u011fu belirtilmi\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>\u0130li\u015fkili Taraf \u0130\u015flemleri<\/h2>\n<p>\u015eirket, operasyonlar\u0131n\u0131 ana orta\u011f\u0131 olan Thales Grubu b\u00fcnyesindeki \u015firketlerle yo\u011fun bir ticari ili\u015fki i\u00e7erisinde y\u00fcr\u00fctmektedir.<\/p>\n<ul>\n<li><b>Mal ve Hizmet Al\u0131mlar\u0131:<\/b> 2025 y\u0131l\u0131nda toplam 1,197 milyar TL tutar\u0131nda ili\u015fkili taraf al\u0131m\u0131 yap\u0131lm\u0131\u015ft\u0131r. Bunun b\u00fcy\u00fck \u00e7o\u011funlu\u011fu (1,192 milyar TL) hammadde tedari\u011fi kapsam\u0131nda <b>Thales DIS France SA<\/b>&#8216;dan ger\u00e7ekle\u015ftirilmi\u015ftir.<\/li>\n<li><b>Ticari Bor\u00e7lar:<\/b> 31 Aral\u0131k 2025 itibar\u0131yla ili\u015fkili taraflara 93 milyon TL ticari bor\u00e7 bulunmaktad\u0131r.<\/li>\n<li><b>\u00dcst Y\u00f6netime Sa\u011flanan Faydalar:<\/b> D\u00f6nem i\u00e7inde \u00fcst y\u00f6netime 35,4 milyon TL tutar\u0131nda k\u0131sa vadeli fayda sa\u011flanm\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>Risk Y\u00f6netimi ve \u00d6nemli Y\u00fck\u00fcml\u00fcl\u00fckler<\/h2>\n<h3>Finansal Riskler<\/h3>\n<ul>\n<li><b>Kur Riski:<\/b> \u015eirket, hammadde ithalat\u0131 nedeniyle d\u00f6viz kurlar\u0131ndaki de\u011fi\u015fimlere kar\u015f\u0131 hassast\u0131r. 31 Aral\u0131k 2025 itibar\u0131yla net yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fck pozisyonu 33,1 milyon TL&#8217;dir.<\/li>\n<li><b>Likidite ve Sermaye Riski:<\/b> Bor\u00e7\/Sermaye oran\u0131 %24,27&#8217;den %36,09&#8217;a y\u00fckselmi\u015ftir. Bu art\u0131\u015f, y\u00fck\u00fcml\u00fcl\u00fcklerin \u00f6zkaynaklara oranla daha h\u0131zl\u0131 artt\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/li>\n<\/ul>\n<h3>Kar\u015f\u0131l\u0131klar ve Davalar<\/h3>\n<ul>\n<li><b>Vergi Davas\u0131 Kar\u015f\u0131l\u0131\u011f\u0131:<\/b> Marmara Kurumlar Vergi Dairesi taraf\u0131ndan 2022 hesap d\u00f6nemine ili\u015fkin yap\u0131lan inceleme sonucunda, \u015eirket 10,5 milyon TL tutar\u0131nda uzun vadeli bir vergi dava kar\u015f\u0131l\u0131\u011f\u0131 ay\u0131rm\u0131\u015ft\u0131r.<\/li>\n<li><b>K\u0131dem Tazminat\u0131:<\/b> \u00c7al\u0131\u015fanlara sa\u011flanan faydalar kapsam\u0131nda ayr\u0131lan k\u0131dem tazminat\u0131 kar\u015f\u0131l\u0131\u011f\u0131 24,1 milyon TL&#8217;dir.<\/li>\n<li><b>Sat\u0131\u015f \u0130ade Kar\u015f\u0131l\u0131\u011f\u0131:<\/b> 2025 y\u0131l\u0131 i\u00e7in 4,1 milyon TL sat\u0131\u015f iade 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>\u00d6nemli Muhasebe Politikalar\u0131 ve Enflasyon Etkisi<\/h2>\n<ul>\n<li><b>TMS 29 Uygulamas\u0131:<\/b> 2024 y\u0131l\u0131 kar\u015f\u0131la\u015ft\u0131rmal\u0131 verileri, 31 Aral\u0131k 2025 endeksine (3.513,87) g\u00f6re 1,3089 d\u00fczeltme katsay\u0131s\u0131 kullan\u0131larak yeniden d\u00fczenlenmi\u015ftir.<\/li>\n<li><b>Maddi Duran Varl\u0131klar:<\/b> Arsa ve binalar ger\u00e7e\u011fe uygun de\u011fer \u00fczerinden takip edilmektedir. 8 Aral\u0131k 2025 tarihinde yap\u0131lan yeniden de\u011ferleme sonucunda 55,5 milyon TL tutar\u0131nda bir azal\u0131\u015f \u00f6zkaynaklarda muhasebele\u015ftirilmi\u015ftir.<\/li>\n<li><b>Ertelenmi\u015f Vergi:<\/b> \u015eirket&#8217;in 9,9 milyon TL tutar\u0131nda net ertelenmi\u015f vergi varl\u0131\u011f\u0131 bulunmaktad\u0131r.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Ba\u015fl\u0131k: Plastikkart 2025 Y\u0131l\u0131 Finansal Sonu\u00e7lar\u0131n\u0131 A\u00e7\u0131klad\u0131: Enflasyona Kar\u015f\u0131 Diren\u00e7li B\u00fcy\u00fcme<br \/>\nPlastikkart Ak\u0131ll\u0131 Kart \u0130leti\u015fim Sistemleri (PKART), 2025 y\u0131l\u0131na ait ba\u011f\u0131ms\u0131z denetimden ge\u00e7mi\u015f finansal sonu\u00e7lar\u0131n\u0131 kamuoyuyla payla\u015ft\u0131. Enflasyon muhasebesinin (TMS 29) uyguland\u0131\u011f\u0131 raporlama d\u00f6neminde \u015firket, 2,28 milyar TL has\u0131lat ve 68,9 milyon TL net d\u00f6nem kar\u0131 elde etti. \u00d6zellikle yurt i\u00e7i ak\u0131ll\u0131 kart ve ki\u015fiselle\u015ftirme hizmetlerinde pazar liderli\u011fini s\u00fcrd\u00fcren Plastikkart\u2019\u0131n toplam varl\u0131klar\u0131 827 milyon TL&#8217;yi a\u015farken, \u00f6zkaynaklar\u0131nda da istikrarl\u0131 bir art\u0131\u015f g\u00f6zlemlendi. Thales b\u00fcnyesindeki Gemalto B.V. kontrol\u00fcnde faaliyetlerini s\u00fcrd\u00fcren \u015firketin teknoloji yat\u0131r\u0131mlar\u0131 ve finansal durumu hakk\u0131ndaki t\u00fcm detaylar blog yaz\u0131m\u0131zda.<br \/>\nOkumaya devam edin&#8230;<\/p>\n","protected":false},"author":8,"featured_media":971,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[257],"class_list":["post-1216","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-pkart"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1216","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\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1216"}],"version-history":[{"count":4,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1216\/revisions"}],"predecessor-version":[{"id":1249,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1216\/revisions\/1249"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/971"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=1216"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1216"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1216"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}