{"id":1435,"date":"2026-02-23T20:55:22","date_gmt":"2026-02-23T17:55:22","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1435"},"modified":"2026-02-23T21:11:21","modified_gmt":"2026-02-23T18:11:21","slug":"a1cap-a1-capital-yatirim-menkul-degerler-2025-12-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1435","title":{"rendered":"\ud83c\uddf9\ud83c\uddf7 A1CAP | A1 Capital Yat\u0131r\u0131m Menkul De\u011ferler 2025\/12 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/creators.spotify.com\/pod\/profile\/market-risk-tr\/embed\/episodes\/A1CAP--A1-Capital-Yatrm-Menkul-Deerler-202512-Bilano-Analizi-e3fgdv4\/a-acg7abo\" width=\"400px\" height=\"102px\" frameborder=\"0\" scrolling=\"no\"><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">\ufeff<\/span><\/iframe><\/p>\n<h1>Yat\u0131r\u0131m D\u00fcnyas\u0131nda Dev S\u0131\u00e7ray\u0131\u015f: A1 Capital\u2019in 2025 Finansal Karnesinden En \u015ea\u015f\u0131rt\u0131c\u0131 5 \u00c7\u0131kar\u0131m<\/h1>\n<h3>1. Giri\u015f: Bir Ba\u015far\u0131 Hikayesinin Perde Arkas\u0131<\/h3>\n<p>Finans piyasalar\u0131n\u0131n y\u00fcksek volatilite ve enflasyonist bask\u0131larla test edildi\u011fi bir d\u00f6nemde, A1 Capital\u2019in 31 Aral\u0131k 2025 tarihli konsolide finansal tablolar\u0131 sadece bir b\u00fcy\u00fcme raporu de\u011fil, ayn\u0131 zamanda stratejik bir pivotun belgesidir. Ba\u011f\u0131ms\u0131z denetimden ge\u00e7mi\u015f bu rakamlar, \u015firketin piyasadaki konumunu sadece hacimle de\u011fil, verimlilik odakl\u0131 bir operasyonel zeka ile nas\u0131l tahkim etti\u011fini g\u00f6steriyor. Raporun sat\u0131r aralar\u0131, bir arac\u0131 kurumun &#8220;say\u0131lar\u0131n \u00f6tesinde&#8221; nas\u0131l bir de\u011fer yaratt\u0131\u011f\u0131na dair \u00e7arp\u0131c\u0131 ipu\u00e7lar\u0131 bar\u0131nd\u0131r\u0131yor.<\/p>\n<h3>2. Net Karda Patlama: Margin Geni\u015flemesinin Ustal\u0131k Eseri<\/h3>\n<p>A1 Capital\u2019in 2025 karnesindeki en sars\u0131c\u0131 veri, net d\u00f6nem kar\u0131ndaki devasa s\u0131\u00e7ramad\u0131r. 2024 y\u0131l\u0131 sonunda \u2014enflasyon d\u00fczeltmesi yap\u0131lm\u0131\u015f haliyle\u2014 <b>484.152.704 TL<\/b> olan net kar, 2025 sonunda yakla\u015f\u0131k 8 katl\u0131k bir art\u0131\u015fla <b>3.824.446.811 TL<\/b> seviyesine ula\u015ft\u0131. Bu performans, pay ba\u015f\u0131na kazanc\u0131 <b>5,6658 TL<\/b> gibi elit bir seviyeye ta\u015f\u0131m\u0131\u015ft\u0131r.<\/p>\n<p>Ancak bir analist g\u00f6z\u00fcyle bak\u0131ld\u0131\u011f\u0131nda as\u0131l ba\u015far\u0131 kar\u0131n miktar\u0131nda de\u011fil, elde edili\u015f bi\u00e7imindedir. 2024\u2019te <b>54,3 Milyar TL<\/b> olan has\u0131lat, 2025\u2019te <b>33,06 Milyar TL<\/b>\u2019ye gerilemesine ra\u011fmen, sat\u0131\u015flar\u0131n maliyetindeki radikal d\u00fc\u015f\u00fc\u015f (49,1 Milyar TL&#8217;den 23,1 Milyar TL&#8217;ye) Br\u00fct Kar\u0131 ikiye katlam\u0131\u015ft\u0131r. Bu, \u015firketin daha d\u00fc\u015f\u00fck hacimle daha y\u00fcksek katma de\u011fer ve marj \u00fcretti\u011finin kan\u0131t\u0131d\u0131r. PKF Aday Ba\u011f\u0131ms\u0131z Denetim, bu finansal tabloyu \u015fu s\u00f6zlerle m\u00fch\u00fcrlemi\u015ftir:<\/p>\n<p>&#8220;G\u00f6r\u00fc\u015f\u00fcm\u00fcze g\u00f6re ili\u015fikteki konsolide finansal tablolar, Grup&#8217;un 31 Aral\u0131k 2025 tarihi itibar\u0131yla konsolide finansal durumunu ve ayn\u0131 tarihte sona eren hesap d\u00f6nemine ait konsolide finansal performans\u0131n\u0131 ve konsolide nakit ak\u0131\u015flar\u0131n\u0131, T\u00fcrkiye Finansal Raporlama Standartlar\u0131na (TFRS\u2019lere) uygun olarak t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sunmaktad\u0131r.&#8221;<\/p>\n<h3>3. Varl\u0131k Y\u00f6netiminde Agresif B\u00fcy\u00fcme: 11 Milyardan 18 Milyara<\/h3>\n<p>\u015eirketin bilan\u00e7o b\u00fcy\u00fckl\u00fc\u011f\u00fc, sadece bir y\u0131lda %60\u2019\u0131n \u00fczerinde bir reel art\u0131\u015f g\u00f6sterdi. 31 Aral\u0131k 2024\u2019te <b>11.308.167.713 TL<\/b> olan toplam varl\u0131klar, 2025 sonunda <b>18.204.039.191 TL<\/b>\u2019ye f\u0131rlad\u0131. B\u00fcy\u00fcmenin mimarisini inceledi\u011fimizde \u015fu kalemler \u00f6ne \u00e7\u0131k\u0131yor:<\/p>\n<ul>\n<li><b>Toplam Varl\u0131klar:<\/b> 18,20 Milyar TL (\u00d6nceki d\u00f6nem: 11,31 Milyar TL)<\/li>\n<li><b>Finansal Yat\u0131r\u0131mlar (D\u00f6nen):<\/b> 6,38 Milyar TL (\u00d6nceki d\u00f6nem: 2,64 Milyar TL)<\/li>\n<li><b>Di\u011fer Alacaklar:<\/b> 1,65 Milyar TL (\u00d6nceki d\u00f6nem: 189 Milyon TL &#8211; Yakla\u015f\u0131k 9 kat art\u0131\u015f)<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> 9,18 Milyar TL (\u00d6nceki d\u00f6nem: 5,32 Milyar TL)<\/li>\n<\/ul>\n<p>\u00d6zellikle &#8220;Di\u011fer Alacaklar&#8221; kalemindeki 9 katl\u0131k art\u0131\u015f ve finansal yat\u0131r\u0131mlardaki 6,38 milyar TL&#8217;lik pozisyon, \u015firketin likit g\u00fcc\u00fcn\u00fc ve pazar pay\u0131 kazanma i\u015ftah\u0131n\u0131 yans\u0131t\u0131yor.<\/p>\n<h3>4. TMS 29 ve Enflasyonun &#8220;Parasal&#8221; Bedeli<\/h3>\n<p>Raporun en teknik ama &#8220;ger\u00e7ek&#8221; k\u0131s\u0131mlar\u0131ndan biri TMS 29 uygulamas\u0131d\u0131r. Finansal tablolar, 31 Aral\u0131k 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fc cinsinden sunulmu\u015ftur. Bu s\u00fcre\u00e7te \u00dc\u00e7 Y\u0131ll\u0131k Bile\u015fik Enflasyon Oranlar\u0131n\u0131n (%211, %291 ve %268) a\u011f\u0131rl\u0131\u011f\u0131 alt\u0131nda, \u015firket <b>1.390.277.458 TL<\/b> tutar\u0131nda bir <b>&#8220;Parasal Kay\u0131p&#8221;<\/b> kaydetmi\u015ftir.<\/p>\n<p>Bu rakam, y\u00fcksek enflasyon ortam\u0131nda elde tutulan parasal varl\u0131klar\u0131n sat\u0131n alma g\u00fcc\u00fcndeki erimeyi temsil eder. Bir ba\u015fka deyi\u015fle A1 Capital, 1,4 milyar TL\u2019ye yak\u0131n bir &#8220;enflasyon vergisi&#8221; \u00f6demesine ra\u011fmen, operasyonel verimlili\u011fi sayesinde 3,8 milyar TL net kara ula\u015fmay\u0131 ba\u015fararak \u00f6zkaynak karl\u0131l\u0131\u011f\u0131n\u0131 korumu\u015ftur.<\/p>\n<h3>5. Denetimin Kalbi: 33 Milyar TL&#8217;lik Has\u0131lat\u0131n Anatomisi<\/h3>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7iler, <b>33.064.519.586 TL<\/b> tutar\u0131ndaki has\u0131lat\u0131 &#8220;Kilit Denetim Konusu&#8221; olarak belirledi. Bu devasa rakam; arac\u0131l\u0131k komisyonlar\u0131ndan portf\u00f6y y\u00f6netimi gelirlerine, kurumsal finansman hizmetlerinden faiz gelirlerine kadar geni\u015f bir yelpazeyi kaps\u0131yor.<\/p>\n<p>PKF, bu karma\u015f\u0131k yap\u0131y\u0131 do\u011frulamak i\u00e7in \u015fu cerrahi prosed\u00fcrleri izlemi\u015ftir:<\/p>\n<ul>\n<li>Has\u0131lat s\u00fcrecindeki i\u00e7 kontrollerin tasar\u0131m\u0131 ve operasyonel etkinli\u011finin test edilmesi.<\/li>\n<li>\u00d6rnekleme y\u00f6ntemiyle se\u00e7ilen i\u015flemlerin destekleyici belgelerle (dekont, i\u015flem makbuzu) \u00e7apraz kontrol\u00fc.<\/li>\n<li>Arac\u0131l\u0131k gelirlerine temel te\u015fkil eden i\u015flem hacimleri \u00fczerinden \u00fc\u00e7\u00fcnc\u00fc taraflarla yap\u0131lan resmi mutabakatlar.<\/li>\n<\/ul>\n<h3>6. Daha Yal\u0131n, Daha G\u00fc\u00e7l\u00fc: Operasyonel Verimlilik<\/h3>\n<p>\u015eirketin fiziksel ve organizasyonel yap\u0131s\u0131ndaki de\u011fi\u015fim, &#8220;verimlilik odakl\u0131 b\u00fcy\u00fcme&#8221; stratejisini destekliyor. 2024 sonunda 253 olan \u00e7al\u0131\u015fan say\u0131s\u0131 2025 sonunda <b>237\u2019ye<\/b> gerilemi\u015f olsa da, karl\u0131l\u0131\u011f\u0131n 8 kat artmas\u0131 ki\u015fi ba\u015f\u0131 verimlilikte muazzam bir s\u0131\u00e7ramaya i\u015faret ediyor.<\/p>\n<p>T\u00fcrkiye genelinde 1 \u015fube ve 17 irtibat b\u00fcrosu (\u0130stanbul, Ankara, \u0130zmir, Antalya, Bursa, Denizli, Eski\u015fehir ve \u00c7anakkale gibi stratejik noktalar) ile hizmet veren A1 Capital, dijitalle\u015fme ve geni\u015f hizmet a\u011f\u0131n\u0131 birle\u015ftirerek operasyonel maliyetlerini optimize etmeyi ba\u015farm\u0131\u015ft\u0131r.<\/p>\n<h3>7. Sonu\u00e7: Gelece\u011fe Bak\u0131\u015f ve D\u00fc\u015f\u00fcnd\u00fcren Soru<\/h3>\n<p>A1 Capital\u2019in 2025 performans\u0131, hacim odakl\u0131 bir yap\u0131dan verimlilik ve margin odakl\u0131 bir yap\u0131ya ge\u00e7i\u015fin ba\u015far\u0131l\u0131 bir prototipidir. Enflasyonun parasal varl\u0131klar\u0131 a\u015f\u0131nd\u0131rd\u0131\u011f\u0131 bir ortamda varl\u0131klar\u0131n\u0131 ikiye, kar\u0131n\u0131 sekize katlayan bu finansal mimari, sekt\u00f6r i\u00e7in \u00f6nemli bir referans noktas\u0131 olu\u015fturuyor.<\/p>\n<p>Ancak profesyonel bir bak\u0131\u015f a\u00e7\u0131s\u0131yla \u015fu soruyu sormak zorunday\u0131z: <b>&#8220;Enflasyonist bir ortamda margin geni\u015flemesi ve operasyonel verimlilikle bu devasa s\u0131\u00e7ray\u0131\u015f\u0131 ger\u00e7ekle\u015ftiren yap\u0131, 2026\u2019n\u0131n de\u011fi\u015fen makroekonomik ko\u015fullar\u0131nda ve normalle\u015fme s\u00fcrecinde bu y\u00fcksek ivmeyi nas\u0131l koruyacak?&#8221;<\/b> Cevap, \u015firketin \u00f6zkaynak g\u00fcc\u00fcn\u00fc ve \u00e7e\u015fitlendirilmi\u015f hizmet a\u011f\u0131n\u0131 nas\u0131l kullanaca\u011f\u0131nda gizli.<\/p>\n<h1><span style=\"color: #3366ff;\">A1 Capital Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e. 2025 Y\u0131l\u0131 Konsolide Finansal Raporu Bilgilendirme Notu<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, A1 Capital Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e. (&#8220;\u015eirket&#8221;) ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (birlikte &#8220;Grup&#8221;) 1 Ocak \u2013 31 Aral\u0131k 2025 hesap d\u00f6nemine ait ba\u011f\u0131ms\u0131z denetimden ge\u00e7mi\u015f konsolide finansal tablolar\u0131n\u0131 ve analizlerini i\u00e7ermektedir.<\/p>\n<p>2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131, Grubun varl\u0131k yap\u0131s\u0131nda ve \u00f6zkaynaklar\u0131nda \u00e7ok ciddi bir b\u00fcy\u00fcme kaydetti\u011fini g\u00f6stermektedir. Toplam varl\u0131klar 11,3 milyar TL seviyesinden 18,2 milyar TL&#8217;ye y\u00fckselirken, \u00f6zkaynaklar %72,5 oran\u0131nda artarak 9,18 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. Grubun net d\u00f6nem k\u00e2r\u0131, \u00f6nceki y\u0131lki 484 milyon TL seviyesinden yakla\u015f\u0131k 8 kat artarak <b>3,82 milyar TL<\/b> olarak ger\u00e7ekle\u015fmi\u015ftir. Ba\u011f\u0131ms\u0131z denet\u00e7i PKF Aday Ba\u011f\u0131ms\u0131z Denetim A.\u015e., Grubun finansal tablolar\u0131n\u0131n t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sunuldu\u011funa dair &#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. Kurumsal Profil ve Organizasyonel Yap\u0131<\/h2>\n<h3>\u015eirket Tarih\u00e7esi ve Faaliyet Konusu<\/h3>\n<p>A1 Capital, 1990 y\u0131l\u0131nda kurulmu\u015f olup, sermaye piyasas\u0131 faaliyetlerinde bulunmak \u00fczere geni\u015f yetkili arac\u0131 kurum lisans\u0131na sahiptir. \u015eirket, 27 May\u0131s 2015 tarihinde mevcut unvan\u0131n\u0131 alm\u0131\u015ft\u0131r.<\/p>\n<h3>Lisans ve Yetki Belgeleri (26 Ocak 2016 itibar\u0131yla)<\/h3>\n<ul>\n<li>\u0130\u015flem Arac\u0131l\u0131\u011f\u0131 ve Portf\u00f6y Arac\u0131l\u0131\u011f\u0131 Faaliyeti<\/li>\n<li>Bireysel Portf\u00f6y Y\u00f6neticili\u011fi ve Yat\u0131r\u0131m Dan\u0131\u015fmanl\u0131\u011f\u0131<\/li>\n<li>Halka Arza Arac\u0131l\u0131k Faaliyeti<\/li>\n<li>S\u0131n\u0131rl\u0131 Saklama Hizmeti<\/li>\n<\/ul>\n<h3>Ba\u011fl\u0131 Ortakl\u0131klar ve Personel<\/h3>\n<ul>\n<li><b>Ba\u011fl\u0131 Ortakl\u0131k:<\/b> A1 Capital Portf\u00f6y Y\u00f6netimi A.\u015e. (%100 sahiplik oran\u0131 ile tam konsolidasyon kapsam\u0131ndad\u0131r).<\/li>\n<li><b>\u0130\u015f G\u00fcc\u00fc:<\/b> 31 Aral\u0131k 2025 itibar\u0131yla Grubun 237 \u00e7al\u0131\u015fan\u0131 bulunmaktad\u0131r (2024: 253).<\/li>\n<li><b>Hizmet A\u011f\u0131:<\/b> Grup, \u0130stanbul merkez olmak \u00fczere 1 \u015fube ve \u0130zmir, Ankara, Bursa, Antalya gibi illerde toplam 17 irtibat b\u00fcrosu ile faaliyet g\u00f6stermektedir.<\/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<\/h2>\n<p>31 Aral\u0131k 2025 itibar\u0131yla Grubun finansal pozisyonu, 2024 y\u0131l\u0131 ile kar\u015f\u0131la\u015ft\u0131rmal\u0131 olarak a\u015fa\u011f\u0131da \u00f6zetlenmi\u015ftir (T\u00fcm tutarlar 31 Aral\u0131k 2025 sat\u0131n alma g\u00fcc\u00fc cinsinden TL olarak ifade edilmi\u015ftir):<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Finansal G\u00f6sterge<\/td>\n<td>31 Aral\u0131k 2025 (TL)<\/td>\n<td>31 Aral\u0131k 2024 (TL)<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td>18.204.039.191<\/td>\n<td>11.308.167.713<\/td>\n<td>+61,0%<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nen Varl\u0131klar<\/b><\/td>\n<td>17.534.580.229<\/td>\n<td>10.860.801.324<\/td>\n<td>+61,4%<\/td>\n<\/tr>\n<tr>\n<td><b>Duran Varl\u0131klar<\/b><\/td>\n<td>669.458.962<\/td>\n<td>447.366.389<\/td>\n<td>+49,6%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>9.021.389.977<\/td>\n<td>5.986.298.036<\/td>\n<td>+50,7%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam \u00d6zkaynaklar<\/b><\/td>\n<td>9.182.649.214<\/td>\n<td>5.321.869.677<\/td>\n<td>+72,5%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Varl\u0131k Yap\u0131s\u0131 Detaylar\u0131<\/h3>\n<ul>\n<li><b>Nakit ve Nakit Benzerleri:<\/b> 1,69 milyar TL seviyesindedir.<\/li>\n<li><b>Finansal Yat\u0131r\u0131mlar:<\/b> Cari d\u00f6nemde 6,38 milyar TL&#8217;ye y\u00fckselerek \u00f6nemli bir art\u0131\u015f g\u00f6stermi\u015ftir (2024: 2,64 milyar TL).<\/li>\n<li><b>Ticari Alacaklar:<\/b> 7,8 milyar TL ile d\u00f6nen varl\u0131klar\u0131n en b\u00fcy\u00fck kalemini olu\u015fturmaktad\u0131r.<\/li>\n<\/ul>\n<h3>Kaynak Yap\u0131s\u0131 ve Sermaye Art\u0131r\u0131m\u0131<\/h3>\n<ul>\n<li><b>\u00d6denmi\u015f Sermaye:<\/b> \u015eirketin sermayesi, emisyon primlerinden kar\u015f\u0131lanmak suretiyle %400 oran\u0131nda art\u0131r\u0131larak 135.000.000 TL&#8217;den <b>675.000.000 TL<\/b>&#8216;ye \u00e7\u0131kar\u0131lm\u0131\u015ft\u0131r. Bu i\u015flem 7 Mart 2025 tarihinde tescil edilmi\u015ftir.<\/li>\n<li><b>Bor\u00e7lanma:<\/b> Toplam banka kredileri 1,13 milyar TL, ihra\u00e7 edilmi\u015f bor\u00e7lanma ara\u00e7lar\u0131 ise 915 milyon TL seviyesindedir.<\/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. Operasyonel Performans ve K\u00e2r\/Zarar Analizi<\/h2>\n<p>2025 y\u0131l\u0131, has\u0131lat\u0131n nominal d\u00fc\u015f\u00fc\u015f\u00fcne ra\u011fmen operasyonel verimlili\u011fin ve net k\u00e2r\u0131n maksimize edildi\u011fi bir y\u0131l olmu\u015ftur.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>K\u00e2r veya Zarar Kalemi<\/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>33.064.519.586<\/td>\n<td>54.353.110.691<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>9.930.740.710<\/td>\n<td>5.159.747.530<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td>9.027.660.514<\/td>\n<td>4.442.296.343<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131<\/b><\/td>\n<td><b>3.824.446.811<\/b><\/td>\n<td><b>484.152.704<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Pay Ba\u015f\u0131na Kazan\u00e7<\/b><\/td>\n<td>5,6658<\/td>\n<td>0,7173<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Temel Performans Notlar\u0131<\/h3>\n<ul>\n<li><b>Has\u0131lat ve Maliyet:<\/b> Has\u0131lat \u00f6nceki y\u0131la g\u00f6re d\u00fc\u015f\u00fc\u015f g\u00f6sterse de, sat\u0131\u015flar\u0131n maliyetindeki %53&#8217;l\u00fck azalma br\u00fct k\u00e2r\u0131n iki kat\u0131na \u00e7\u0131kmas\u0131n\u0131 sa\u011flam\u0131\u015ft\u0131r.<\/li>\n<li><b>Parasal Kay\u0131p:<\/b> Y\u00fcksek enflasyon ortam\u0131 nedeniyle 1,39 milyar TL tutar\u0131nda net parasal pozisyon kayb\u0131 kaydedilmi\u015ftir.<\/li>\n<li><b>Vergi Y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc:<\/b> D\u00f6nem k\u00e2r\u0131 \u00fczerinden 2,01 milyar TL tutar\u0131nda toplam vergi gideri (cari ve ertelenmi\u015f) hesaplanm\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. Kilit Denetim Konular\u0131 ve Muhasebe Politikalar\u0131<\/h2>\n<h3>Has\u0131lat\u0131n Muhasebele\u015ftirilmesi<\/h3>\n<p>Ba\u011f\u0131ms\u0131z denetim raporunda has\u0131lat, tutarsal b\u00fcy\u00fckl\u00fc\u011f\u00fc ve i\u015flem hacmi nedeniyle en \u00f6nemli kilit denetim konusu olarak tan\u0131mlanm\u0131\u015ft\u0131r. 33 milyar TL&#8217;yi a\u015fan has\u0131lat tutar\u0131; menkul k\u0131ymet sat\u0131\u015f\u0131, arac\u0131l\u0131k komisyonlar\u0131, portf\u00f6y y\u00f6netim gelirleri ve kurumsal finansman gelirlerinden olu\u015fmaktad\u0131r. Denetim s\u0131ras\u0131nda bu kalemler i\u00e7in \u00fc\u00e7\u00fcnc\u00fc taraflarla mutabakatlar ve veri detaylar\u0131 \u00fczerinden testler ger\u00e7ekle\u015ftirilmi\u015ftir.<\/p>\n<h3>Muhasebe Politikas\u0131 De\u011fi\u015fikli\u011fi (Binalar)<\/h3>\n<p>Grup, 31 Aral\u0131k 2025 itibar\u0131yla maddi duran varl\u0131klar kalemindeki binalar i\u00e7in &#8220;Maliyet Modeli&#8221;nden &#8220;Yeniden De\u011ferleme Modeli&#8221;ne ge\u00e7i\u015f yapm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li>Bu de\u011fi\u015fiklik sonucunda \u00f6zkaynaklar alt\u0131nda 37,1 milyon TL tutar\u0131nda yeniden de\u011ferleme art\u0131\u015f fonu olu\u015fmu\u015ftur.<\/li>\n<li>De\u011ferleme \u00e7al\u0131\u015fmalar\u0131 SPK lisansl\u0131 Ter Ra Gayrimenkul De\u011ferleme ve Dan\u0131\u015fmanl\u0131k A.\u015e. taraf\u0131ndan yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>Enflasyon Muhasebesi (TMS 29)<\/h3>\n<p>Finansal tablolar, TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131 uyar\u0131nca, TL&#8217;nin 31 Aral\u0131k 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fc cinsinden sunulmu\u015ftur. Bu kapsamda ge\u00e7mi\u015f d\u00f6nem verileri de cari d\u00f6nem sat\u0131n alma g\u00fcc\u00fcne getirilerek kar\u015f\u0131la\u015ft\u0131r\u0131labilir k\u0131l\u0131nm\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>5. Denet\u00e7i G\u00f6r\u00fc\u015f\u00fc ve Sorumluluklar<\/h2>\n<p><b>PKF Aday Ba\u011f\u0131ms\u0131z Denetim A.\u015e.<\/b> taraf\u0131ndan haz\u0131rlanan raporun sonu\u00e7lar\u0131:<\/p>\n<ol>\n<li><b>G\u00f6r\u00fc\u015f:<\/b> Konsolide finansal tablolar, Grubun 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>S\u00fcreklilik:<\/b> Finansal tablolar, i\u015fletmenin s\u00fcreklili\u011fi esas\u0131na g\u00f6re haz\u0131rlanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Risk Y\u00f6netimi:<\/b> TTK&#8217;n\u0131n 398. maddesi uyar\u0131nca haz\u0131rlanan &#8220;Riskin Erken Saptanmas\u0131 Sistemi ve Komitesi Hakk\u0131nda Denet\u00e7i Raporu&#8221;, 20 \u015eubat 2026 tarihinde Y\u00f6netim Kurulu&#8217;na sunulmu\u015ftur.<\/li>\n<\/ol>\n<p><i>&#8220;G\u00f6r\u00fc\u015f\u00fcm\u00fcze g\u00f6re ili\u015fikteki konsolide finansal tablolar, Grup&#8217;un 31 Aral\u0131k 2025 tarihi itibar\u0131yla konsolide finansal durumunu ve ayn\u0131 tarihte sona eren hesap d\u00f6nemine ait konsolide finansal performans\u0131n\u0131 ve konsolide nakit ak\u0131\u015flar\u0131n\u0131&#8230; ger\u00e7e\u011fe uygun bir bi\u00e7imde sunmaktad\u0131r.&#8221;<\/i> \u2014 <b>Ba\u011f\u0131ms\u0131z Denet\u00e7i Raporu<\/b><\/p>\n<button class=\"simplefavorite-button\" data-postid=\"1435\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>A1 Capital&#8217;den 2025 Y\u0131l\u0131nda Rekor Finansal Ba\u015far\u0131: Net K\u00e2r 3,8 Milyar TL&#8217;yi A\u015ft\u0131!<br \/>\nA1 Capital, 2025 y\u0131l\u0131 konsolide finansal sonu\u00e7lar\u0131n\u0131 a\u00e7\u0131klad\u0131. Enflasyon muhasebesi (TMS 29) uygulanm\u0131\u015f verilere g\u00f6re \u015firket, net d\u00f6nem k\u00e2r\u0131n\u0131 bir \u00f6nceki y\u0131la oranla yakla\u015f\u0131k 8 kat art\u0131rarak 3,82 milyar TL seviyesine \u00e7\u0131kard\u0131. Toplam varl\u0131klar\u0131n\u0131 18,2 milyar TL&#8217;ye y\u00fckselten ve \u00f6zkaynaklar\u0131n\u0131 g\u00fc\u00e7lendiren A1 Capital, ayn\u0131 d\u00f6nemde sermayesini de %400 bedelsiz art\u0131rarak 675 milyon TL&#8217;ye ula\u015ft\u0131rd\u0131. Pay ba\u015f\u0131na kazanc\u0131n 5,66 TL olarak ger\u00e7ekle\u015fti\u011fi bu d\u00f6nemde \u015firket, hem operasyonel b\u00fcy\u00fcmesini hem de finansal istikrar\u0131n\u0131 tescilledi. Detayl\u0131 analizimiz ve raporun \u00f6ne \u00e7\u0131kan t\u00fcm ba\u015fl\u0131klar\u0131 yaz\u0131m\u0131zda.<\/p>\n","protected":false},"author":10,"featured_media":974,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[272],"class_list":["post-1435","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-a1cap"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1435","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\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1435"}],"version-history":[{"count":5,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1435\/revisions"}],"predecessor-version":[{"id":1443,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1435\/revisions\/1443"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/974"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=1435"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1435"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1435"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}