{"id":1517,"date":"2026-03-02T20:54:11","date_gmt":"2026-03-02T17:54:11","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1517"},"modified":"2026-03-02T21:14:58","modified_gmt":"2026-03-02T18:14:58","slug":"netcd-bilanco-analizi-2025-12-netcad-yazilim-a-s","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1517","title":{"rendered":"\ud83c\uddf9\ud83c\uddf7 #NETCD Bilan\u00e7o Analizi 2025\/12 | Netcad Yaz\u0131l\u0131m A.\u015e."},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/creators.spotify.com\/pod\/profile\/market-risk-tr\/embed\/episodes\/NETCD-Bilano-Analizi-202512--Netcad-Yazlm-A-e3fr7fn\/a-acglmhc\" height=\"102px\" width=\"400px\" frameborder=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<h1>Netcad\u2019in 2025 Finansal Karnesi: Bir Yaz\u0131l\u0131m Devinin Rakamlar\u0131ndaki 5 \u00c7arp\u0131c\u0131 Ger\u00e7ek<\/h1>\n<p>T\u00fcrkiye teknoloji ekosisteminin 1989 y\u0131l\u0131na, Ak M\u00fchendislik k\u00f6klerine kadar uzanan en k\u00f6kl\u00fc \u00e7\u0131narlar\u0131ndan biri olan Netcad, 2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131n\u0131 a\u00e7\u0131klad\u0131. Ancak bu kez kar\u015f\u0131m\u0131zda sadece bir yerli yaz\u0131l\u0131m ba\u015far\u0131 hikayesi de\u011fil; Taxim Capital, EBRD (Avrupa \u0130mar ve Kalk\u0131nma Bankas\u0131) ve IFC (D\u00fcnya Bankas\u0131 Grubu) gibi k\u00fcresel devlerin denetim ve ortakl\u0131k s\u00fczgecinden ge\u00e7mi\u015f, kurumsal bir &#8220;finansal kale&#8221; var. 26 \u015eubat 2026 tarihli Ba\u011f\u0131ms\u0131z Denet\u00e7i Raporu\u2019nu inceledi\u011fimizde, Netcad\u2019in sadece kod yazmad\u0131\u011f\u0131n\u0131, ayn\u0131 zamanda y\u00fcksek enflasyon t\u00fcrb\u00fclans\u0131nda bir finans m\u00fchendisli\u011fi dersi verdi\u011fini g\u00f6r\u00fcyoruz.<\/p>\n<p>Rakamlar\u0131n arkas\u0131ndaki stratejik katmanlar\u0131 inceledi\u011fimizde, Netcad\u2019in 2025 y\u0131l\u0131 performans\u0131na dair 5 \u00e7arp\u0131c\u0131 ger\u00e7ek \u00f6ne \u00e7\u0131k\u0131yor.<\/p>\n<h2>1. Enflasyonun &#8220;G\u00f6r\u00fcnmez&#8221; Eli: TMS 29 ve Parasal Ger\u00e7eklik<\/h2>\n<p>T\u00fcrkiye ekonomisindeki hiperenflasyon s\u00fcreci, bilan\u00e7olar\u0131 &#8220;nominal&#8221; ill\u00fczyonlardan ar\u0131nd\u0131rmay\u0131 zorunlu k\u0131l\u0131yor. Netcad, raporlar\u0131n\u0131 <b>TMS 29 (Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama)<\/b> standartlar\u0131na g\u00f6re sundu. Bu durum, tabloda g\u00f6rd\u00fc\u011f\u00fcn\u00fcz 2024 kar\u015f\u0131la\u015ft\u0131rmal\u0131 rakamlar\u0131n\u0131n dahi 31 Aral\u0131k 2025\u2019in sat\u0131n alma g\u00fcc\u00fcne g\u00f6re yukar\u0131 y\u00f6nl\u00fc revize edildi\u011fi anlam\u0131na geliyor.<\/p>\n<p>Bu muhasebe mimarisinin en kritik \u00e7\u0131kt\u0131s\u0131 ise &#8220;Net Parasal Pozisyon Kay\u0131plar\u0131&#8221; kalemi.<\/p>\n<p><b>Kritik Veri: Net Parasal Pozisyon Kayb\u0131<\/b> \u015eirket, 2025 y\u0131l\u0131nda <b>-172.551.107 TL<\/b> tutar\u0131nda bir parasal pozisyon kayb\u0131 kaydetti. \u00d6nemli bir not: Bu operasyonel bir ba\u015far\u0131s\u0131zl\u0131k de\u011fil, y\u00fcksek enflasyon ortam\u0131nda nakit ve benzeri varl\u0131klar\u0131 elde tutman\u0131n &#8220;gayrinakdi&#8221; (non-cash) bir muhasebe sonucudur.<\/p>\n<p>Netcad\u2019in 868 milyon TL net k\u00e2r elde etti\u011fi bir d\u00f6nemde bu kayb\u0131 g\u00f6\u011f\u00fcsleyebilmesi, \u015firketin enflasyona kar\u015f\u0131 kurdu\u011fu defans\u0131n ne kadar g\u00fc\u00e7l\u00fc oldu\u011funu g\u00f6steriyor.<\/p>\n<h2>2. G\u00f6r\u00fcnmeyen De\u011fer: 1,6 Milyar TL&#8217;lik &#8220;Dijital Fabrika&#8221;<\/h2>\n<p>Yaz\u0131l\u0131m d\u00fcnyas\u0131nda ger\u00e7ek de\u011fer, ofis binalar\u0131nda de\u011fil, sunuculardaki kod sat\u0131rlar\u0131nda gizlidir. Netcad\u2019in bilan\u00e7osunda &#8220;Maddi Olmayan Duran Varl\u0131klar&#8221; kalemi, bir \u00f6nceki y\u0131lki 1,33 milyar TL seviyesinden <b>1,61 milyar TL<\/b>&#8216;ye ula\u015ft\u0131. Bu rakam\u0131n en \u00e7arp\u0131c\u0131 yan\u0131, \u015firketin 2025 y\u0131l\u0131 toplam has\u0131lat\u0131ndan (1,4 milyar TL) bile daha b\u00fcy\u00fck bir de\u011fere sahip olmas\u0131d\u0131r.<\/p>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7inin &#8220;Kilit Denetim Konusu&#8221; olarak alt\u0131n\u0131 \u00e7izdi\u011fi bu kalem, \u015firketin Ar-Ge yat\u0131r\u0131mlar\u0131n\u0131 do\u011frudan &#8220;varl\u0131k&#8221; olarak tescil etti\u011fini g\u00f6steriyor:<\/p>\n<p>&#8220;\u015eirket, ara\u015ft\u0131rma-geli\u015ftirme faaliyetleri kapsam\u0131nda ya da projelerin geli\u015fim a\u015famas\u0131 sonucu ortaya \u00e7\u0131kan geli\u015ftirme giderlerini aktifle\u015ftirmektedir. Bu s\u00fcre\u00e7, projenin gelecekte nakit ak\u0131\u015f\u0131 sa\u011flayaca\u011f\u0131 ve teknik olarak tamamlanabilir oldu\u011fu varsay\u0131m\u0131yla (TMS 38) y\u00fcr\u00fct\u00fclmektedir.&#8221;<\/p>\n<p>Bu tablo, Netcad y\u00f6netiminin gelecekteki nakit ak\u0131\u015flar\u0131na duydu\u011fu g\u00fcvenin bilan\u00e7oya yans\u0131yan en somut kan\u0131t\u0131d\u0131r.<\/p>\n<h2>3. Gelir Modeli: Has\u0131latta Kalite ve S\u00fcreklilik<\/h2>\n<p>Netcad\u2019in gelir yap\u0131s\u0131, sadece bir kez yap\u0131lan sat\u0131\u015flara de\u011fil, &#8220;recurring&#8221; dedi\u011fimiz s\u00fcrekli gelirlere dayan\u0131yor. Denet\u00e7i raporunda has\u0131lat\u0131n muhasebele\u015ftirilmesi b\u00f6l\u00fcm\u00fcnde vurgulanan; lisans sat\u0131\u015flar\u0131, teknik destek ve s\u00fcr\u00fcm y\u00fckseltme hizmetleri aras\u0131ndaki denge, \u015firketin &#8220;sa\u011fl\u0131kl\u0131 b\u00fcy\u00fcme&#8221; stratejisini destekliyor.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Gelir Kalemi (TL)<\/td>\n<td>2024 (D\u00fczeltilmi\u015f)<\/td>\n<td>2025 (Cari)<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Has\u0131lat<\/b><\/td>\n<td>1.174.579.295<\/td>\n<td>1.404.441.955<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>1.070.850.461<\/td>\n<td>1.280.605.831<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u00d6zellikle &#8220;S\u00f6zle\u015fme Y\u00fck\u00fcml\u00fcl\u00fckleri&#8221; kaleminde g\u00f6r\u00fclen <b>53,4 milyon TL<\/b>, gelecek d\u00f6nemlerde has\u0131lata d\u00f6n\u00fc\u015fecek olan pe\u015fin tahsilatlar\u0131 temsil ediyor. Bu, 2026 y\u0131l\u0131 i\u00e7in de nakit ak\u0131\u015f\u0131 \u00f6ng\u00f6r\u00fclebilirli\u011finin \u015fimdiden in\u015fa edildi\u011fini g\u00f6steriyor.<\/p>\n<h2>4. Bir &#8220;Nakit Makinesi&#8221; Olarak Netcad<\/h2>\n<p>Bir \u015firketin k\u00e2r etmesi \u00f6nemlidir, ancak bu k\u00e2r\u0131 nakde d\u00f6n\u00fc\u015ft\u00fcrebilmesi &#8220;alt\u0131n oran&#8221;d\u0131r. Netcad\u2019in 2025 y\u0131l\u0131 performans\u0131nda en etkileyici nokta buras\u0131: \u015eirketin net k\u00e2r\u0131 868 milyon TL iken, <b>\u0130\u015fletme Faaliyetlerinden Sa\u011flanan Nakit Ak\u0131\u015f\u0131 tam 998,5 milyon TL<\/b> seviyesinde ger\u00e7ekle\u015fti.<\/p>\n<p>K\u00e2r\u0131ndan daha fazla nakit \u00fcreten bu yap\u0131, Netcad\u2019e ayn\u0131 anda \u00fc\u00e7 b\u00fcy\u00fck hamleyi yapma l\u00fcks\u00fc tan\u0131d\u0131:<\/p>\n<ol>\n<li><b>Ar-Ge Yat\u0131r\u0131m\u0131:<\/b> 437,7 milyon TL\u2019lik maddi olmayan varl\u0131k al\u0131m\u0131 finanse edildi.<\/li>\n<li><b>Likidite Art\u0131\u015f\u0131:<\/b> Nakit rezervleri 172 milyon TL\u2019den <b>473 milyon TL<\/b>\u2019ye \u00e7\u0131kar\u0131ld\u0131.<\/li>\n<li><b>Hissedar Payla\u015f\u0131m\u0131:<\/b> Ciddi bir temett\u00fc da\u011f\u0131t\u0131m\u0131 ger\u00e7ekle\u015ftirildi.<\/li>\n<\/ol>\n<h2>5. Payda\u015f Odakl\u0131 B\u00fcy\u00fcme: 198 Milyon TL\u2019lik Temett\u00fc<\/h2>\n<p>Yaz\u0131l\u0131m sekt\u00f6r\u00fcnde b\u00fcy\u00fcme genellikle k\u00e2r\u0131n i\u00e7eride tutulmas\u0131n\u0131 gerektirir. Ancak Netcad, finansal g\u00fcc\u00fcn\u00fc hissedarlar\u0131yla payla\u015fma noktas\u0131nda da agresif bir duru\u015f sergiledi. \u00d6zkaynak De\u011fi\u015fim Tablosu verilerine g\u00f6re \u015firket, 2025 y\u0131l\u0131nda <b>198.133.158 TL<\/b> tutar\u0131nda temett\u00fc \u00f6demesi ger\u00e7ekle\u015ftirdi.<\/p>\n<p>Hem nakit rezervlerini 2,7 kat\u0131na \u00e7\u0131kar\u0131p hem de 198 milyon TL\u2019lik bir nakit \u00e7\u0131k\u0131\u015f\u0131n\u0131 (temett\u00fc) sorunsuz y\u00f6netebilmek, Netcad\u2019in operasyonel k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131n ne kadar y\u00fcksek marjl\u0131 oldu\u011funun en net tescilidir.<\/p>\n<h3>Sonu\u00e7: Enflasyonist Ortamda Kurumsal Ba\u011f\u0131\u015f\u0131kl\u0131k<\/h3>\n<p>31 Aral\u0131k 2025 itibar\u0131yla <b>222 \u00e7al\u0131\u015fan\u0131<\/b> ve Eurocad S.a.r.l. \u00e7at\u0131s\u0131 alt\u0131ndaki EBRD ve IFC destekli ortakl\u0131k yap\u0131s\u0131yla Netcad, sadece T\u00fcrkiye\u2019nin CBS (Co\u011frafi Bilgi Sistemleri) lideri de\u011fil, ayn\u0131 zamanda uluslararas\u0131 standartlarda y\u00f6netilen bir teknoloji kalesi oldu\u011funu kan\u0131tl\u0131yor. \u015eirketin ana orta\u011f\u0131n\u0131n arkas\u0131ndaki k\u00fcresel finans devleri, Netcad\u2019e yerel ekonomik dalgalanmalara kar\u015f\u0131 bir t\u00fcr &#8220;kurumsal ba\u011f\u0131\u015f\u0131kl\u0131k&#8221; sa\u011fl\u0131yor.<\/p>\n<p>Bug\u00fcn Netcad&#8217;in bilan\u00e7osuna bakt\u0131\u011f\u0131m\u0131zda as\u0131l sorulmas\u0131 gereken soru \u015fu: <b>Bir teknoloji devinin de\u011ferini \u00f6l\u00e7erken, sadece y\u0131l sonundaki net k\u00e2r\u0131na m\u0131 odaklanmal\u0131y\u0131z; yoksa bilan\u00e7osunda biriktirdi\u011fi, y\u0131ll\u0131k cirosunu a\u015fan 1,6 milyar TL\u2019lik o devasa fikri m\u00fclkiyet g\u00fcc\u00fcne mi?<\/b><\/p>\n<p><i>Bu analiz, Netcad Yaz\u0131l\u0131m A.\u015e.&#8217;nin 31.12.2025 tarihli Ba\u011f\u0131ms\u0131z Denet\u00e7i Raporu verileri temel al\u0131narak haz\u0131rlanm\u0131\u015ft\u0131r.<\/i><\/p>\n<h1>NETCAD YAZILIM A.\u015e. 2025 YILI BA\u011eIMSIZ DENET\u0130M VE F\u0130NANSAL ANAL\u0130Z RAPORU<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, Netcad Yaz\u0131l\u0131m A.\u015e.&#8217;nin (&#8220;\u015eirket&#8221;) 31 Aral\u0131k 2025 tarihi itibar\u0131yla sona eren hesap d\u00f6nemine ait ba\u011f\u0131ms\u0131z denetim raporu ve finansal tablolar\u0131n\u0131n kapsaml\u0131 bir sentezidir. Vezin Ba\u011f\u0131ms\u0131z Denetim A.\u015e. taraf\u0131ndan haz\u0131rlanan rapor, \u015eirket\u2019in finansal durumunu T\u00fcrkiye Finansal Raporlama Standartlar\u0131\u2019na (TFRS) uygun olarak, t\u00fcm \u00f6nemli y\u00f6nleriyle do\u011fru ve ger\u00e7e\u011fe uygun bir bi\u00e7imde yans\u0131tt\u0131\u011f\u0131 g\u00f6r\u00fc\u015f\u00fcn\u00fc i\u00e7ermektedir.<\/p>\n<p>2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131, y\u00fcksek enflasyon d\u00fczeltmesi (TMS 29) uygulanm\u0131\u015f rakamlarla ifade edilmi\u015f olup, \u015eirket\u2019in 868 milyon TL net d\u00f6nem k\u00e2r\u0131 elde etti\u011fini ve toplam varl\u0131klar\u0131n\u0131 yakla\u015f\u0131k 2,96 milyar TL seviyesine \u00e7\u0131kard\u0131\u011f\u0131n\u0131 g\u00f6stermektedir. \u015eirket\u2019in teknoloji odakl\u0131 yap\u0131s\u0131, y\u00fcksek Ar-Ge yat\u0131r\u0131mlar\u0131 ve g\u00fc\u00e7l\u00fc \u00f6zkaynak yap\u0131s\u0131 (2,73 milyar TL) dikkat \u00e7eken temel unsurlard\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. Kurumsal Profil ve Operasyonel Yap\u0131<\/h2>\n<p>Netcad Yaz\u0131l\u0131m A.\u015e., T\u00fcrkiye&#8217;nin m\u00fchendislik ve co\u011frafi bilgi sistemleri (GIS) alan\u0131ndaki en k\u00f6kl\u00fc yaz\u0131l\u0131m kurulu\u015flar\u0131ndan biridir.<\/p>\n<ul>\n<li><b>Faaliyet Konusu:<\/b> Co\u011frafi bilgi sistemleri, haritalama, \u015fehir planlama, in\u015faat, ziraat, jeoloji, madencilik ve ormanc\u0131l\u0131k alanlar\u0131nda uluslararas\u0131 standartlarda yaz\u0131l\u0131m geli\u015ftirme.<\/li>\n<li><b>Tarih\u00e7e:<\/b> 1997 y\u0131l\u0131nda kurulmu\u015f olup, operasyonel ge\u00e7mi\u015fi 1989 y\u0131l\u0131na dayanmaktad\u0131r.<\/li>\n<li><b>Ortakl\u0131k Yap\u0131s\u0131:<\/b> Ana ortak %100 pay ile Eurocad S.ar.l.\u2019dir. Bu yap\u0131n\u0131n arkas\u0131nda Taxim Capital Partners I, LP ile birlikte Avrupa \u0130mar ve Kalk\u0131nma Bankas\u0131 (EBRD) ve Uluslararas\u0131 Finans Kurumu (IFC) gibi g\u00fc\u00e7l\u00fc uluslararas\u0131 yat\u0131r\u0131mc\u0131lar bulunmaktad\u0131r.<\/li>\n<li><b>\u0130nsan Kayna\u011f\u0131:<\/b> 31 Aral\u0131k 2025 itibar\u0131yla toplam \u00e7al\u0131\u015fan say\u0131s\u0131 222&#8217;dir.<\/li>\n<li><b>Kalite Standartlar\u0131:<\/b> \u015eirket, ISO 9001 ve CMMI Seviye 3 kalite belgelerine sahiptir.<\/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. Temel Finansal G\u00f6stergeler (2025 vs 2024)<\/h2>\n<p>T\u00fcm tutarlar 31 Aral\u0131k 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6re (enflasyondan ar\u0131nd\u0131r\u0131lm\u0131\u015f) T\u00fcrk Liras\u0131 olarak ifade edilmi\u015ftir.<\/p>\n<h3>2.1. Finansal Durum \u00d6zeti (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<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td>2.957.585.560<\/td>\n<td>2.266.907.034<\/td>\n<td>+%30,5<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nen Varl\u0131klar<\/b><\/td>\n<td>1.185.853.878<\/td>\n<td>809.066.996<\/td>\n<td>+%46,6<\/td>\n<\/tr>\n<tr>\n<td><b>Duran Varl\u0131klar<\/b><\/td>\n<td>1.771.731.682<\/td>\n<td>1.457.840.038<\/td>\n<td>+%21,5<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td>2.726.869.476<\/td>\n<td>2.062.662.455<\/td>\n<td>+%32,2<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>230.716.084<\/td>\n<td>204.244.579<\/td>\n<td>+%12,9<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.2. K\u00e2r veya Zarar Performans\u0131<\/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>1.404.441.955<\/td>\n<td>1.174.579.295<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>1.280.605.831<\/td>\n<td>1.070.850.461<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td>965.546.877<\/td>\n<td>714.304.866<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131<\/b><\/td>\n<td>868.164.232<\/td>\n<td>607.796.768<\/td>\n<\/tr>\n<tr>\n<td><b>Pay Ba\u015f\u0131na Kazan\u00e7<\/b><\/td>\n<td>6,95<\/td>\n<td>7,37<\/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>3. Kilit Denetim Konular\u0131 ve Analizler<\/h2>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7iler, finansal tablolar\u0131n denetiminde en \u00e7ok \u00f6nem arz eden \u00fc\u00e7 temel konuyu belirlemi\u015ftir:<\/p>\n<h3>3.1. Geli\u015ftirme Giderlerinin Aktifle\u015ftirilmesi<\/h3>\n<p>Netcad, ara\u015ft\u0131rma-geli\u015ftirme faaliyetleri sonucunda ortaya \u00e7\u0131kan maliyetleri, gelecekte ekonomik fayda sa\u011flayaca\u011f\u0131 \u00f6ng\u00f6r\u00fclen projeler i\u00e7in aktifle\u015ftirmektedir.<\/p>\n<ul>\n<li><b>\u00d6nem:<\/b> Maddi olmayan duran varl\u0131klar\u0131n (1,62 milyar TL) b\u00fcy\u00fck bir k\u0131sm\u0131n\u0131 olu\u015fturmas\u0131 ve y\u00f6netim tahminlerine dayal\u0131 olmas\u0131 nedeniyle kilit konu olarak se\u00e7ilmi\u015ftir.<\/li>\n<li><b>Denetim Prosed\u00fcr\u00fc:<\/b> TMS 38 kriterlerine uygunluk, proje bazl\u0131 maliyetlerin do\u011frulanmas\u0131 ve personelin projelerde \u00e7al\u0131\u015ft\u0131\u011f\u0131 s\u00fcrelerin testi ger\u00e7ekle\u015ftirilmi\u015ftir.<\/li>\n<\/ul>\n<h3>3.2. Has\u0131lat\u0131n Muhasebele\u015ftirilmesi<\/h3>\n<p>\u015eirket gelirleri; lisans sat\u0131\u015flar\u0131, s\u00fcr\u00fcm y\u00fckseltme, teknik destek ve hizmet gelirlerinden olu\u015fmaktad\u0131r.<\/p>\n<ul>\n<li><b>\u00d6nem:<\/b> Has\u0131lat\u0131n, stratejik sonu\u00e7lar\u0131n de\u011ferlendirilmesinde en \u00f6nemli \u00f6l\u00e7\u00fcm kriteri olmas\u0131 ve m\u00fc\u015fteri s\u00f6zle\u015fmelerindeki karma\u015f\u0131kl\u0131k nedeniyle oda\u011fa al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<li><b>Denetim Prosed\u00fcr\u00fc:<\/b> Lisans ve s\u00fcr\u00fcm y\u00fckseltme gelirleri \u00f6rneklem yoluyla test edilmi\u015f, teknik destek gelirleri i\u00e7in ertelenmi\u015f gelir hesaplamalar\u0131 yeniden kontrol edilmi\u015ftir.<\/li>\n<\/ul>\n<h3>3.3. TMS 29 Y\u00fcksek Enflasyon Muhasebesi Uygulamas\u0131<\/h3>\n<p>T\u00fcrkiye ekonomisinin y\u00fcksek enflasyonlu ekonomi olarak de\u011ferlendirilmesi sebebiyle finansal tablolar\u0131n sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6re d\u00fczeltilmesi zorunlulu\u011fu do\u011fmu\u015ftur.<\/p>\n<ul>\n<li><b>Veriler:<\/b> 31 Aral\u0131k 2025 itibar\u0131yla \u00fc\u00e7 y\u0131ll\u0131k bile\u015fik enflasyon oran\u0131 %211 olarak hesaplanm\u0131\u015ft\u0131r (Endeks: 3.513,87).<\/li>\n<li><b>Etki:<\/b> Finansal tablolarda &#8220;Net Parasal Pozisyon Kayb\u0131&#8221; olarak 172.551.107 TL tutar\u0131nda bir gider 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. Muhasebe Politikalar\u0131 ve \u00d6nemli Notlar<\/h2>\n<h3>4.1. Enflasyon D\u00fczeltmesi (TMS 29)<\/h3>\n<ul>\n<li>Parasal olmayan kalemler (maddi ve maddi olmayan duran varl\u0131klar, \u00f6zkaynaklar) ilgili d\u00fczeltme katsay\u0131lar\u0131 ile endekslenmi\u015ftir.<\/li>\n<li>Parasal varl\u0131k ve y\u00fck\u00fcml\u00fcl\u00fckler (nakit, ticari alacaklar\/bor\u00e7lar) hali haz\u0131rda cari sat\u0131n alma g\u00fcc\u00fcn\u00fc yans\u0131tt\u0131\u011f\u0131 i\u00e7in d\u00fczeltilmemi\u015ftir.<\/li>\n<\/ul>\n<h3>4.2. Maddi ve Maddi Olmayan Duran Varl\u0131klar<\/h3>\n<ul>\n<li><b>Maddi Olmayan Duran Varl\u0131klar:<\/b> 1.618.068.695 TL (Net de\u011fer).<\/li>\n<li><b>Maddi Duran Varl\u0131klar:<\/b> 52.873.370 TL.<\/li>\n<li>\u015eirket&#8217;in Ar-Ge yat\u0131r\u0131mlar\u0131, duran varl\u0131k yap\u0131s\u0131n\u0131n temelini olu\u015fturmaktad\u0131r.<\/li>\n<\/ul>\n<h3>4.3. Nakit Ak\u0131\u015f\u0131 ve Likidite<\/h3>\n<ul>\n<li><b>D\u00f6nem Sonu Nakit Mevcudu:<\/b> 473.087.994 TL.<\/li>\n<li>\u0130\u015fletme faaliyetlerinden sa\u011flanan nakit ak\u0131\u015f\u0131 998,5 milyon TL ile olduk\u00e7a g\u00fc\u00e7l\u00fcd\u00fcr.<\/li>\n<li>\u015eirket, 2025 y\u0131l\u0131nda 198.133.158 TL tutar\u0131nda temett\u00fc \u00f6demesi ger\u00e7ekle\u015ftirmi\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. Mevzuattan Kaynaklanan Di\u011fer Y\u00fck\u00fcml\u00fcl\u00fckler<\/h2>\n<p>6102 say\u0131l\u0131 T\u00fcrk Ticaret Kanunu (TTK) kapsam\u0131nda yap\u0131lan incelemeler sonucunda:<\/p>\n<ul>\n<li>\u015eirket\u2019in defter tutma d\u00fczeninin kanun ve esas s\u00f6zle\u015fme h\u00fck\u00fcmlerine uygun oldu\u011fu teyit edilmi\u015ftir.<\/li>\n<li><b>Dikkat \u00c7eken Husus:<\/b> TTK\u2019n\u0131n 398. maddesi uyar\u0131nca haz\u0131rlanmas\u0131 gereken &#8220;Riskin Erken Saptanmas\u0131 Sistemi ve Komitesi&#8221; raporu, \u015eirket b\u00fcnyesinde bu komitenin hen\u00fcz kurulmam\u0131\u015f olmas\u0131 nedeniyle haz\u0131rlanamam\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>Sonu\u00e7<\/h2>\n<p>Netcad Yaz\u0131l\u0131m A.\u015e., 2025 y\u0131l\u0131n\u0131 hem operasyonel hem de finansal a\u00e7\u0131dan g\u00fc\u00e7l\u00fc bir b\u00fcy\u00fcme ile kapatm\u0131\u015ft\u0131r. Enflasyonun finansal tablolar \u00fczerindeki bask\u0131s\u0131na ra\u011fmen, \u015eirket y\u00fcksek k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 korumu\u015f ve Ar-Ge odakl\u0131 duran varl\u0131k yap\u0131s\u0131n\u0131 geni\u015fletmeye devam etmi\u015ftir. Ba\u011f\u0131ms\u0131z denet\u00e7i raporu, \u015eirket&#8217;in finansal raporlama s\u00fcre\u00e7lerinin \u015feffaf ve standartlara uyumlu oldu\u011funu do\u011frulamaktad\u0131r.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"1517\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Netcad 2025 Finansal Sonu\u00e7lar\u0131n\u0131 A\u00e7\u0131klad\u0131: Rekor Kar ve Halka Arzla Gelen Yeni D\u00f6nem!<br \/>\nT\u00fcrkiye\u2019nin \u00f6nc\u00fc yaz\u0131l\u0131m \u015firketlerinden Netcad Yaz\u0131l\u0131m A.\u015e., 2025 y\u0131l\u0131na ait finansal raporlar\u0131n\u0131 yay\u0131mlad\u0131. \u015eirket, enflasyon muhasebesi uygulanm\u0131\u015f verilerine g\u00f6re has\u0131lat\u0131n\u0131 1,4 milyar TL\u2019ye, net kar\u0131n\u0131 ise 868 milyon TL\u2019ye y\u00fckselterek g\u00fc\u00e7l\u00fc b\u00fcy\u00fcmesini s\u00fcrd\u00fcrd\u00fc. \u00d6zellikle Ar-Ge yat\u0131r\u0131mlar\u0131na verdi\u011fi \u00f6nemle dikkat \u00e7eken Netcad, y\u0131l genelinde 437 milyon TL\u2019yi a\u015fan geli\u015ftirme maliyetini aktifle\u015ftirerek teknolojik liderli\u011fini peki\u015ftirdi. 2026 y\u0131l\u0131 ba\u015f\u0131nda ger\u00e7ekle\u015fen halka arz s\u00fcreciyle birlikte borsaya &#8220;merhaba&#8221; diyen Netcad, g\u00fc\u00e7l\u00fc nakit pozisyonu ve sa\u011flam bilan\u00e7o yap\u0131s\u0131yla yat\u0131r\u0131mc\u0131lar\u0131na g\u00fcven veriyor. Yaz\u0131l\u0131m d\u00fcnyas\u0131ndaki bu ba\u015far\u0131 hikayesinin detaylar\u0131n\u0131 ve 2026 vizyonunu inceledi\u011fimiz yaz\u0131m\u0131z yay\u0131nda!<\/p>\n","protected":false},"author":6,"featured_media":972,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[278],"class_list":["post-1517","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-netcd"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1517","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\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1517"}],"version-history":[{"count":3,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1517\/revisions"}],"predecessor-version":[{"id":1530,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1517\/revisions\/1530"}],"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=1517"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1517"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1517"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}