{"id":1649,"date":"2026-03-05T16:49:29","date_gmt":"2026-03-05T13:49:29","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1649"},"modified":"2026-03-05T19:19:36","modified_gmt":"2026-03-05T16:19:36","slug":"despc-bilano-analizi-202512-despec-bilgisayar-pazarlama-ve-ticaret-a","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1649","title":{"rendered":"\ud83c\uddf9\ud83c\uddf7 DESPC Bilan\u00e7o Analizi 2025\/12 | Despec Bilgisayar Pazarlama ve Ticaret A.\u015e."},"content":{"rendered":"<p><iframe data-testid=\"embed-iframe\" style=\"border-radius:12px\" src=\"https:\/\/open.spotify.com\/embed\/episode\/7vzE2uWM5ro0SoI88eFBK0?utm_source=generator&#038;t=0\" width=\"100%\" height=\"352\" frameBorder=\"0\" allowfullscreen=\"\" allow=\"autoplay; clipboard-write; encrypted-media; fullscreen; picture-in-picture\" loading=\"lazy\"><\/iframe><\/p>\n<h1>10 Milyar TL Ciro ve Bir Zarar\u0131n Anatomisi: Despec 2025 Raporundan \u00c7\u0131kar\u0131lacak 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ders<\/h1>\n<h2>1. Giri\u015f: B\u00fcy\u00fcme Her Zaman Kazan\u00e7 Demek midir?<\/h2>\n<p>Kurumsal finans d\u00fcnyas\u0131nda rakamlar bazen g\u00f6r\u00fcnd\u00fc\u011f\u00fcnden \u00e7ok daha derin ve paradoksal bir hikaye anlat\u0131r. Despec Bilgisayar\u2019\u0131n 2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131, &#8220;rekor ciroya ra\u011fmen zarar etme&#8221; olgusuyla, modern teknoloji da\u011f\u0131t\u0131c\u0131l\u0131\u011f\u0131n\u0131n ne denli b\u0131\u00e7ak s\u0131rt\u0131 bir denge \u00fczerinde y\u00fcr\u00fcd\u00fc\u011f\u00fcn\u00fc kan\u0131tl\u0131yor.<\/p>\n<p>\u015eirket, 2025 y\u0131l\u0131nda <b>10.932.543.220 TL<\/b> gibi devasa bir has\u0131lat rakam\u0131na ula\u015farak operasyonel hacmini geni\u015fletti. Ancak bu devasa \u00e7ark\u0131n d\u00f6nmesi, beraberinde analitik olarak incelenmesi gereken bir tabloyu getirdi: Operasyonel karl\u0131l\u0131\u011f\u0131n, finansman maliyetleri ve enflasyon muhasebesi etkileri alt\u0131nda ezilmesi. Bu analizde, 2025 raporunun sat\u0131r aralar\u0131ndaki finansal dinamikleri ve stratejik riskleri bir &#8220;k\u0131demli analist&#8221; g\u00f6z\u00fcyle masaya yat\u0131r\u0131yoruz.<\/p>\n<h2>2. Has\u0131lat Rekoru ve Beklenmedik Net Zarar Paradoksu<\/h2>\n<p>Despec\u2019in 2025 finansal tablolar\u0131nda en kritik ayr\u0131nt\u0131, t\u00fcm rakamlar\u0131n <b>TMS 29 (Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama)<\/b> standard\u0131na g\u00f6re, yani 31 Aral\u0131k 2025 tarihli sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6re d\u00fczeltilmi\u015f olmas\u0131d\u0131r. Bu ba\u011flamda, 2024 y\u0131l\u0131ndaki 9.592.180.864 TL\u2019lik has\u0131lat\u0131n, 2025\u2019te <b>10.932.543.220 TL<\/b>\u2019ye \u00e7\u0131kmas\u0131, enflasyondan ar\u0131nd\u0131r\u0131lm\u0131\u015f ger\u00e7ek bir b\u00fcy\u00fcme ivmesine i\u015faret ediyor.<\/p>\n<p>Ancak bu b\u00fcy\u00fcme, tablonun en alt\u0131na ayn\u0131 ba\u015far\u0131yla yans\u0131m\u0131yor. Br\u00fct kar 786,3 milyon TL\u2019ye, <b>Esas Faaliyet Kar\u0131<\/b> ise 918,8 milyon TL\u2019ye (ge\u00e7en y\u0131la g\u00f6re %47 art\u0131\u015fla) y\u00fckselmi\u015f olsa da, \u015firket y\u0131l\u0131 <b>42.702.330 TL net d\u00f6nem zarar\u0131<\/b> ile kapatt\u0131. Bu durumun arkas\u0131ndaki temel neden, sadece operasyonel giderler de\u011fil; 932,8 milyon TL\u2019lik devasa finansal giderler ve enflasyonun parasal kalemler \u00fczerindeki a\u015f\u0131nd\u0131r\u0131c\u0131 etkisidir.<\/p>\n<h2>3. &#8220;Alacaklar&#8221; \u015eirketin Yar\u0131s\u0131ndan Fazlas\u0131: %57 Riski ve Teminat Bo\u015flu\u011fu<\/h2>\n<p>\u015eirketin 1.765.316.392 TL tutar\u0131ndaki toplam aktiflerinin tam <b>%57\u2019sini<\/b> (1.008.144.261 TL) ticari alacaklar olu\u015fturuyor. Bir distrib\u00fct\u00f6r i\u00e7in alacak hacmi pazar g\u00fcc\u00fcn\u00fc simgelese de, Senior bir analist i\u00e7in bu rakam devasa bir likidite riski anlam\u0131na gelir. Daha da \u00e7arp\u0131c\u0131 olan\u0131, bu bir milyar TL\u2019yi a\u015fan alaca\u011f\u0131n yaln\u0131zca <b>534.025.530 TL\u2019lik k\u0131sm\u0131n\u0131n<\/b> (%53 civar\u0131) sigorta veya teminat alt\u0131nda olmas\u0131d\u0131r. Geriye kalan yakla\u015f\u0131k 474 milyon TL\u2019lik alacak portf\u00f6y\u00fc, pazar\u0131n insaf\u0131na terk edilmi\u015f durumdad\u0131r.<\/p>\n<p>Ba\u011f\u0131ms\u0131z Denet\u00e7i Raporu\u2019nda bu durum kilit bir risk olarak \u015fu \u015fekilde vurgulanmaktad\u0131r:<\/p>\n<p>&#8220;Ticari Alacaklar hesap grubunun mali tablo i\u00e7erisindeki \u00f6nemi dikkate al\u0131narak Ticari alacaklar\u0131n mevcudiyeti ve geri kazan\u0131labilirli\u011fi kilit denetim konusu olarak belirlenmi\u015ftir.&#8221;<\/p>\n<h2>4. Teknolojiyle Yar\u0131\u015fan Stoklar: Zamana Kar\u015f\u0131 Bir Yar\u0131\u015f<\/h2>\n<p>Despec, 2025 sonunda <b>374,7 milyon TL<\/b> tutar\u0131nda stok y\u00fck\u00fcyle (toplam varl\u0131klar\u0131n %21&#8217;i) kar\u015f\u0131 kar\u015f\u0131ya. Teknoloji sekt\u00f6r\u00fcnde stok, bekledi\u011fi her g\u00fcn de\u011fer kaybeden bir varl\u0131kt\u0131r. \u015eirketin \u00fcr\u00fcn gam\u0131 bu riski en \u00fcst d\u00fczeyde bar\u0131nd\u0131r\u0131yor:<\/p>\n<ul>\n<li>Toner ve m\u00fcrekkep kartu\u015flar\u0131,<\/li>\n<li>Yedekleme \u00fcr\u00fcnleri ve mobil telefon aksesuarlar\u0131,<\/li>\n<li>S\u00fcrekli g\u00fcncellenen mobil telefon modelleri.<\/li>\n<\/ul>\n<p>\u015eirket, stoklar\u0131n &#8220;net ger\u00e7ekle\u015febilir de\u011ferinin&#8221; alt\u0131na d\u00fc\u015fme riskine kar\u015f\u0131 <b>6.097.432 TL<\/b> de\u011fer d\u00fc\u015f\u00fc\u015f kar\u015f\u0131l\u0131\u011f\u0131 ay\u0131rm\u0131\u015f durumda. \u0130lgin\u00e7 bir not: Bu kar\u015f\u0131l\u0131k 2024\u2019te 10,9 milyon TL seviyesindeydi. Kar\u015f\u0131l\u0131ktaki bu d\u00fc\u015f\u00fc\u015f, ya stok y\u00f6netiminde bir iyile\u015fmeyi ya da eski stoklar\u0131n zarar\u0131na da olsa elden \u00e7\u0131kar\u0131larak nakde d\u00f6n\u00fc\u015ft\u00fcr\u00fcld\u00fc\u011f\u00fcn\u00fc g\u00f6steriyor.<\/p>\n<h2>5. 3.000 Bayili Ekosistem: Da\u011f\u0131n\u0131k G\u00fc\u00e7 m\u00fc, &#8220;Finansal Arac\u0131&#8221; K\u0131r\u0131lganl\u0131\u011f\u0131 m\u0131?<\/h2>\n<p>Despec\u2019in yakla\u015f\u0131k 3.000 bayiden olu\u015fan yap\u0131s\u0131, onu sadece bir teknoloji da\u011f\u0131t\u0131c\u0131s\u0131 de\u011fil, ayn\u0131 zamanda bu bayiler i\u00e7in bir <b>&#8220;Finansal Arac\u0131&#8221; (Bankac\u0131)<\/b> konumuna getiriyor. Not 1a\u2019da belirtildi\u011fi \u00fczere, bu bayilerin sermaye yap\u0131s\u0131 genellikle d\u00fc\u015f\u00fckt\u00fcr ve sekt\u00f6rde el de\u011fi\u015ftirme oranlar\u0131 y\u00fcksektir.<\/p>\n<p>\u015eirket, bankalardan maliyetli kaynaklarla bor\u00e7lan\u0131p, bu kayna\u011f\u0131 d\u00fc\u015f\u00fck sermayeli 3.000 bayiye \u00fcr\u00fcn kredisi olarak da\u011f\u0131t\u0131yor. \u015eirketin elindeki nakdin sadece <b>26.724.970 TL<\/b> olmas\u0131, milyarlarca liral\u0131k riski y\u00f6neten bir dev i\u00e7in operasyonel likidite k\u0131s\u0131t\u0131n\u0131n ne kadar dar oldu\u011funu ve neden finansman giderleri alt\u0131nda ezildi\u011fini a\u00e7\u0131kl\u0131yor.<\/p>\n<h2>6. G\u00f6r\u00fcnmez Dev: 932 Milyon TL\u2019lik Finansal Y\u00fck ve Enflasyon Tokad\u0131<\/h2>\n<p>Despec\u2019in operasyonel ba\u015far\u0131s\u0131n\u0131 net zarara d\u00f6n\u00fc\u015ft\u00fcren mekanizmay\u0131 a\u015fa\u011f\u0131daki tablo t\u00fcm \u00e7\u0131plakl\u0131\u011f\u0131yla sergiliyor. Finansman maliyetlerine ek olarak, 2025 y\u0131l\u0131ndaki <b>42,8 milyon TL\u2019lik Net Parasal Pozisyon Kayb\u0131<\/b>, enflasyon muhasebesinin \u015firketin parasal varl\u0131k-y\u00fck\u00fcml\u00fcl\u00fck dengesi \u00fczerindeki olumsuz etkisini tescilliyor.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (TL &#8211; Tam Rakamlar)<\/td>\n<td>2025 Y\u0131l\u0131 (Cari)<\/td>\n<td>2024 Y\u0131l\u0131 (D\u00fczeltilmi\u015f)<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>10.932.543.220<\/td>\n<td>9.592.180.864<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Kar\u0131<\/b><\/td>\n<td>918.812.749<\/td>\n<td>622.072.308<\/td>\n<\/tr>\n<tr>\n<td><b>Finansal Giderler (-)<\/b><\/td>\n<td>(932.844.784)<\/td>\n<td>(663.376.506)<\/td>\n<\/tr>\n<tr>\n<td><b>Net Parasal Pozisyon Kazan\u00e7\/Kayb\u0131<\/b><\/td>\n<td>(42.851.725)<\/td>\n<td>611.341<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem Kar\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td><b>(42.702.330)<\/b><\/td>\n<td><b>19.895.444<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>7. Sonu\u00e7: 2026\u2019ya Bak\u0131\u015f ve D\u00fc\u015f\u00fcnd\u00fcr\u00fcc\u00fc Bir Soru<\/h2>\n<p>Despec\u2019in 2025 raporu, y\u00fcksek ciro hacminin k\u00e2rl\u0131l\u0131\u011f\u0131 garanti etmedi\u011fi bir d\u00f6nemin ders kitab\u0131 niteli\u011findedir. \u015eirket, %57\u2019si alacaklardan olu\u015fan ve yar\u0131s\u0131 teminats\u0131z bir bilan\u00e7o yap\u0131s\u0131yla, y\u00fcksek finansman maliyetlerinin h\u00fck\u00fcm s\u00fcrd\u00fc\u011f\u00fc bir ortamda &#8220;teknoloji trafi\u011fini&#8221; y\u00f6netmeye \u00e7al\u0131\u015f\u0131yor. Operasyonel olarak rekor k\u0131r\u0131lsa da, finansal y\u00f6netim ve makroekonomik etkiler (TMS 29) bu rekoru g\u00f6lgelemi\u015ftir.<\/p>\n<p>Analizimizi \u015fu soruyla noktalayal\u0131m:<\/p>\n<p><b>Milyarlarca liral\u0131k teknoloji trafi\u011fini y\u00f6netmek mi daha zordur, yoksa bu devasa \u00e7ark\u0131n finansal maliyetlerin ve teminats\u0131z alacak riskinin alt\u0131nda ezilmesini engellemek mi?<\/b><\/p>\n<p>&nbsp;<\/p>\n<h1>Despec Bilgisayar 2025 Y\u0131l\u0131 Finansal Bilgilendirme ve Analiz Raporu<\/h1>\n<p>Bu belge, Despec Bilgisayar Pazarlama ve Ticaret A.\u015e.&#8217;nin (\u015eirket) 1 Ocak \u2013 31 Aral\u0131k 2025 hesap d\u00f6nemine ait ba\u011f\u0131ms\u0131z denetimden ge\u00e7mi\u015f finansal tablolar\u0131n\u0131n ve denet\u00e7i raporunun kapsaml\u0131 bir sentezidir. Raporda sunulan t\u00fcm veriler, 31 Aral\u0131k 2025 tarihi itibar\u0131yla sat\u0131n alma g\u00fcc\u00fc esas\u0131na (TMS 29 Enflasyon Muhasebesi) g\u00f6re d\u00fczeltilmi\u015f tutarlar\u0131 yans\u0131tmaktad\u0131r.<\/p>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Despec Bilgisayar, 2025 y\u0131l\u0131nda operasyonel hacmini b\u00fcy\u00fcterek has\u0131lat\u0131n\u0131 yakla\u015f\u0131k 10,9 milyar TL seviyesine \u00e7\u0131karm\u0131\u015ft\u0131r. Ancak, y\u00fcksek finansman giderleri ve enflasyon muhasebesi uygulamalar\u0131n\u0131n etkisiyle \u015firket y\u0131l\u0131 net d\u00f6nem zarar\u0131 ile kapatm\u0131\u015ft\u0131r.<\/p>\n<p><b>Kritik Bulgular:<\/b><\/p>\n<ul>\n<li><b>Net Performans:<\/b> 2024 y\u0131l\u0131nda 19,9 milyon TL k\u00e2r a\u00e7\u0131klayan \u015firket, 2025 y\u0131l\u0131n\u0131 42,7 milyon TL net d\u00f6nem zarar\u0131 ile tamamlam\u0131\u015ft\u0131r.<\/li>\n<li><b>Varl\u0131k Yap\u0131s\u0131:<\/b> Toplam varl\u0131klar\u0131n %57&#8217;sini ticari alacaklar, %21&#8217;ini ise stoklar olu\u015fturmaktad\u0131r. Bu durum, \u015firketin likidite ve risk y\u00f6netiminin alacak tahsilat kabiliyetine s\u0131k\u0131 s\u0131k\u0131ya ba\u011fl\u0131 oldu\u011funu g\u00f6stermektedir.<\/li>\n<li><b>Denetim G\u00f6r\u00fc\u015f\u00fc:<\/b> Ba\u011f\u0131ms\u0131z denet\u00e7i G\u00fcreli Yeminli Mali M\u00fc\u015favirlik, finansal tablolar\u0131n ger\u00e7e\u011fe uygunlu\u011fu hakk\u0131nda olumlu (&#8220;temiz&#8221;) g\u00f6r\u00fc\u015f bildirmi\u015ftir.<\/li>\n<li><b>Risk Fakt\u00f6rleri:<\/b> Sekt\u00f6rel rekabet, d\u00fc\u015f\u00fck sermayeli bayi yap\u0131s\u0131ndan kaynaklanan alacak riski ve ithalata dayal\u0131 model nedeniyle kur riski en belirgin tehditler olarak \u00f6ne \u00e7\u0131kmaktad\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>1. \u015eirket Organizasyonu ve Faaliyet Modeli<\/h2>\n<p>Despec Bilgisayar, 1995 y\u0131l\u0131nda kurulmu\u015f olup mevcut ismini 1998 y\u0131l\u0131nda alm\u0131\u015ft\u0131r. \u015eirket, Bili\u015fim Teknolojileri (BT) t\u00fcketim malzemeleri ve mobil telefon alan\u0131nda yetkili distrib\u00fct\u00f6r olarak faaliyet g\u00f6stermektedir.<\/p>\n<h3>1.1. Ortakl\u0131k Yap\u0131s\u0131<\/h3>\n<p>31 Aral\u0131k 2025 itibar\u0131yla \u015firketin sermaye yap\u0131s\u0131 \u015fu \u015fekildedir:<\/p>\n<ul>\n<li><b>Datagate Bilgisayar Malzemeleri Ticaret A.\u015e.:<\/b> %49,13<\/li>\n<li><b>Halka A\u00e7\u0131k K\u0131s\u0131m:<\/b> %50,87<\/li>\n<li><b>Toplam Sermaye:<\/b> 23.000.000 TL<\/li>\n<\/ul>\n<h3>1.2. \u00dcr\u00fcn Portf\u00f6y\u00fc ve Tedarik Zinciri<\/h3>\n<p>\u015eirket sat\u0131\u015flar\u0131n\u0131n b\u00fcy\u00fck bir b\u00f6l\u00fcm\u00fcn\u00fc <b>HP ve Canon<\/b> \u00fcr\u00fcnleri olu\u015fturmaktad\u0131r. Di\u011fer da\u011f\u0131t\u0131lan markalar aras\u0131nda Baseus, Steelseries, Epson, Xerox, IBM, Lexmark, Trust, Samsung ve Philips gibi global teknoloji devleri yer almaktad\u0131r. Sat\u0131n al\u0131mlar\u0131n %90-95&#8217;i en b\u00fcy\u00fck ilk on sat\u0131c\u0131dan sa\u011flan\u0131rken, sat\u0131\u015flar\u0131n %50-65&#8217;i ilk on b\u00fcy\u00fck bayi kanal\u0131yla ger\u00e7ekle\u015ftirilmektedir.<\/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>2. Finansal Performans Analizi (2025 vs. 2024)<\/h2>\n<p>\u015eirketin 2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131, operasyonel k\u00e2rl\u0131l\u0131k ile net k\u00e2rl\u0131l\u0131k aras\u0131ndaki belirgin ayr\u0131\u015fmay\u0131 ortaya koymaktad\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (TL &#8211; Enflasyona G\u00f6re D\u00fczeltilmi\u015f)<\/td>\n<td>2025<\/td>\n<td>2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>10.932.543.220<\/td>\n<td>9.592.180.864<\/td>\n<td>+13,9<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>786.382.497<\/td>\n<td>535.969.658<\/td>\n<td>+46,7<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td>918.812.749<\/td>\n<td>622.072.308<\/td>\n<td>+47,7<\/td>\n<\/tr>\n<tr>\n<td><b>Finansal Giderler (-)<\/b><\/td>\n<td>(932.844.784)<\/td>\n<td>(663.376.506)<\/td>\n<td>+40,6<\/td>\n<\/tr>\n<tr>\n<td><b>Net Parasal Pozisyon Kayb\u0131<\/b><\/td>\n<td>(42.851.725)<\/td>\n<td>611.341<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td><b>(42.702.330)<\/b><\/td>\n<td><b>19.895.444<\/b><\/td>\n<td><b>-314,6<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Analiz:<\/b> Has\u0131lat ve esas faaliyet k\u00e2r\u0131ndaki art\u0131\u015fa ra\u011fmen, finansal giderlerin 932,8 milyon TL seviyesine ula\u015fmas\u0131 ve 42,8 milyon TL&#8217;lik net parasal pozisyon kayb\u0131, net zarar\u0131n ana nedenlerini olu\u015fturmu\u015ftur.<\/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>3. Finansal Durum ve Varl\u0131k Y\u00f6netimi<\/h2>\n<p>\u015eirketin toplam varl\u0131klar\u0131 2024 y\u0131l\u0131ndaki 3,55 milyar TL seviyesinden 2025 sonunda 1,76 milyar TL&#8217;ye gerilemi\u015ftir.<\/p>\n<h3>3.1. Ticari Alacaklar (Kilit Denetim Konusu)<\/h3>\n<p>Ticari alacaklar, aktif toplam\u0131n\u0131n <b>%57&#8217;sini<\/b> (1.008.144.261 TL) olu\u015fturarak en kritik kalem olmay\u0131 s\u00fcrd\u00fcrmektedir.<\/p>\n<ul>\n<li><b>Risk Y\u00f6netimi:<\/b> 31.12.2025 itibar\u0131yla alacaklar\u0131n 534 milyon TL&#8217;lik k\u0131sm\u0131 teminat (Euler Hermes kredi sigortas\u0131 dahil) alt\u0131ndad\u0131r.<\/li>\n<li><b>\u015e\u00fcpheli Alacaklar:<\/b> 3,57 milyon TL tutar\u0131nda \u015f\u00fcpheli ticari alacak kar\u015f\u0131l\u0131\u011f\u0131 ayr\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Denet\u00e7i Notu:<\/b> Denet\u00e7iler, m\u00fc\u015fteri bakiyelerini \u00fc\u00e7\u00fcnc\u00fc taraf teyitleri ve ya\u015fland\u0131rma analizleri ile do\u011frulam\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>3.2. Stok Y\u00f6netimi<\/h3>\n<p>\u015eirketin stoklar\u0131 374.764.262 TL tutar\u0131ndad\u0131r (Aktif toplam\u0131n %21&#8217;i).<\/p>\n<ul>\n<li><b>Teknolojik Eskime:<\/b> BT \u00fcr\u00fcnlerinin h\u0131zl\u0131 de\u011fi\u015fim d\u00f6ng\u00fcs\u00fc nedeniyle stoklar de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc riskine tabidir.<\/li>\n<li><b>Kar\u015f\u0131l\u0131klar:<\/b> Stok bekleme s\u00fcreleri esas al\u0131narak 6.097.432 TL stok de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc kar\u015f\u0131l\u0131\u011f\u0131 ayr\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Yoldaki Mallar:<\/b> 109,7 milyon TL tutar\u0131ndaki \u00fcr\u00fcn, m\u00fclkiyeti \u015firkete ge\u00e7mi\u015f ancak hen\u00fcz depoya girmemi\u015f &#8220;Yoldaki Mallar&#8221; olarak kaydedilmi\u015ftir.<\/li>\n<\/ul>\n<h3>3.3. Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller<\/h3>\n<p>\u015eirketin Hatay\/Arsuz&#8217;da bir arsas\u0131 ve \u0130stanbul\/Ata\u015fehir&#8217;de bir binas\u0131 bulunmaktad\u0131r. 2025 sonu itibar\u0131yla bu varl\u0131klar\u0131n toplam ger\u00e7e\u011fe uygun de\u011feri 4.480.930 TL olarak tespit edilmi\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>4. Bor\u00e7 Yap\u0131s\u0131 ve Nakit Ak\u0131\u015f\u0131<\/h2>\n<p>\u015eirketin y\u00fck\u00fcml\u00fcl\u00fckleri b\u00fcy\u00fck oranda k\u0131sa vadeli karakterdedir.<\/p>\n<ul>\n<li><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 1.349.870.591 TL (Ticari bor\u00e7lar a\u011f\u0131rl\u0131kl\u0131).<\/li>\n<li><b>Finansal Bor\u00e7lanmalar:<\/b> Banka kredileri yerine kullan\u0131m hakk\u0131 varl\u0131klar\u0131ndan kaynaklanan kiralama y\u00fck\u00fcml\u00fcl\u00fckleri (8,9 milyon TL toplam) \u00f6n plandad\u0131r.<\/li>\n<li><b>Nakit Ak\u0131\u015f Analizi:<\/b> \u0130\u015fletme faaliyetlerinden 505,8 milyon TL net nakit giri\u015fi sa\u011flanm\u0131\u015ft\u0131r. Bu nakit b\u00fcy\u00fck oranda ticari alacaklardaki azal\u0131\u015ftan (1,28 milyar TL) kaynaklanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>5. Sekt\u00f6rel Riskler ve Stratejik De\u011ferlendirme<\/h2>\n<p>\u015eirket y\u00f6netimi, faaliyet g\u00f6sterilen sekt\u00f6r\u00fcn do\u011fas\u0131ndan kaynaklanan be\u015f ana risk belirlemi\u015ftir:<\/p>\n<ol>\n<li><b>Alacak Riski:<\/b> Bayi kanal\u0131ndaki firmalar\u0131n d\u00fc\u015f\u00fck sermaye yap\u0131s\u0131 ve y\u00fcksek kapanma\/el de\u011fi\u015ftirme oranlar\u0131.<\/li>\n<li><b>Sekt\u00f6rel Rekabet:<\/b> Global \u00fcreticiler aras\u0131ndaki yo\u011fun rekabetin yerel fiyatlara ve k\u00e2r marjlar\u0131na bask\u0131 yapmas\u0131.<\/li>\n<li><b>Kur Riski:<\/b> \u00dcr\u00fcnlerin yabanc\u0131 para cinsinden ithal edilmesi ancak sat\u0131\u015f politikalar\u0131n\u0131n her zaman d\u00f6vize tam endeksli olamamas\u0131.<\/li>\n<li><b>M\u00fcnhas\u0131rl\u0131k Yoklu\u011fu:<\/b> \u00dcretici firmalar\u0131n ba\u015fka distrib\u00fct\u00f6rler atama hakk\u0131n\u0131n bulunmas\u0131. (Not: \u015eirket y\u00f6netimi, sahip oldu\u011fu <i>know-how<\/i> nedeniyle fesih riskini d\u00fc\u015f\u00fck g\u00f6rmektedir.)<\/li>\n<li><b>\u0130thalat Rejimleri:<\/b> H\u00fck\u00fcmetlerin ithalat politikalar\u0131nda yapabilece\u011fi ani de\u011fi\u015fikliklerin tedarik s\u00fcre\u00e7lerine etkisi.<\/li>\n<\/ol>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>6. Denetim G\u00f6r\u00fc\u015f\u00fc ve Di\u011fer Y\u00fck\u00fcml\u00fcl\u00fckler<\/h2>\n<ul>\n<li><b>Olumlu G\u00f6r\u00fc\u015f:<\/b> Ba\u011f\u0131ms\u0131z denet\u00e7iye g\u00f6re finansal tablolar, TMS\/TFRS standartlar\u0131na uygun olarak t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sunulmu\u015ftur.<\/li>\n<li><b>Riskin Erken Saptanmas\u0131:<\/b> 6102 say\u0131l\u0131 TTK uyar\u0131nca &#8220;Riskin Erken Saptanmas\u0131 Sistemi ve Komitesi Hakk\u0131nda Denet\u00e7i Raporu&#8221; 2 Mart 2026&#8217;da Y\u00f6netim Kurulu&#8217;na sunulmu\u015ftur.<\/li>\n<li><b>S\u00fcreklilik:<\/b> Y\u00f6netim, \u015firketin s\u00fcreklili\u011fini devam ettirme kabiliyeti konusunda herhangi bir engel g\u00f6rmemektedir.<\/li>\n<\/ul>\n<p><b>Raporu Haz\u0131rlayan Sorumlu Denet\u00e7i:<\/b> Erdo\u011fan BA\u015eARSLAN <b>Rapor Tarihi:<\/b> 02 Mart 2026<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"1649\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Despec Bilgisayar 2025 Finansal Sonu\u00e7lar\u0131n\u0131 Duyurdu: 10,9 Milyar TL Has\u0131lat!<br \/>\nBili\u015fim teknolojileri t\u00fcketim malzemeleri da\u011f\u0131t\u0131m\u0131n\u0131n lider isimlerinden Despec Bilgisayar, 2025 y\u0131l\u0131na ait tam y\u0131l finansal sonu\u00e7lar\u0131n\u0131 a\u00e7\u0131klad\u0131. 10,9 milyar TL&#8217;yi a\u015fan has\u0131lat\u0131 ve 918,8 milyon TL&#8217;lik esas faaliyet kar\u0131yla operasyonel g\u00fcc\u00fcn\u00fc koruyan \u015firket, y\u00fcksek finansman maliyetleri ve enflasyon muhasebesi etkileriyle y\u0131l\u0131 net zararla kapatt\u0131. Ticari alacak y\u00f6netiminin kilit rol oynad\u0131\u011f\u0131 bu d\u00f6nemde, \u015firketin aktif yap\u0131s\u0131 ve gelecek risklerine dair t\u00fcm finansal detaylar analizimizde.<br \/>\nDaha fazlas\u0131n\u0131 okumak ve detayl\u0131 tablolar\u0131 incelemek i\u00e7in t\u0131klay\u0131n.<\/p>\n","protected":false},"author":9,"featured_media":970,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[287],"class_list":["post-1649","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-despc"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1649","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\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1649"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1649\/revisions"}],"predecessor-version":[{"id":1661,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1649\/revisions\/1661"}],"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=1649"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1649"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1649"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}