{"id":1817,"date":"2026-03-12T00:28:54","date_gmt":"2026-03-11T21:28:54","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1817"},"modified":"2026-03-12T00:30:08","modified_gmt":"2026-03-11T21:30:08","slug":"gznmi-bilano-analizi-202512-gezinomi-seyahat-turizm","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1817","title":{"rendered":"\ud83d\udd34 GZNMI Bilan\u00e7o Analizi 2025\/12 | Gezinomi Seyahat Turizm"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34 GZNMI Bilan\u00e7o Analizi 2025\/12 | Gezinomi&#039;nin milyarl\u0131k otel avanslar\u0131 ve bor\u00e7 y\u00fck\u00fc\" width=\"858\" height=\"644\" src=\"https:\/\/www.youtube.com\/embed\/I1UXjGp-wP0?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h1>Gezinomi\u2019nin 2025 Yolculu\u011fu: Milyarl\u0131k Has\u0131lat\u0131n Ard\u0131ndaki Enflasyon ve Strateji Bilmecesi<\/h1>\n<h2>1. Giri\u015f: Bir Turizm Devinin Rakamlarla \u0130mtihan\u0131<\/h2>\n<p>Turizm sekt\u00f6r\u00fc, d\u0131\u015far\u0131dan bak\u0131ld\u0131\u011f\u0131nda par\u0131lt\u0131l\u0131 tatil k\u00f6yleri ve y\u00fcksek hacimli sat\u0131\u015flar gibi g\u00f6r\u00fcnse de, finansal mutfakta i\u015fler \u00e7ok daha karma\u015f\u0131k bir hal alabiliyor. Gezinomi Seyahat Turizm\u2019in 31 Aral\u0131k 2025 tarihli ba\u011f\u0131ms\u0131z denetim raporu, bize sadece bir &#8220;say\u0131lar y\u0131\u011f\u0131n\u0131&#8221; sunmuyor; aksine, y\u00fcksek enflasyonun ve finansman maliyetlerinin k\u0131skac\u0131ndaki bir \u015firketin hayatta kalma ve b\u00fcy\u00fcme stratejisini anlat\u0131yor. Bu rapor, milyarl\u0131k has\u0131lat rakamlar\u0131n\u0131n perde arkas\u0131nda, k\u00e2r\u0131n nas\u0131l eridi\u011fini ve devasa bir operasyonel \u00e7ark\u0131n nas\u0131l d\u00f6nd\u00fc\u011f\u00fcn\u00fc anlamak isteyenler i\u00e7in tam bir &#8220;sat\u0131r aras\u0131 okuma&#8221; k\u0131lavuzu niteli\u011finde.<\/p>\n<h2>2. Enflasyon Muhasebesinin G\u00f6r\u00fcnmez Eli: TMS 29 Etkisi<\/h2>\n<p>2025 y\u0131l\u0131 finansal tablolar\u0131n\u0131 anlamak i\u00e7in \u00f6nce &#8220;TMS 29 Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; denklemini \u00e7\u00f6zmek gerekiyor. Rapora g\u00f6re, 31 Aral\u0131k 2025 itibar\u0131yla T\u00fcrkiye\u2019deki \u00fc\u00e7 y\u0131ll\u0131k bile\u015fik enflasyon oran\u0131 %211 seviyesinde. Analitik bir g\u00f6zle bak\u0131ld\u0131\u011f\u0131nda, bu oran 2024\u2019teki %291 ve 2023\u2019teki %268 seviyelerine k\u0131yasla bir miktar yava\u015flama g\u00f6sterse de, paran\u0131n sat\u0131n alma g\u00fcc\u00fc \u00fczerindeki bask\u0131s\u0131 hala sars\u0131c\u0131.<\/p>\n<p>Bu teknik zorunluluk, \u015firketin mali tablolar\u0131n\u0131n &#8220;tarihi maliyet&#8221; yerine &#8220;cari sat\u0131n alma g\u00fcc\u00fc&#8221; esas\u0131na g\u00f6re yeniden d\u00fczenlenmesine neden oluyor. Raporda TMS 29&#8217;un ruhu \u015fu net c\u00fcmleyle ifade ediliyor:<\/p>\n<p>&#8220;TMS 29, konsolide finansal tablolar\u0131n raporlama d\u00f6nemi sonundaki cari sat\u0131n alma g\u00fcc\u00fcne g\u00f6re yeniden d\u00fczenlenmesini gerektirmektedir.&#8221;<\/p>\n<p>Buradaki kritik nokta, k\u00e2r\/zarar rakamlar\u0131n\u0131n art\u0131k sadece operasyonel ba\u015far\u0131y\u0131 de\u011fil, paran\u0131n zaman de\u011ferindeki a\u015f\u0131nmay\u0131 da i\u00e7ermesidir. Bu da yat\u0131r\u0131mc\u0131lar i\u00e7in ger\u00e7ek performans\u0131 g\u00f6rmeyi sa\u011flayan bir b\u00fcy\u00fcte\u00e7 g\u00f6revi g\u00f6r\u00fcyor.<\/p>\n<h2>3. Has\u0131lat Artarken K\u00e2r Neden Eriyor? (Zarar\u0131n Ger\u00e7ek Sorumlular\u0131)<\/h2>\n<p>Gezinomi\u2019nin 2025 performans\u0131 ilk bak\u0131\u015fta bir \u00e7eli\u015fki bar\u0131nd\u0131r\u0131yor: Has\u0131lat art\u0131yor ama net zarar derinle\u015fiyor. \u015eirketin has\u0131lat\u0131 3,46 milyar TL\u2019ye ula\u015farak devasa bir hacme i\u015faret etse de, net d\u00f6nem zarar\u0131 2024\u2019teki 23,3 milyon TL\u2019den 129,7 milyon TL\u2019ye f\u0131rlam\u0131\u015f durumda. Peki, bu &#8220;erime&#8221; nerede ba\u015fl\u0131yor?<\/p>\n<p>Bir analiz uzman\u0131 olarak bakt\u0131\u011f\u0131m\u0131zda, sorunun hen\u00fcz yolun en ba\u015f\u0131nda, Br\u00fct K\u00e2r seviyesinde ba\u015flad\u0131\u011f\u0131n\u0131 g\u00f6r\u00fcyoruz:<\/p>\n<ul>\n<li><b>Br\u00fct K\u00e2rda Daralma:<\/b> 2024 y\u0131l\u0131nda 479,9 milyon TL olan Br\u00fct K\u00e2r, 2025\u2019te 391,7 milyon TL\u2019ye gerilemi\u015f. Yani \u015firket, hen\u00fcz genel giderlerini ve faizlerini \u00f6demeden, ana i\u015finden elde etti\u011fi k\u00e2rda ciddi bir bask\u0131 hissediyor.<\/li>\n<li><b>Finansman Gideri &#8220;Faili&#8221;:<\/b> Net zarar\u0131n arkas\u0131ndaki as\u0131l culprit (su\u00e7lu), finansman giderleridir. 2024\u2019te 311,9 milyon TL olan bu giderler, 2025 sonunda yakla\u015f\u0131k %77\u2019lik bir art\u0131\u015fla <b>552,9 milyon TL<\/b>\u2019ye ula\u015fm\u0131\u015ft\u0131r. Y\u00fcksek faiz ortam\u0131 ve enflasyonist bask\u0131, sat\u0131\u015ftan gelen paran\u0131n b\u00fcy\u00fck bir k\u0131sm\u0131n\u0131 faiz \u00f6demelerine kurban etmi\u015ftir.<\/li>\n<li><b>Y\u00f6netim Giderleri:<\/b> Genel y\u00f6netim giderlerinin 107,7 milyon TL\u2019den 183,4 milyon TL\u2019ye \u00e7\u0131kmas\u0131 da operasyonel maliyetlerin enflasyon kar\u015f\u0131s\u0131nda ne denli zorland\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<\/li>\n<\/ul>\n<h2>4. Tedarik Zincirine Ba\u011flanan Milyarlar: Pe\u015fin \u00d6denmi\u015f Giderler<\/h2>\n<p>Bilan\u00e7onun en dikkat \u00e7ekici kalemi ku\u015fkusuz 1,47 milyar TL\u2019lik &#8220;Pe\u015fin \u00d6denmi\u015f Giderler&#8221; rakam\u0131d\u0131r. Bu, devasa bir sermayenin hen\u00fcz ger\u00e7ekle\u015fmemi\u015f hizmetler i\u00e7in otellere, havayolu \u015firketlerine ve di\u011fer hizmet sa\u011flay\u0131c\u0131lara \u00f6nceden aktar\u0131lmas\u0131 anlam\u0131na geliyor.<\/p>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7ilerin bu konuyu &#8220;Kilit Denetim Konusu&#8221; olarak se\u00e7mesi tesad\u00fcf de\u011fil. Turizm gibi k\u0131r\u0131lgan bir sekt\u00f6rde bu durum, b\u0131\u00e7ak s\u0131rt\u0131 bir dengeyi temsil eder:<\/p>\n<ul>\n<li><b>Operasyonel Zorunluluk:<\/b> Gelecekteki konaklama ve ula\u015f\u0131m kapasitesini garanti alt\u0131na almak i\u00e7in bu \u00f6demeler \u015fartt\u0131r.<\/li>\n<li><b>Finansal Risk:<\/b> 1,47 milyar TL&#8217;nin hizmet sa\u011flay\u0131c\u0131lar\u0131n insaf\u0131na veya operasyonel risklerine emanet edilmesi, geri kazan\u0131lamama ihtimali a\u00e7\u0131s\u0131ndan ciddi bir takibi gerektirir. Bu, sermayenin &#8220;oda ve koltuklara hapsedilmesi&#8221; demektir.<\/li>\n<\/ul>\n<h2>5. Sahiplik Yap\u0131s\u0131ndaki Kritik De\u011fi\u015fim: Ali Ercan ve Kurumsalla\u015fma<\/h2>\n<p>\u015eirketin ortakl\u0131k yap\u0131s\u0131nda 2025 y\u0131l\u0131nda ya\u015fanan de\u011fi\u015fim, piyasa likiditesi ve kurumsalla\u015fma ad\u0131na \u00f6nemli bir d\u00f6n\u00fcm noktas\u0131d\u0131r. Ana ortak Ali Ercan\u2019\u0131n pay sat\u0131\u015f\u0131 sonras\u0131 olu\u015fan tablo \u015fu \u015fekildedir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ortak Ad\u0131<\/td>\n<td>2024 Pay Oran\u0131<\/td>\n<td>2025 Pay Oran\u0131<\/td>\n<td>Durum<\/td>\n<\/tr>\n<tr>\n<td>Ali Ercan<\/td>\n<td>%38<\/td>\n<td>%25<\/td>\n<td>Azal\u0131\u015f<\/td>\n<\/tr>\n<tr>\n<td>Q Yat\u0131r\u0131m Holding A.\u015e.<\/td>\n<td>%12<\/td>\n<td>%12<\/td>\n<td>Sabit<\/td>\n<\/tr>\n<tr>\n<td>Halka Arz \/ Di\u011fer Ki\u015filer<\/td>\n<td>%50<\/td>\n<td>%63<\/td>\n<td>Art\u0131\u015f<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Ali Ercan\u2019\u0131n pay\u0131n\u0131n %25\u2019e gerilemesi ve halka a\u00e7\u0131kl\u0131k oran\u0131n\u0131n %63\u2019e y\u00fckselmesi, hisse senedinin piyasadaki derinli\u011fini art\u0131rabilir. \u00d6te yandan, Q Yat\u0131r\u0131m Holding\u2019in %12\u2019lik pay\u0131n\u0131 korumas\u0131, stratejik bir \u00e7\u0131pan\u0131n yerinde kald\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<\/p>\n<h2>6. Sonu\u00e7: 2026\u2019ya Bak\u0131\u015f ve Bir Soru<\/h2>\n<p>Gezinomi, 2025 y\u0131l\u0131n\u0131 4,45 milyar TL\u2019lik bir varl\u0131k b\u00fcy\u00fckl\u00fc\u011f\u00fc ile tamaml\u0131yor. Bizzhouse (otelcilik), Bizzcar (ara\u00e7 kiralama) ve Creastyle (fuarc\u0131l\u0131k) gibi i\u015ftiraklerle \u00e7e\u015fitlenen portf\u00f6y, \u015firketin sadece bir seyahat acentesi de\u011fil, bir hizmet ekosistemi olma vizyonunu destekliyor. \u00d6te yandan, 129,7 milyon TL\u2019lik zarar\u0131 de\u011ferlendirirken bir analist notu d\u00fc\u015fmek gerekir: \u015eirket, enflasyon d\u00fczeltmesinden kaynaklanan <b>36,6 milyon TL\u2019lik bir &#8220;Parasal Pozisyon Kazanc\u0131&#8221;<\/b> elde etmi\u015ftir. Bu d\u00fczeltme olmasayd\u0131, tablodaki zarar \u00e7ok daha derin g\u00f6r\u00fcnecekti.<\/p>\n<p><b>Kapan\u0131\u015f Sorusu:<\/b> Y\u00fcksek enflasyonun finansal tablolar\u0131 bu denli maskeledi\u011fi ve paran\u0131n maliyetinin br\u00fct k\u00e2r\u0131 dahi a\u015ft\u0131\u011f\u0131 bir ortamda, bir \u015firketin ger\u00e7ek ba\u015far\u0131s\u0131n\u0131 sadece net k\u00e2r rakam\u0131na bakarak \u00f6l\u00e7mek ne kadar sa\u011fl\u0131kl\u0131?<\/p>\n<h1>Gezinomi Seyahat Turizm Ticaret A.\u015e. 2025 Y\u0131l\u0131 Konsolide Finansal Brifing Raporu<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, Gezinomi Seyahat Turizm Ticaret Anonim \u015eirketi ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (&#8220;Grup&#8221;) 31 Aral\u0131k 2025 tarihinde sona eren hesap d\u00f6nemine ait ba\u011f\u0131ms\u0131z denetim raporu ve konsolide finansal tablolar\u0131n\u0131n kapsaml\u0131 bir sentezidir.<\/p>\n<p>Nevados Ba\u011f\u0131ms\u0131z Denetim A.\u015e. taraf\u0131ndan haz\u0131rlanan rapor, Grubun finansal tablolar\u0131n\u0131n t\u00fcm \u00f6nemli y\u00f6nleriyle T\u00fcrkiye Finansal Raporlama Standartlar\u0131na (TFRS) uygun olarak ger\u00e7e\u011fe uygun bir bi\u00e7imde sunuldu\u011fu y\u00f6n\u00fcnde <b>olumlu g\u00f6r\u00fc\u015f<\/b> bildirmi\u015ftir. 2025 y\u0131l\u0131, Grubun TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131n\u0131 uygulad\u0131\u011f\u0131 ve finansal sonu\u00e7lar\u0131n\u0131 31 Aral\u0131k 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6re yeniden d\u00fczenledi\u011fi bir d\u00f6nem olmu\u015ftur.<\/p>\n<p>Grup, 2025 y\u0131l\u0131nda yakla\u015f\u0131k <b>3,47 milyar TL<\/b> has\u0131lat elde etmesine ra\u011fmen, y\u00fcksek finansman giderleri ve operasyonel maliyetlerin etkisiyle y\u0131l\u0131 <b>129,7 milyon TL net d\u00f6nem zarar\u0131<\/b> ile kapatm\u0131\u015ft\u0131r. Grubun varl\u0131k yap\u0131s\u0131nda &#8220;Pe\u015fin \u00d6denmi\u015f Giderler&#8221; kalemi (1,47 milyar TL) kritik bir \u00f6neme sahip olup, turizm faaliyetleri kapsam\u0131nda otellere yap\u0131lan avans \u00f6demelerini temsil etmektedir.<\/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 Organizasyon ve Faaliyet Alan\u0131<\/h2>\n<p>Gezinomi (eski \u00fcnvan\u0131 Aln Turizm Ticaret A.\u015e.), 2015 y\u0131l\u0131nda kurulmu\u015f olup merkezi Antalya&#8217;da bulunmaktad\u0131r.<\/p>\n<ul>\n<li><b>Ana Faaliyet Konusu:<\/b> Hava, deniz, kara ve demir yolu ula\u015f\u0131m\u0131 i\u00e7in bilet rezervasyon ve sat\u0131\u015f\u0131; seyahat, tur, ula\u015f\u0131m ve konaklama hizmetlerinin toptan veya perakende sat\u0131\u015f\u0131.<\/li>\n<li><b>Ba\u011fl\u0131 Ortakl\u0131klar:<\/b> Grup, a\u015fa\u011f\u0131daki \u00fc\u00e7 \u015firketin %100 kontrol\u00fcne sahiptir:\n<ul>\n<li><b>Bizzcar Filo Kiralama Hizmetleri A.\u015e.:<\/b> Filo kiralama.<\/li>\n<li><b>Creastyle Expo Fuarc\u0131l\u0131k Hizmetleri A.\u015e.:<\/b> Fuar hizmetleri.<\/li>\n<li><b>Bizzhouse Otelcilik ve Turizm \u0130\u015fletmeleri A.\u015e.:<\/b> Otelcilik ve turizm i\u015fletmecili\u011fi.<\/li>\n<\/ul>\n<\/li>\n<li><b>\u0130nsan Kaynaklar\u0131:<\/b> 31 Aral\u0131k 2025 itibar\u0131yla ortalama personel say\u0131s\u0131 152 ki\u015fidir.<\/li>\n<li><b>Sermaye Yap\u0131s\u0131:<\/b> \u015eirketin \u00f6denmi\u015f sermayesi 65.000.000 TL&#8217;dir. Pay sahipli\u011fi oranlar\u0131 \u015f\u00f6yledir:\n<ul>\n<li>Halka Arz ve Di\u011fer Ki\u015filer: %63<\/li>\n<li>Ali Ercan: %25<\/li>\n<li>Q Yat\u0131r\u0131m Holding A.\u015e.: %12<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>2. Finansal Performans Analizi<\/h2>\n<p>2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131, enflasyon d\u00fczeltmesi (TMS 29) sonras\u0131 31 Aral\u0131k 2025 sat\u0131n alma g\u00fcc\u00fcyle sunulmu\u015ftur.<\/p>\n<h3>Kar veya Zarar \u00d6zeti (TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>1 Ocak &#8211; 31 Aral\u0131k 2025<\/td>\n<td>1 Ocak &#8211; 31 Aral\u0131k 2024 (D\u00fczeltilmi\u015f)<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>3.465.061.425<\/td>\n<td>3.345.718.029<\/td>\n<\/tr>\n<tr>\n<td><b>Sat\u0131\u015flar\u0131n Maliyeti (-)<\/b><\/td>\n<td>(3.073.307.446)<\/td>\n<td>(2.865.783.776)<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar<\/b><\/td>\n<td>391.753.979<\/td>\n<td>479.934.253<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Kar\u0131<\/b><\/td>\n<td>66.749.859<\/td>\n<td>274.409.767<\/td>\n<\/tr>\n<tr>\n<td><b>Finansman Gideri \u00d6ncesi Kar<\/b><\/td>\n<td>143.180.397<\/td>\n<td>206.158.876<\/td>\n<\/tr>\n<tr>\n<td><b>Finansman Gelirleri<\/b><\/td>\n<td>232.166.976<\/td>\n<td>98.498.112<\/td>\n<\/tr>\n<tr>\n<td><b>Finansman Giderleri (-)<\/b><\/td>\n<td>(552.901.608)<\/td>\n<td>(311.959.852)<\/td>\n<\/tr>\n<tr>\n<td><b>Parasal Pozisyon Kazanc\u0131<\/b><\/td>\n<td>36.625.818<\/td>\n<td>58.996.061<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem Zarar\u0131<\/b><\/td>\n<td><b>(129.712.913)<\/b><\/td>\n<td><b>(23.329.668)<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Analiz:<\/b><\/p>\n<ul>\n<li>Has\u0131latta ge\u00e7en y\u0131la oranla s\u0131n\u0131rl\u0131 bir art\u0131\u015f g\u00f6zlenirken, br\u00fct kar marj\u0131nda d\u00fc\u015f\u00fc\u015f ya\u015fanm\u0131\u015ft\u0131r.<\/li>\n<li>Genel y\u00f6netim giderleri 107,7 milyon TL&#8217;den 183,4 milyon TL&#8217;ye y\u00fckselerek karl\u0131l\u0131k \u00fczerinde bask\u0131 olu\u015fturmu\u015ftur.<\/li>\n<li>Net zarar\u0131n en b\u00fcy\u00fck temel nedeni, 552,9 milyon TL&#8217;ye ula\u015fan <b>finansman giderleridir<\/b>.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>3. Finansal Durum ve Varl\u0131k Yap\u0131s\u0131<\/h2>\n<p>31 Aral\u0131k 2025 itibar\u0131yla Grubun toplam varl\u0131klar\u0131 <b>4,45 milyar TL<\/b> seviyesindedir.<\/p>\n<h3>Varl\u0131k ve Kaynak Yap\u0131s\u0131 (TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Varl\u0131klar<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<td>Y\u00fck\u00fcml\u00fcl\u00fckler ve \u00d6zkaynaklar<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nen Varl\u0131klar<\/b><\/td>\n<td>2.503.308.909<\/td>\n<td><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>2.553.774.432<\/td>\n<\/tr>\n<tr>\n<td><b>Duran Varl\u0131klar<\/b><\/td>\n<td>1.946.730.417<\/td>\n<td><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>530.727.257<\/td>\n<\/tr>\n<tr>\n<td>&nbsp;<\/td>\n<td>&nbsp;<\/td>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td>1.365.537.637<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>4.450.039.326<\/b><\/td>\n<td><b>Toplam Kaynaklar<\/b><\/td>\n<td><b>4.450.039.326<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Kritik Detaylar:<\/b><\/p>\n<ul>\n<li><b>Pe\u015fin \u00d6denmi\u015f Giderler:<\/b> D\u00f6nen varl\u0131klar i\u00e7inde 1.471.759.196 TL ile en b\u00fcy\u00fck kalemi olu\u015fturmaktad\u0131r. Bu tutar b\u00fcy\u00fck oranda otellere yap\u0131lan gelecek d\u00f6nem konaklama avanslar\u0131n\u0131 i\u00e7ermektedir.<\/li>\n<li><b>K\u0131sa Vadeli Bor\u00e7lanmalar:<\/b> 941,6 milyon TL seviyesindedir.<\/li>\n<li><b>Nakit ve Nakit Benzerleri:<\/b> 356,9 milyon TL&#8217;den (2024) 69,1 milyon TL&#8217;ye (2025) gerileyerek nakit pozisyonunda ciddi bir daralma g\u00f6stermi\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. Kilit Denetim Konular\u0131<\/h2>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7iler, denetim s\u00fcrecinde \u00f6zellikle iki alana odaklanm\u0131\u015flard\u0131r:<\/p>\n<h3>4.1. TMS 29 Y\u00fcksek Enflasyon Uygulamas\u0131<\/h3>\n<p>T\u00fcrkiye&#8217;de 31 Aral\u0131k 2023&#8217;ten itibaren zorunlu olan enflasyon muhasebesi kapsam\u0131nda;<\/p>\n<ul>\n<li>Finansal tablolar T\u00dc\u0130K taraf\u0131ndan yay\u0131nlanan T\u00dcFE endeksi kullan\u0131larak d\u00fczeltilmi\u015ftir.<\/li>\n<li>31 Aral\u0131k 2025 endeksi 3.515,87; 2024 endeksi ise 2.684,55 olarak dikkate al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<li>Bu uygulama, finansal tablolar\u0131n yayg\u0131n ve tutarl\u0131 bir \u015fekilde etkilenmesi nedeniyle &#8220;Kilit Denetim Konusu&#8221; olarak belirlenmi\u015ftir.<\/li>\n<\/ul>\n<h3>4.2. Pe\u015fin \u00d6denmi\u015f Giderlerin Muhasebele\u015ftirilmesi<\/h3>\n<p>Turizm faaliyetleri kapsam\u0131nda otellere ve hizmet sa\u011flay\u0131c\u0131lara yap\u0131lan yo\u011fun avans \u00f6demeleri denetim oda\u011f\u0131ndad\u0131r.<\/p>\n<ul>\n<li><b>Denetim Prosed\u00fcrleri:<\/b> Otel ve hizmet sa\u011flay\u0131c\u0131lardan mutabakat mektuplar\u0131 al\u0131nm\u0131\u015f, avanslar\u0131n geri kazan\u0131labilirli\u011fi ve ya\u015fland\u0131rma analizleri incelenmi\u015ftir.<\/li>\n<li><b>\u00d6nemi:<\/b> Bu bakiyelerin finansal tablolardaki b\u00fcy\u00fckl\u00fc\u011f\u00fc ve y\u00f6netim taraf\u0131ndan yap\u0131lan varsay\u0131mlar\u0131n \u00f6nemi (geri kazan\u0131labilirlik de\u011ferlendirmeleri) konuyu kritik k\u0131lmaktad\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. Nakit Ak\u0131\u015f Analizi<\/h2>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetleri:<\/b> \u0130\u015fletme faaliyetlerinden kaynaklanan nakit ak\u0131\u015flar\u0131, ticari alacaklardaki art\u0131\u015f\u0131n (376,8 milyon TL art\u0131\u015f) etkisiyle negatif y\u00f6nde bask\u0131lanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetleri:<\/b> 604 milyon TL&#8217;lik maddi duran varl\u0131k al\u0131m\u0131 nakit \u00e7\u0131k\u0131\u015flar\u0131nda \u00f6nemli bir yer tutmaktad\u0131r.<\/li>\n<li><b>Finansman Faaliyetleri:<\/b> Grup, d\u00f6nem i\u00e7inde 1,68 milyar TL bor\u00e7lanma giri\u015fi sa\u011flarken, 1,18 milyar TL bor\u00e7 \u00f6demesi ger\u00e7ekle\u015ftirmi\u015ftir.<\/li>\n<li><b>Nakit De\u011fi\u015fimi:<\/b> D\u00f6nem ba\u015f\u0131 356,9 milyon TL olan nakit mevcudu, d\u00f6nem sonunda <b>69,1 milyon TL<\/b>&#8216;ye d\u00fc\u015fm\u00fc\u015ft\u00fcr.<\/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>6. \u00d6nemli Muhasebe Politikalar\u0131 ve Tahminler<\/h2>\n<ul>\n<li><b>Has\u0131lat Tan\u0131ma:<\/b> Grup, &#8220;asil&#8221; veya &#8220;vekil&#8221; olma durumuna g\u00f6re has\u0131lat\u0131 br\u00fct veya net olarak kayda almaktad\u0131r. E\u011fer Grup hizmeti m\u00fc\u015fteriye devretmeden \u00f6nce kontrol ediyorsa &#8220;asil&#8221; olarak br\u00fct tutar\u0131 has\u0131lat yazar.<\/li>\n<li><b>Maddi Duran Varl\u0131klar:<\/b> Amortisman s\u00fcreleri d\u00f6\u015feme ve demirba\u015flar i\u00e7in 2-15 y\u0131l, ta\u015f\u0131tlar i\u00e7in 3-5 y\u0131l olarak uygulanmaktad\u0131r.<\/li>\n<li><b>K\u0131dem Tazminat\u0131:<\/b> TMS 19 uyar\u0131nca tan\u0131mlanm\u0131\u015f fayda plan\u0131 olarak akt\u00fceryal hesaplamalarla finansal tablolara yans\u0131t\u0131lmaktad\u0131r. 31 Aral\u0131k 2025 itibar\u0131yla \u00e7al\u0131\u015fanlara sa\u011flanan faydalara ili\u015fkin toplam kar\u015f\u0131l\u0131klar (k\u0131sa ve uzun vadeli) yakla\u015f\u0131k 25,9 milyon TL&#8217;dir.<\/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>7. Raporlama Sonras\u0131 Olaylar ve Sorumluluklar<\/h2>\n<ul>\n<li><b>Onay:<\/b> Konsolide finansal tablolar, 11 Mart 2026 tarihinde Y\u00f6netim Kurulu taraf\u0131ndan onaylanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Y\u00f6netim Sorumlulu\u011fu:<\/b> Grup y\u00f6netimi; finansal tablolar\u0131n TFRS&#8217;ye uygun haz\u0131rlanmas\u0131ndan, ger\u00e7e\u011fe uygun sunumundan ve hata\/hileye kar\u015f\u0131 i\u00e7 kontrol sisteminin y\u00fcr\u00fct\u00fclmesinden sorumludur.<\/li>\n<li><b>S\u00fcreklilik:<\/b> Y\u00f6netim, i\u015fletmenin s\u00fcreklili\u011fini devam ettirme kabiliyetini de\u011ferlendirmekle y\u00fck\u00fcml\u00fcd\u00fcr. Denet\u00e7i raporu, bu konuda \u00f6nemli bir belirsizlik tespit etmemi\u015ftir.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"1817\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Gezinomi 2025 Finansal Sonu\u00e7lar\u0131n\u0131 A\u00e7\u0131klad\u0131: B\u00fcy\u00fcme ve D\u00f6n\u00fc\u015f\u00fcm Y\u0131l\u0131<br \/>\n\u00d6zet: Gezinomi&#8217;nin 2025 y\u0131l\u0131 konsolide finansal raporlar\u0131, turizm sekt\u00f6r\u00fcndeki g\u00fc\u00e7l\u00fc konumunu korurken operasyonel anlamda ciddi bir de\u011fi\u015fimden ge\u00e7ti\u011fini g\u00f6steriyor. 3,46 milyar TL has\u0131lat seviyesine ula\u015fan \u015firket, ara\u00e7 kiralama gibi yeni gelir kalemleriyle portf\u00f6y\u00fcn\u00fc \u00e7e\u015fitlendirdi. Y\u00fcksek enflasyonun getirdi\u011fi zorluklara ra\u011fmen toplam varl\u0131klar\u0131n\u0131 4,45 milyar TL&#8217;ye \u00e7\u0131karan Gezinomi, yat\u0131r\u0131m odakl\u0131 bir y\u0131l ge\u00e7irdi. Enflasyon muhasebesi ve finansman maliyetlerinin net kar \u00fczerindeki etkilerini, yeni stratejik yat\u0131r\u0131mlar\u0131 ve \u015firketin gelecek d\u00f6nem yol haritas\u0131n\u0131 analiz etti\u011fimiz detayl\u0131 raporumuz blog sayfam\u0131zda yay\u0131nda!<\/p>\n","protected":false},"author":8,"featured_media":1295,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[297],"class_list":["post-1817","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-gznmi"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1817","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=1817"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1817\/revisions"}],"predecessor-version":[{"id":1819,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1817\/revisions\/1819"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/1295"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=1817"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1817"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1817"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}