{"id":1826,"date":"2026-03-12T00:39:39","date_gmt":"2026-03-11T21:39:39","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1826"},"modified":"2026-03-12T00:40:55","modified_gmt":"2026-03-11T21:40:55","slug":"kuyas-bilano-analizi-202512-kuya-yatrm-as","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1826","title":{"rendered":"\ud83d\udd34 KUYAS Bilan\u00e7o Analizi 2025\/12 | Kuya\u015f Yat\u0131r\u0131m AS"},"content":{"rendered":"<p><iframe loading=\"lazy\" style=\"border-radius: 12px;\" src=\"https:\/\/open.spotify.com\/embed\/episode\/2tgJ1Ga3DJzyl0f4pcJPTJ?utm_source=generator&amp;t=0\" width=\"100%\" height=\"352\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-testid=\"embed-iframe\"><\/iframe><\/p>\n<h1>5 Milyar TL Varl\u0131k ve Dev Bir Zarar: Kuya\u015f Yat\u0131r\u0131m\u2019\u0131n 2025 Finansal Raporundan 5 \u015ea\u015f\u0131rt\u0131c\u0131 \u00c7\u0131kar\u0131m<\/h1>\n<p>Bir finansal rapor, yaln\u0131zca ge\u00e7mi\u015fin muhasebesi midir yoksa gelece\u011fin stratejik yol haritas\u0131 m\u0131? Kuya\u015f Yat\u0131r\u0131m\u2019\u0131n 2025 y\u0131l\u0131 konsolide finansal tablosu, ilk bak\u0131\u015fta &#8220;dev bir zarar&#8221; gibi g\u00f6r\u00fcnse de sat\u0131r aralar\u0131 okundu\u011funda kar\u015f\u0131m\u0131za \u00e7ok daha karma\u015f\u0131k ve heyecan verici bir hikaye \u00e7\u0131k\u0131yor: Bir gayrimenkul devinin teknoloji ve yat\u0131r\u0131m holdingine d\u00f6n\u00fc\u015fme sanc\u0131lar\u0131. Rakamlar\u0131n \u00f6tesine ge\u00e7ti\u011fimizde, 5 milyar TL&#8217;lik bir bilan\u00e7o b\u00fcy\u00fckl\u00fc\u011f\u00fcne ula\u015fan \u015firketin neden &#8220;zarar&#8221; a\u00e7\u0131klad\u0131\u011f\u0131n\u0131 ve bu zarar\u0131n kalitesini anlamak, vizyoner bir yat\u0131r\u0131mc\u0131 bak\u0131\u015f a\u00e7\u0131s\u0131 i\u00e7in elzemdir.<\/p>\n<p>\u0130\u015fte Kuya\u015f Yat\u0131r\u0131m\u2019\u0131n 2025 y\u0131l\u0131 finansal karnesinden stratejik derinli\u011fi olan 5 \u015fa\u015f\u0131rt\u0131c\u0131 \u00e7\u0131kar\u0131m:<\/p>\n<h2>1. B\u00fcy\u00fcme Paradoksu: Varl\u0131klar 5 Milyar TL\u2019yi A\u015farken Gelen 1.3 Milyar TL\u2019lik Zarar<\/h2>\n<p>Kuya\u015f Yat\u0131r\u0131m&#8217;\u0131n 2025 y\u0131l\u0131 finansal tablolar\u0131nda ilk g\u00f6ze \u00e7arpan veri, toplam varl\u0131klar\u0131n <b>4,2 milyar TL<\/b>&#8216;den <b>5.038.522.040 TL<\/b>&#8216;ye ula\u015farak psikolojik s\u0131n\u0131r\u0131 a\u015fmas\u0131d\u0131r. Ancak bu varl\u0131k b\u00fcy\u00fcmesine ra\u011fmen \u015firket, <b>1.311.891.342 TL<\/b> net d\u00f6nem zarar\u0131 beyan etti.<\/p>\n<p>Bir strateji yazar\u0131 olarak bu zarar\u0131n &#8220;kalitesine&#8221; bakmak gerekir. Bu rakam, operasyonel bir \u00e7\u00f6k\u00fc\u015ften ziyade b\u00fcy\u00fck \u00f6l\u00e7\u00fcde nakit \u00e7\u0131k\u0131\u015f\u0131 gerektirmeyen kalemlerden kaynaklan\u0131yor. \u00d6zellikle gelir tablosundaki <b>1,15 milyar TL<\/b>&#8216;lik &#8220;Yat\u0131r\u0131m Faaliyetlerinden Giderler&#8221; (Dipnot 29) ve enflasyon muhasebesinin getirdi\u011fi d\u00fczeltmeler, bilan\u00e7onun yeniden yap\u0131land\u0131r\u0131lmas\u0131n\u0131n bir sonucudur. Ba\u011f\u0131ms\u0131z denet\u00e7i bu durumu \u015fu \u015fekilde teyit etmektedir:<\/p>\n<p>&#8220;G\u00f6r\u00fc\u015f\u00fcm\u00fcze g\u00f6re, ili\u015fikteki konsolide finansal tablolar, Grup\u2019un 1 Ocak\u2013 31 Aral\u0131k 2025 hesap d\u00f6nemi itibar\u0131yla konsolide finansal durumunu ve konsolide finansal performans\u0131n\u0131&#8230; T\u00fcrkiye Finansal Raporlama Standartlar\u0131na (&#8220;TFRS&#8221;lere) uygun olarak t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sunmaktad\u0131r.&#8221;<\/p>\n<h2>2. Gayrimenkulden Teknolojiye Stratejik E\u015fik: Green \u015earj Hamlesi<\/h2>\n<p>\u015eirketin ana faaliyet konusu olan gayrimenkul\u00fcn d\u0131\u015f\u0131na \u00e7\u0131kma iradesi, <b>Green \u015earj \u0130stasyonlar\u0131 Kurulum A.\u015e.<\/b>&#8216;nin %70 hissesinin sat\u0131n al\u0131nmas\u0131yla (Dipnot 1.2) somutla\u015fm\u0131\u015f durumda.<\/p>\n<ul>\n<li><b>Stratejik Giri\u015f Bileti:<\/b> Bu sat\u0131n almadan do\u011fan <b>360.116 TL<\/b> tutar\u0131ndaki &#8220;\u015eerefiye&#8221; (Goodwill), 5 milyar TL&#8217;lik bir dev i\u00e7in finansal olarak k\u00fc\u00e7\u00fck g\u00f6r\u00fcnse de anlam\u0131 b\u00fcy\u00fckt\u00fcr. Bu rakam asl\u0131nda EV (Elektrikli Ara\u00e7) altyap\u0131s\u0131 pazar\u0131na giri\u015f i\u00e7in \u00f6denen bir &#8220;stratejik giri\u015f bileti&#8221; ve lisans bedelidir. \u015eirket, geleneksel in\u015faat modelinden, teknoloji tabanl\u0131 ve s\u00fcrekli nakit ak\u0131\u015f\u0131 sa\u011flayan yeni ekonomiye &#8220;bilan\u00e7o optimizasyonu&#8221; yoluyla ad\u0131m atmaktad\u0131r.<\/li>\n<\/ul>\n<h2>3. &#8220;Borsakule&#8221; ve B\u00fcy\u00fck B\u00f6l\u00fcnme: GYO Yolunda Kritik 105 Milyon TL<\/h2>\n<p>Kuya\u015f, holdingle\u015fme ve uzmanla\u015fma stratejisi kapsam\u0131nda 2025 y\u0131l\u0131nda devrimsel bir ad\u0131m att\u0131. <b>Borsakule<\/b> binas\u0131ndaki varl\u0131klar\u0131n bir k\u0131sm\u0131, yeni kurulan <b>Kuya\u015f Gayrimenkul A.\u015e.<\/b>&#8216;ye devredildi.<\/p>\n<ul>\n<li><b>Detaylardaki G\u00fc\u00e7:<\/b> Dipnot 1.3&#8217;e g\u00f6re, bu k\u0131smi b\u00f6l\u00fcnme i\u015fleminde devredilen malvarl\u0131\u011f\u0131n\u0131n net kay\u0131tl\u0131 de\u011feri tam olarak <b>105.365.895 TL<\/b>&#8216;dir. Bu hamlenin nihai hedefi, bu yeni yap\u0131y\u0131 bir <b>Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 (GYO)<\/b> yap\u0131s\u0131na d\u00f6n\u00fc\u015ft\u00fcrmektir. B\u00f6ylece ana \u015firket b\u00fcy\u00fcme odakl\u0131 teknoloji ve enerji projelerine konsantre olurken, gayrimenkul portf\u00f6y\u00fc daha profesyonel ve vergi avantajl\u0131 bir yap\u0131 alt\u0131nda y\u00f6netilecektir.<\/li>\n<\/ul>\n<h2>4. Enflasyon Muhasebesi (TMS 29) ve Parasal Pozisyon Riski<\/h2>\n<p>2025 raporunda uygulanan TMS 29 Enflasyon Muhasebesi, yat\u0131r\u0131mc\u0131lar i\u00e7in bir &#8220;reel de\u011fer&#8221; dersi niteli\u011finde. \u015eirket, enflasyon d\u00fczeltmeleri sonucunda <b>167.307.380 TL<\/b> tutar\u0131nda bir &#8220;Parasal Kay\u0131p&#8221; (Dipnot 30) kaydetti.<\/p>\n<p>Bu kayb\u0131n arkas\u0131ndaki analiz \u015fudur: Enflasyonist bir ortamda nakit veya ticari alacak gibi &#8220;parasal varl\u0131klar\u0131&#8221; elde tutmak, reel al\u0131m g\u00fcc\u00fcn\u00fcn erimesine neden olur. Kuya\u015f\u2019\u0131n bilan\u00e7osunda yer alan <b>1,95 milyar TL<\/b>&#8216;lik finansal varl\u0131k portf\u00f6y\u00fc (Sayfa 1), bir yandan likidite sa\u011flarken di\u011fer yandan enflasyon muhasebesi alt\u0131nda bu parasal kayb\u0131n ana kayna\u011f\u0131n\u0131 olu\u015fturmu\u015ftur. Bu durum, \u015firketin neden h\u0131zla &#8220;sabit k\u0131ymetlere&#8221; ve &#8220;stoklara&#8221; (1,6 milyar TL) y\u00f6neldi\u011fini de a\u00e7\u0131klamaktad\u0131r.<\/p>\n<h2>5. Bor\u00e7 Dinamikleri ve 131 Milyar TL&#8217;lik Dev Nakit Trafi\u011fi<\/h2>\n<p>\u015eirketin k\u0131sa vadeli banka kredilerinin 912 milyon TL&#8217;den <b>2,6 milyar TL<\/b> seviyesine f\u0131rlamas\u0131 ilk bak\u0131\u015fta bir likidite riski gibi okunabilir. Ancak Konsolide Nakit Ak\u0131\u015f Tablosu (Sayfa 5) \u00e7ok daha \u00e7arp\u0131c\u0131 bir ger\u00e7e\u011fi ortaya koyuyor:<\/p>\n<ul>\n<li><b>Operasyonel Kald\u0131ra\u00e7:<\/b> \u015eirket 2025 y\u0131l\u0131nda <b>131,5 Milyar TL<\/b> kredi giri\u015fi sa\u011flam\u0131\u015f ve <b>129,8 Milyar TL<\/b> kredi geri \u00f6demesi ger\u00e7ekle\u015ftirmi\u015ftir. Bu devasa trafik, \u015firketin bankac\u0131l\u0131k sistemini ve &#8220;operasyonel kald\u0131rac\u0131&#8221; son derece aktif kulland\u0131\u011f\u0131n\u0131, kredileri d\u00f6nd\u00fcrerek b\u00fcy\u00fck \u00e7apl\u0131 finansal yat\u0131r\u0131mlar\u0131 finanse etti\u011fini g\u00f6steriyor. 2,6 milyar TL&#8217;lik net bor\u00e7 bakiyesi, bu devasa nakit d\u00f6ng\u00fcs\u00fcn\u00fcn sadece k\u00fc\u00e7\u00fck bir tortusudur.<\/li>\n<\/ul>\n<h2>Sonu\u00e7: Ba\u015far\u0131s\u0131zl\u0131k m\u0131, D\u00f6n\u00fc\u015f\u00fcm Sanc\u0131s\u0131 m\u0131?<\/h2>\n<p>Kuya\u015f Yat\u0131r\u0131m&#8217;\u0131n 2025 finansal raporu, klasik bir bilan\u00e7o okuyucusu i\u00e7in &#8220;zarar eden bir \u015firket&#8221; profili \u00e7izebilir. Ancak senior bir strateji analisti i\u00e7in bu rapor; 131 milyar TL&#8217;lik nakit trafi\u011fini y\u00f6neten, GYO yolunda 105 milyon TL&#8217;lik varl\u0131k ay\u0131ran ve teknoloji d\u00fcnyas\u0131na 360 bin TL&#8217;lik \u015ferefiye ile stratejik kap\u0131 a\u00e7an bir &#8220;yeniden yap\u0131lanma&#8221; belgesidir.<\/p>\n<p>\u015eu soruyla bitirelim: Bir \u015firketin finansal tablosundaki milyarl\u0131k zarar, ge\u00e7mi\u015fin bir ba\u015far\u0131s\u0131zl\u0131k ilan\u0131 m\u0131d\u0131r; yoksa 5 milyar TL&#8217;lik bir devin daha verimli ve teknolojik bir gelece\u011fe ge\u00e7i\u015findeki <b>stratejik yat\u0131r\u0131m d\u00f6nemi sanc\u0131s\u0131<\/b> m\u0131? Karar, rakamlar\u0131n arkas\u0131ndaki ruhu g\u00f6rebilenlerin.<\/p>\n<h1>KUYA\u015e YATIRIM A.\u015e. 2025 HESAP D\u00d6NEM\u0130 KONSOL\u0130DE F\u0130NANSAL B\u0130LG\u0130LEND\u0130RME RAPORU<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, Kuya\u015f Yat\u0131r\u0131m Anonim \u015eirketi ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (Grup) 1 Ocak \u2013 31 Aral\u0131k 2025 hesap d\u00f6nemine ili\u015fkin konsolide finansal durumunu, performans\u0131n\u0131 ve denetim sonu\u00e7lar\u0131n\u0131 sentezlemektedir. Akademik Ba\u011f\u0131ms\u0131z Denetim A.\u015e. taraf\u0131ndan y\u00fcr\u00fct\u00fclen denetim sonucunda, Grubun finansal tablolar\u0131n\u0131n T\u00fcrkiye Finansal Raporlama Standartlar\u0131&#8217;na (TFRS) uygun olarak ger\u00e7e\u011fe uygun bir bi\u00e7imde sunuldu\u011fu g\u00f6r\u00fc\u015f\u00fcne var\u0131lm\u0131\u015ft\u0131r.<\/p>\n<p>2025 y\u0131l\u0131, Grup i\u00e7in y\u00fcksek enflasyon muhasebesi (TMS 29) uygulamalar\u0131n\u0131n finansal tablolar\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde \u015fekillendirdi\u011fi, operasyonel geni\u015flemenin (Green \u015earj sat\u0131n al\u0131m\u0131) ve yap\u0131sal d\u00f6n\u00fc\u015f\u00fcmlerin (holdingle\u015fme ve GYO haz\u0131rl\u0131\u011f\u0131) ya\u015fand\u0131\u011f\u0131 bir d\u00f6nem olmu\u015ftur. Grup, d\u00f6nemi 1.312.590.529 TL net d\u00f6nem zarar\u0131 ile kapatm\u0131\u015ft\u0131r. Bu zararda, yat\u0131r\u0131m faaliyetlerinden kaynaklanan giderler ve finansman maliyetleri belirleyici rol oynam\u0131\u015ft\u0131r. Toplam varl\u0131klar 5 milyar TL s\u0131n\u0131r\u0131n\u0131 a\u015fm\u0131\u015f, \u00f6zkaynaklar ise 1,4 milyar TL seviyesinde ger\u00e7ekle\u015fmi\u015ftir.<\/p>\n<h2>1. Ba\u011f\u0131ms\u0131z Denet\u00e7i G\u00f6r\u00fc\u015f\u00fc ve Dayana\u011f\u0131<\/h2>\n<p>Akademik Ba\u011f\u0131ms\u0131z Denetim A.\u015e. taraf\u0131ndan haz\u0131rlanan ve Sorumlu Denet\u00e7i Ahmet Aker taraf\u0131ndan imzalanan 11 Mart 2026 tarihli rapor, \u015fu temel sonu\u00e7lar\u0131 i\u00e7ermektedir:<\/p>\n<ul>\n<li><b>Olumlu G\u00f6r\u00fc\u015f:<\/b> Konsolide finansal tablolar\u0131n, Grubun 31 Aral\u0131k 2025 itibar\u0131yla finansal durumunu ve performans\u0131n\u0131 t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun sundu\u011fu belirtilmi\u015ftir.<\/li>\n<li><b>Mevzuata Uygunluk:<\/b> 6102 say\u0131l\u0131 T\u00fcrk Ticaret Kanunu (TTK) uyar\u0131nca yap\u0131lan incelemelerde; defter tutma d\u00fczeninin, finansal tablolar\u0131n ve esas s\u00f6zle\u015fmenin raporlama h\u00fck\u00fcmlerine ayk\u0131r\u0131 \u00f6nemli bir hususa rastlanmam\u0131\u015ft\u0131r.<\/li>\n<li><b>Riskin Erken Saptanmas\u0131:<\/b> TTK 398. maddesi uyar\u0131nca haz\u0131rlanan &#8220;Riskin Erken Saptanmas\u0131 Sistemi ve Komitesi Hakk\u0131nda Denet\u00e7i Raporu&#8221; 11 Mart 2026 tarihinde Y\u00f6netim Kurulu\u2019na sunulmu\u015ftur.<\/li>\n<\/ul>\n<h2>2. Kilit Denetim Konular\u0131<\/h2>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7iler, mesleki muhakemelerine dayanarak cari d\u00f6nemin en kritik denetim alanlar\u0131n\u0131 a\u015fa\u011f\u0131daki ba\u015fl\u0131klarla belirlemi\u015ftir:<\/p>\n<h3>2.1. Aktifle\u015ftirme Uygulamalar\u0131<\/h3>\n<p>Maddi ve maddi olmayan duran varl\u0131klar ile yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkullerin aktifle\u015ftirilme s\u00fcreci, y\u00f6netim yarg\u0131s\u0131 i\u00e7ermesi nedeniyle kilit konu olarak ele al\u0131nm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>Risk:<\/b> TFRS kriterlerini kar\u015f\u0131lamayan tutarlar\u0131n aktifle\u015ftirilmesi veya yanl\u0131\u015f d\u00f6nemde muhasebele\u015ftirilmesi.<\/li>\n<li><b>Denetim Prosed\u00fcr\u00fc:<\/b> De\u011ferleme uzmanlar\u0131n\u0131n yetkinli\u011fi ve tarafs\u0131zl\u0131\u011f\u0131 test edilmi\u015f, gayrimenkul de\u011ferleme raporlar\u0131 ge\u00e7mi\u015f d\u00f6nemlerle kar\u015f\u0131la\u015ft\u0131r\u0131larak ele\u015ftirel bir bi\u00e7imde de\u011ferlendirilmi\u015ftir.<\/li>\n<\/ul>\n<h3>2.2. Has\u0131lat\u0131n D\u00f6nemselli\u011fi<\/h3>\n<p>Grubun 2025 y\u0131l\u0131 has\u0131lat\u0131 1.189.922.595 TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/p>\n<ul>\n<li><b>Risk:<\/b> Gayrimenkul teslimlerinde kontrol\u00fcn m\u00fc\u015fteriye ge\u00e7i\u015f zamanlamas\u0131n\u0131n (TFRS 15) do\u011fru belirlenmesi ve has\u0131lat\u0131n ilgili d\u00f6neme yans\u0131t\u0131lmas\u0131.<\/li>\n<li><b>Denetim Prosed\u00fcr\u00fc:<\/b> M\u00fc\u015fteri s\u00f6zle\u015fmeleri, ticari ve teslim ko\u015fullar\u0131 incelenmi\u015f; faturalanm\u0131\u015f ancak hen\u00fcz kazan\u0131lmam\u0131\u015f gelirlerin tespiti i\u00e7in detay do\u011frulama testleri yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>2.3. Stoklar ve De\u011ferleme<\/h3>\n<p>Stoklar, Grubun aktif b\u00fcy\u00fckl\u00fc\u011f\u00fcn\u00fcn \u00f6nemli bir k\u0131sm\u0131n\u0131 (yakla\u015f\u0131k 1,63 milyar TL k\u0131sa ve uzun vadeli toplam) olu\u015fturmaktad\u0131r.<\/p>\n<ul>\n<li><b>\u0130\u00e7erik:<\/b> K\u0131sa ve uzun vadeli sat\u0131\u015f ama\u00e7l\u0131 konut ve i\u015fyeri gayrimenkulleri.<\/li>\n<li><b>Denetim Prosed\u00fcr\u00fc:<\/b> Stok say\u0131mlar\u0131 yap\u0131lm\u0131\u015f, in\u015faat hakedi\u015f faturalar\u0131 ve genel \u00fcretim maliyetleri belgelerle kar\u015f\u0131la\u015ft\u0131r\u0131lm\u0131\u015ft\u0131r. Net ger\u00e7ekle\u015febilir de\u011fer analizleri yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>3. Finansal Durum Analizi<\/h2>\n<p>A\u015fa\u011f\u0131daki tablo, Grubun konsolide finansal durumundaki temel de\u011fi\u015fimleri \u00f6zetlemektedir (Tutarlar TL cinsindendir):<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Bilan\u00e7o Kalemi<\/td>\n<td>31.12.2025 (Denetimden Ge\u00e7mi\u015f)<\/td>\n<td>31.12.2024 (Denetimden Ge\u00e7mi\u015f)<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nen Varl\u0131klar<\/b><\/td>\n<td>3.430.358.473<\/td>\n<td>3.248.480.335<\/td>\n<\/tr>\n<tr>\n<td><b>Duran Varl\u0131klar<\/b><\/td>\n<td>1.608.163.567<\/td>\n<td>1.008.047.590<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM VARLIKLAR<\/b><\/td>\n<td><b>5.038.522.040<\/b><\/td>\n<td><b>4.256.527.925<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>3.349.640.487<\/td>\n<td>1.261.340.475<\/td>\n<\/tr>\n<tr>\n<td><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>254.450.664<\/td>\n<td>417.622.917<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar (Ana Ortakl\u0131k)<\/b><\/td>\n<td>1.433.769.960<\/td>\n<td>2.576.750.027<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM KAYNAKLAR<\/b><\/td>\n<td><b>5.038.522.040<\/b><\/td>\n<td><b>4.256.527.925<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Finansal G\u00f6stergelerdeki Dikkat \u00c7ekici Noktalar:<\/h3>\n<ul>\n<li><b>Nakit Azal\u0131\u015f\u0131:<\/b> Nakit ve nakit benzerleri 13,3 milyon TL&#8217;den 5,4 milyon TL&#8217;ye gerilemi\u015ftir.<\/li>\n<li><b>Banka Kredileri:<\/b> K\u0131sa vadeli banka kredilerinde 912 milyon TL&#8217;den 2,59 milyar TL&#8217;ye dramatik bir art\u0131\u015f g\u00f6zlemlenmi\u015ftir.<\/li>\n<li><b>Stok Yap\u0131s\u0131:<\/b> K\u0131sa vadeli stoklar azal\u0131rken (1,36 milyar TL -&gt; 375 milyon TL), uzun vadeli stoklar ciddi oranda artm\u0131\u015ft\u0131r (204 milyon TL -&gt; 1,25 milyar TL).<\/li>\n<\/ul>\n<h2>4. Kar veya Zarar Analizi<\/h2>\n<p>2025 hesap d\u00f6neminde Grup finansal performans\u0131, y\u00fcksek maliyetler ve yat\u0131r\u0131m faaliyetlerindeki giderlerin etkisiyle bask\u0131lanm\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li><b>Has\u0131lat:<\/b> 1.189.922.595 TL (\u00d6nceki y\u0131l: 1.467.778.203 TL).<\/li>\n<li><b>Sat\u0131\u015flar\u0131n Maliyeti:<\/b> 925.775.952 TL.<\/li>\n<li><b>Br\u00fct Kar:<\/b> 264.146.643 TL.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetlerinden Gelirler\/Giderler (Net):<\/b> -237.037.590 TL (918 milyon TL gelir, 1,15 milyar TL gider).<\/li>\n<li><b>Finansman Giderleri:<\/b> 738.570.231 TL (\u00d6nceki y\u0131l: 301.453.036 TL).<\/li>\n<li><b>Net D\u00f6nem Zarar\u0131:<\/b> 1.312.590.529 TL.<\/li>\n<li><b>Hisse Ba\u015f\u0131na Kay\u0131p:<\/b> 3,28 TL (\u00d6nceki y\u0131l: 0,19 TL kazan\u00e7).<\/li>\n<\/ul>\n<h2>5. Operasyonel ve Stratejik Geli\u015fmeler<\/h2>\n<h3>5.1. \u015eirket Sat\u0131n Al\u0131mlar\u0131 ve \u015eerefiye<\/h3>\n<p>Grup, 14 Nisan 2023 tarihinde i\u015ftiraki KGY Y\u00f6netim vas\u0131tas\u0131yla, elektrikli ara\u00e7 \u015farj istasyonu a\u011f\u0131 i\u015fleten <b>Green \u015earj \u0130stasyonlar\u0131 Kurulum A.\u015e.<\/b>&#8216;nin %70 hissesini 3,5 milyon TL bedelle sat\u0131n alm\u0131\u015ft\u0131r. Bu sat\u0131n alma sonucunda finansal tablolara 360.116 TL tutar\u0131nda &#8220;\u015eerefiye&#8221; yans\u0131t\u0131lm\u0131\u015ft\u0131r.<\/p>\n<h3>5.2. K\u0131smi B\u00f6l\u00fcnme ve GYO Plan\u0131<\/h3>\n<p>Y\u00f6netim Kurulu&#8217;nun 28 A\u011fustos 2023 tarihli karar\u0131yla, &#8220;Borsakule&#8221; binas\u0131ndaki gayrimenkullerin bir k\u0131sm\u0131, yeni kurulan %100 ba\u011fl\u0131 ortakl\u0131k <b>Kuya\u015f Gayrimenkul A.\u015e.<\/b>&#8216;ye devredilmi\u015ftir. Bu i\u015flemin temel ama\u00e7lar\u0131 \u015funlard\u0131r:<\/p>\n<ul>\n<li>Holdingle\u015fme yoluyla b\u00fcy\u00fcme.<\/li>\n<li>Kuya\u015f Gayrimenkul A.\u015e.&#8217;nin \u00f6n\u00fcm\u00fczdeki d\u00f6nemde bir Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131&#8217;na (GYO) d\u00f6n\u00fc\u015ft\u00fcr\u00fclmesi.<\/li>\n<li>Kuya\u015f Yat\u0131r\u0131m A.\u015e.&#8217;nin faaliyet alanlar\u0131n\u0131 geni\u015fleterek b\u00fcy\u00fcme odakl\u0131 projelere konsantre olmas\u0131.<\/li>\n<\/ul>\n<h2>6. Enflasyon Muhasebesi (TMS 29) Uygulamas\u0131<\/h2>\n<p>T\u00fcrkiye&#8217;deki y\u00fcksek enflasyon nedeniyle, 31 Aral\u0131k 2025 tarihli konsolide finansal tablolar TMS 29 uyar\u0131nca enflasyon d\u00fczeltmesine tabi tutulmu\u015ftur.<\/p>\n<ul>\n<li><b>Endeks Kullan\u0131m\u0131:<\/b> T\u00dc\u0130K taraf\u0131ndan yay\u0131nlanan T\u00fcketici Fiyat Endeksi (T\u00dcFE) dikkate al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<li><b>D\u00fczeltme Katsay\u0131s\u0131:<\/b> 31.12.2025 itibar\u0131yla katsay\u0131 1,00000; 31.12.2024 itibar\u0131yla (kar\u015f\u0131la\u015ft\u0131rmal\u0131 sunum i\u00e7in) 1,30892 olarak uygulanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Parasal Kazan\u00e7\/Kay\u0131p:<\/b> D\u00f6nem i\u00e7inde 167.307.380 TL tutar\u0131nda net parasal kay\u0131p olu\u015fmu\u015ftur.<\/li>\n<\/ul>\n<h2>7. Grup Organizasyonu ve \u00c7al\u0131\u015fan Bilgileri<\/h2>\n<ul>\n<li><b>Sermaye Yap\u0131s\u0131:<\/b> Kay\u0131tl\u0131 sermaye tavan\u0131 500.000.000 TL, \u00f6denmi\u015f sermaye 400.000.000 TL&#8217;dir.<\/li>\n<li><b>Halka A\u00e7\u0131kl\u0131k:<\/b> Paylar\u0131n %99,92&#8217;si di\u011fer ortaklara (halka a\u00e7\u0131k) aittir.<\/li>\n<li><b>\u0130stihdam:<\/b> 2025 y\u0131l\u0131 sonu itibar\u0131yla konsolide \u00e7al\u0131\u015fan say\u0131s\u0131 21&#8217;dir (2024: 22).<\/li>\n<li><b>Pazar:<\/b> Grup paylar\u0131 B\u0130ST Y\u0131ld\u0131z Pazar&#8217;da i\u015flem g\u00f6rmektedir.<\/li>\n<\/ul>\n<h2>8. \u00d6nemli Dipnot A\u00e7\u0131klamalar\u0131 ve Riskler<\/h2>\n<ul>\n<li><b>\u0130\u015fletmenin S\u00fcreklili\u011fi:<\/b> Finansal tablolar, Grubun \u00f6n\u00fcm\u00fczdeki bir y\u0131lda faaliyetlerini do\u011fal ak\u0131\u015f\u0131 i\u00e7erisinde s\u00fcrd\u00fcrece\u011fi varsay\u0131m\u0131yla haz\u0131rlanm\u0131\u015ft\u0131r.<\/li>\n<li><b>D\u00f6nemsellik:<\/b> \u0130n\u015faat sekt\u00f6r\u00fc karakteristi\u011fi gere\u011fi, faaliyetlerin bahar ve yaz aylar\u0131nda artt\u0131\u011f\u0131 not edilmi\u015ftir.<\/li>\n<li><b>Dava Kar\u015f\u0131l\u0131klar\u0131:<\/b> 2025 sonu itibar\u0131yla 16.108.317 TL tutar\u0131nda k\u0131sa vadeli kar\u015f\u0131l\u0131k ayr\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Ertelenmi\u015f Vergi:<\/b> 30.357.281 TL tutar\u0131nda ertelenmi\u015f vergi geliri muhasebele\u015ftirilmi\u015ftir.<\/li>\n<\/ul>\n<p><i><b>Raporun Sonu<\/b><\/i><\/p>\n<button class=\"simplefavorite-button\" data-postid=\"1826\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Kuya\u015f Yat\u0131r\u0131m 2025 Y\u0131l\u0131 Finansal Sonu\u00e7lar\u0131n\u0131 Duyurdu: Enflasyon Muhasebesi Etkisi ve Gelecek Stratejileri<br \/>\nKuya\u015f Yat\u0131r\u0131m\u2019\u0131n 2025 y\u0131l\u0131 konsolide finansal sonu\u00e7lar\u0131, T\u00fcrkiye Finansal Raporlama Standartlar\u0131 (TFRS) ve enflasyon muhasebesi (TMS 29) \u00e7er\u00e7evesinde a\u00e7\u0131kland\u0131. Toplam varl\u0131klar\u0131n\u0131 5 milyar TL seviyesinin \u00fczerine ta\u015f\u0131yan Grup, \u00f6zellikle Borsa Kule projesindeki sat\u0131\u015f ba\u015far\u0131s\u0131yla dikkat \u00e7ekiyor.<br \/>\nY\u0131l\u0131 enflasyon d\u00fczeltmelerinin etkisiyle net bir zararla kapatmas\u0131na ra\u011fmen Kuya\u015f Yat\u0131r\u0131m; gayrimenkul portf\u00f6y\u00fcndeki stratejik de\u011ferlemeler, pay geri al\u0131m hamleleri ve elektrikli ara\u00e7 \u015farj istasyonlar\u0131 (Green \u015earj) gibi yenilik\u00e7i yat\u0131r\u0131m alanlar\u0131na y\u00f6nelerek b\u00fcy\u00fcme odakl\u0131 yap\u0131s\u0131n\u0131 s\u00fcrd\u00fcr\u00fcyor. Yenibosna\u2019daki \u00f6nemli arsa sat\u0131\u015f\u0131 ve holdingle\u015fme vizyonuyla Kuya\u015f, 2026 ve sonras\u0131na y\u00f6nelik d\u00f6n\u00fc\u015f\u00fcm sinyalleri vermeye devam ediyor.<br \/>\nDetayl\u0131 finansal tablolar ve projelerimizdeki son durum i\u00e7in raporun tamam\u0131n\u0131 inceleyebilirsiniz.<\/p>\n","protected":false},"author":5,"featured_media":1726,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[126],"class_list":["post-1826","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-kuyas"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1826","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\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1826"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1826\/revisions"}],"predecessor-version":[{"id":1828,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1826\/revisions\/1828"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/1726"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=1826"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1826"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1826"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}