{"id":1976,"date":"2026-03-22T14:37:12","date_gmt":"2026-03-22T11:37:12","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1976"},"modified":"2026-03-22T14:37:44","modified_gmt":"2026-03-22T11:37:44","slug":"ekgyo-bilano-analizi-202512-emlak-konut-gayrimenkul-yatrm-ortakl-a","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1976","title":{"rendered":"\ud83d\udd34 EKGYO Bilan\u00e7o Analizi 2025\/12 | Emlak Konut Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e."},"content":{"rendered":"<p><iframe title=\"Spotify Embed: \ud83d\udd34 EKGYO Bilan\u00e7o Analizi 2025\/12 | Emlak Konut Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.\" style=\"border-radius: 12px\" width=\"100%\" height=\"152\" frameborder=\"0\" allowfullscreen allow=\"autoplay; clipboard-write; encrypted-media; fullscreen; picture-in-picture\" loading=\"lazy\" src=\"https:\/\/open.spotify.com\/embed\/episode\/1uQA1S4R0cmf3PEiU5G1zq?si=1f5de43ca0274b74&amp;utm_source=oembed\"><\/iframe><\/p>\n<h1>Emlak Konut GYO A.\u015e. 31 Aral\u0131k 2025 Konsolide Finansal Raporu Brifing Belgesi<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing belgesi, Emlak Konut Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e. (Grup) ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n 1 Ocak \u2013 31 Aral\u0131k 2025 hesap d\u00f6nemine ait konsolide finansal performans\u0131n\u0131 ve durumunu sentezlemektedir. PwC taraf\u0131ndan denetlenen rapor, Grubun finansal tablolar\u0131n\u0131n T\u00fcrkiye Finansal Raporlama Standartlar\u0131\u2019na (TFRS) uygun olarak t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sunuldu\u011funu teyit etmektedir.<\/p>\n<p>2025 y\u0131l\u0131 itibar\u0131yla Grup, <b>99,8 milyar TL<\/b> has\u0131lat elde etmi\u015f ve <b>6 milyar TL<\/b> net d\u00f6nem k\u00e2r\u0131 a\u00e7\u0131klam\u0131\u015ft\u0131r. Grubun toplam varl\u0131klar\u0131 <b>335,2 milyar TL<\/b>&#8216;ye ula\u015f\u0131rken, varl\u0131klar\u0131n %74&#8217;\u00fcn\u00fc olu\u015fturan <b>241,2 milyar TL<\/b> de\u011ferindeki stoklar (arsa ve konutlar) bilan\u00e7onun en kritik kalemini te\u015fkil etmektedir. Raporlama d\u00f6nemi, TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standartlar\u0131 \u00e7er\u00e7evesinde d\u00fczeltilmi\u015f verileri i\u00e7ermektedir.<\/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. Finansal Durum Analizi<\/h2>\n<p>Grubun 31 Aral\u0131k 2025 tarihi itibar\u0131yla finansal yap\u0131s\u0131, y\u00fcksek likidite gereksinimi ve yo\u011fun stok y\u00f6netimi \u00fczerine kuruludur.<\/p>\n<h3>1.1. Temel Bilan\u00e7o Kalemleri (Bin TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>335.189.944<\/b><\/td>\n<td><b>268.202.250<\/b><\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nen Varl\u0131klar<\/td>\n<td>302.689.071<\/td>\n<td>247.041.997<\/td>\n<\/tr>\n<tr>\n<td>Stoklar<\/td>\n<td>243.436.513<\/td>\n<td>218.876.846<\/td>\n<\/tr>\n<tr>\n<td>Nakit ve Nakit Benzerleri<\/td>\n<td>14.753.530<\/td>\n<td>10.839.696<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>205.481.286<\/b><\/td>\n<td><b>142.803.313<\/b><\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>155.801.289<\/td>\n<td>141.434.957<\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>49.679.997<\/td>\n<td>1.368.356<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam \u00d6zkaynaklar<\/b><\/td>\n<td><b>129.708.658<\/b><\/td>\n<td><b>125.398.937<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>1.2. Varl\u0131k Yap\u0131s\u0131 ve Stoklar<\/h3>\n<p>Grubun toplam varl\u0131klar\u0131n\u0131n b\u00fcy\u00fck \u00e7o\u011funlu\u011funu d\u00f6nen varl\u0131klar olu\u015fturmaktad\u0131r. Stoklar, finansal tablolar\u0131n <b>%74&#8217;\u00fcn\u00fc<\/b> temsil etmektedir.<\/p>\n<ul>\n<li><b>Stok \u0130\u00e7eri\u011fi:<\/b> Projelendirilmemi\u015f arsalar, anahtar teslim ve Arsa Sat\u0131\u015f\u0131 Kar\u015f\u0131l\u0131\u011f\u0131 Gelir Payla\u015f\u0131m\u0131 (ASKGP) \u00e7er\u00e7evesinde projelendirilen arsalar ile tamamlanm\u0131\u015f konut ve ticari \u00fcnitelerden olu\u015fur.<\/li>\n<li><b>Stok De\u011ferlemesi:<\/b> Grup, stoklar \u00fczerinde her y\u0131l en az bir kez ba\u011f\u0131ms\u0131z de\u011ferleme kurulu\u015flar\u0131 arac\u0131l\u0131\u011f\u0131yla de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc testi yapmaktad\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>2. Finansal Performans ve K\u00e2rl\u0131l\u0131k<\/h2>\n<p>2025 y\u0131l\u0131, has\u0131lat kalemlerinde \u00f6nemli bir art\u0131\u015f\u0131n ya\u015fand\u0131\u011f\u0131, ancak finansman giderleri ve vergi kalemlerinin net k\u00e2r \u00fczerinde bask\u0131 olu\u015fturdu\u011fu bir y\u0131l olmu\u015ftur.<\/p>\n<h3>2.1. Gelir Tablosu \u00d6zeti (Bin 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<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td><b>99.829.173<\/b><\/td>\n<td><b>41.753.570<\/b><\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015flar\u0131n Maliyeti<\/td>\n<td>(72.006.439)<\/td>\n<td>(30.488.708)<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td><b>27.822.734<\/b><\/td>\n<td><b>11.264.862<\/b><\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet K\u00e2r\u0131<\/td>\n<td>24.713.221<\/td>\n<td>11.963.152<\/td>\n<\/tr>\n<tr>\n<td>Finansman Giderleri (Net)<\/td>\n<td>(10.836.485)<\/td>\n<td>1.874.495<\/td>\n<\/tr>\n<tr>\n<td>Parasal Kazan\u00e7\/(Kay\u0131p)<\/td>\n<td>5.026.661<\/td>\n<td>(5.292.091)<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131<\/b><\/td>\n<td><b>6.002.283<\/b><\/td>\n<td><b>17.274.359<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.2. Has\u0131lat Detaylar\u0131<\/h3>\n<p>Grup has\u0131lat\u0131n\u0131 temel olarak iki y\u00f6ntemle elde etmektedir:<\/p>\n<ol>\n<li><b>Anahtar Teslim Projeler:<\/b> \u0130n\u015faat\u0131n tamamlan\u0131p m\u00fclkiyetin m\u00fc\u015fteriye devredildi\u011fi an has\u0131lat kaydedilir.<\/li>\n<li><b>ASKGP (Gelir Payla\u015f\u0131m\u0131) Projeleri:<\/b> Y\u00fcklenici ile ge\u00e7ici kabul protokol\u00fcn\u00fcn imzalanmas\u0131 veya al\u0131c\u0131 ile teslim protokol\u00fcn\u00fcn imzalanmas\u0131ndan hangisi \u00f6nce ger\u00e7ekle\u015firse has\u0131lat o tarihte kay\u0131tlara al\u0131n\u0131r. 2025 y\u0131l\u0131nda bu y\u00f6ntemlerle <b>71,9 milyar TL<\/b> sat\u0131\u015f has\u0131lat\u0131 elde edilmi\u015ftir.<\/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>3. Kilit Denetim Konular\u0131 ve Risk Analizi<\/h2>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7i raporu, Grup finansallar\u0131 i\u00e7in en y\u00fcksek risk ta\u015f\u0131yan iki ana alan\u0131 tan\u0131mlam\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li><b>Has\u0131lat\u0131n Muhasebele\u015ftirilmesi:<\/b> Sat\u0131\u015flar\u0131n d\u00f6nemselli\u011fi ilkesine uygun olarak do\u011fru zamanda kaydedilmesi kritik \u00f6nemdedir. \u00d6zellikle ASKGP projelerinde edim y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcn\u00fcn ger\u00e7ekle\u015fti\u011fi an\u0131n tayini, denetim prosed\u00fcrlerinin odak noktas\u0131n\u0131 olu\u015fturmu\u015ftur.<\/li>\n<li><b>Stoklar\u0131n De\u011ferlemesi:<\/b> Stoklar\u0131n toplam varl\u0131klar\u0131n %74&#8217;\u00fcn\u00fc olu\u015fturmas\u0131 nedeniyle, maliyet bedeli ile net ger\u00e7ekle\u015febilir de\u011fer aras\u0131ndaki kar\u015f\u0131la\u015ft\u0131rma ve olas\u0131 de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc kar\u015f\u0131l\u0131klar\u0131 en \u00f6nemli muhasebe tahminlerinden biri olarak de\u011ferlendirilmi\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. Kurumsal Yap\u0131 ve Operasyonel Model<\/h2>\n<p>Emlak Konut GYO, T\u00fcrkiye&#8217;nin en b\u00fcy\u00fck gayrimenkul yat\u0131r\u0131m ortakl\u0131klar\u0131ndan biri olarak stratejik bir konumdad\u0131r.<\/p>\n<ul>\n<li><b>Hakim Ortak:<\/b> Grubun ana hissedar\u0131, T.C. \u00c7evre, \u015eehircilik ve \u0130klim De\u011fi\u015fikli\u011fi Bakanl\u0131\u011f\u0131 kontrol\u00fcndeki bir devlet kurulu\u015fu olan <b>T.C. Toplu Konut \u0130daresi Ba\u015fkanl\u0131\u011f\u0131&#8217;d\u0131r (TOK\u0130)<\/b>.<\/li>\n<li><b>\u0130\u015f Modeli:<\/b> \u015eirket, mevzuat gere\u011fi in\u015faat i\u015flerini do\u011frudan \u00fcstlenemedi\u011fi i\u00e7in t\u00fcm projelerini ihale yoluyla \u00fc\u00e7\u00fcnc\u00fc taraf y\u00fcklenicilere yapt\u0131rmaktad\u0131r.<\/li>\n<li><b>Yeni Giri\u015fimler:<\/b> 2025 y\u0131l\u0131 i\u00e7erisinde Suudi Arabistan&#8217;da gayrimenkul yat\u0131r\u0131mlar\u0131 yapmak \u00fczere %100 sahiplik oran\u0131yla <b>Emlak Konut Global LLC<\/b> kurulmu\u015ftur.<\/li>\n<li><b>\u0130nsan Kayna\u011f\u0131:<\/b> 31 Aral\u0131k 2025 itibar\u0131yla Grup b\u00fcnyesinde <b>1.461<\/b> daimi \u00e7al\u0131\u015fan istihdam edilmektedir.<\/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. \u00d6nemli Muhasebe Politikalar\u0131 ve Mevzuat De\u011fi\u015fiklikleri<\/h2>\n<h3>5.1. Enflasyon Muhasebesi (TMS 29)<\/h3>\n<p>Enflasyon d\u00fczeltmesi kapsam\u0131nda, 31 Aral\u0131k 2025 sonu itibar\u0131yla k\u00fcm\u00fclatif \u00fc\u00e7 y\u0131ll\u0131k enflasyon oran\u0131 <b>%211<\/b> olarak hesaplanm\u0131\u015ft\u0131r. Finansal tablolar, raporlama tarihindeki cari sat\u0131n alma g\u00fcc\u00fc cinsinden ifade edilmi\u015ftir.<\/p>\n<h3>5.2. Vergi Mevzuat\u0131ndaki Geli\u015fmeler<\/h3>\n<p>7524 say\u0131l\u0131 Kanun ile 1 Ocak 2025&#8217;ten itibaren GYO kazan\u00e7lar\u0131na uygulanan kurumlar vergisi istisnas\u0131 i\u00e7in \u015fartlar getirilmi\u015ftir:<\/p>\n<ul>\n<li>Ta\u015f\u0131nmaz kazan\u00e7lar\u0131n\u0131n en az %50&#8217;sinin temett\u00fc olarak da\u011f\u0131t\u0131lmas\u0131 durumunda kurumlar vergisi oran\u0131 <b>%10<\/b> olarak uygulanacakt\u0131r.<\/li>\n<li>Da\u011f\u0131t\u0131lmayan karlar i\u00e7in ge\u00e7erli olan oran <b>%30<\/b>&#8216;dur. Grup, ertelenmi\u015f vergi hesaplamalar\u0131nda bu %30&#8217;luk oran\u0131 esas alm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>5.3. Temett\u00fc Da\u011f\u0131t\u0131m\u0131<\/h3>\n<p>14 May\u0131s 2025 tarihinde yap\u0131lan Ola\u011fan Genel Kurul&#8217;da, 2024 y\u0131l\u0131 k\u00e2r\u0131ndan <b>1,73 milyar TL<\/b> nakit temett\u00fc da\u011f\u0131t\u0131lmas\u0131 onaylanm\u0131\u015f ve \u00f6demeler 16 Haziran 2025&#8217;te ger\u00e7ekle\u015ftirilmi\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>6. Nakit Ak\u0131\u015f Analizi (\u00d6zet)<\/h2>\n<p>2025 y\u0131l\u0131 i\u00e7erisinde i\u015fletme faaliyetlerinden kaynaklanan net nakit \u00e7\u0131k\u0131\u015f\u0131 <b>35,5 milyar TL<\/b> olarak ger\u00e7ekle\u015fmi\u015ftir. Bu durum, stok art\u0131\u015flar\u0131 ve ticari alacaklardaki de\u011fi\u015fimlerle do\u011frudan ili\u015fkilidir. Buna kar\u015f\u0131n, finansman faaliyetlerinden (bor\u00e7lanmalar ve bor\u00e7 \u00f6demeleri netinde) <b>40 milyar TL<\/b> net nakit giri\u015fi sa\u011flanarak likidite dengesi korunmu\u015ftur. D\u00f6nem sonu nakit ve nakit benzerleri tutar\u0131 <b>7,88 milyar TL<\/b> seviyesindedir.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"1976\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Emlak Konut GYO 2025 Finansal Sonu\u00e7lar\u0131n\u0131 A\u00e7\u0131klad\u0131: Has\u0131latta Dev Art\u0131\u015f!<br \/>\nT\u00fcrkiye\u2019nin gayrimenkul devi Emlak Konut GYO, 2025 y\u0131l\u0131na ait konsolide finansal raporlar\u0131n\u0131 yay\u0131mlad\u0131. Ge\u00e7ti\u011fimiz y\u0131la oranla has\u0131lat\u0131n\u0131 iki kat\u0131ndan fazla art\u0131rarak 99,8 milyar TL seviyesine \u00e7\u0131karan \u015firket, toplam varl\u0131klar\u0131n\u0131 da 335 milyar TL\u2019nin \u00fczerine ta\u015f\u0131d\u0131. Stok portf\u00f6y\u00fcndeki g\u00fc\u00e7l\u00fc yap\u0131s\u0131n\u0131 koruyan Emlak Konut, \u00f6zellikle konut ve ticari \u00fcnite sat\u0131\u015flar\u0131ndaki performans\u0131yla dikkat \u00e7ekiyor. Rapordaki k\u00e2rl\u0131l\u0131k oranlar\u0131, \u00f6zkaynak b\u00fcy\u00fcmesi ve devam eden projelerin finansal detaylar\u0131n\u0131 inceledi\u011fimiz analizimiz blog sayfam\u0131zda!<\/p>\n","protected":false},"author":10,"featured_media":970,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[313],"class_list":["post-1976","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-ekgyo"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1976","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1976"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1976\/revisions"}],"predecessor-version":[{"id":1977,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1976\/revisions\/1977"}],"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=1976"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1976"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1976"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}