{"id":2237,"date":"2026-04-29T03:35:21","date_gmt":"2026-04-29T00:35:21","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2237"},"modified":"2026-05-01T23:18:58","modified_gmt":"2026-05-01T20:18:58","slug":"marka-2026-03-bilano-analizi-marka-yatrm-holding","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2237","title":{"rendered":"\ud83d\udd34 MARKA 2026-03 Bilan\u00e7o Analizi | Marka Yat\u0131r\u0131m Holding"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34 MARKA 2026-03 Bilan\u00e7o Analizi | Marka Yat\u0131r\u0131m Holding\" width=\"858\" height=\"644\" src=\"https:\/\/www.youtube.com\/embed\/0ZdWlkyIy08?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>MARKA YATIRIM HOLD\u0130NG 2025 YILI KONSOL\u0130DE F\u0130NANSAL ANAL\u0130Z VE DURUM DE\u011eERLEND\u0130RMES\u0130<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Marka Yat\u0131r\u0131m Holding Anonim \u015eirketi ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (Grup) 31 Aral\u0131k 2025 tarihi itibar\u0131yla haz\u0131rlanan konsolide finansal raporlar\u0131, \u015firketin operasyonel bir ge\u00e7i\u015f ve enflasyon d\u00fczeltmesi s\u00fcrecinde oldu\u011funu g\u00f6stermektedir. 2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131nda \u00f6ne \u00e7\u0131kan en kritik husus, has\u0131lat\u0131n bir \u00f6nceki y\u0131la g\u00f6re %57,7 oran\u0131nda gerileyerek 112,5 milyon TL seviyesine d\u00fc\u015fmesidir. Operasyonel seviyede 32,9 milyon TL zarar kaydedilmesine ra\u011fmen, yat\u0131r\u0131m faaliyetlerinden elde edilen 119,7 milyon TL&#8217;lik gelir sayesinde d\u00f6nem net k\u00e2r\u0131 61,8 milyon TL olarak ger\u00e7ekle\u015fmi\u015ftir. TMS 29 uyar\u0131nca uygulanan enflasyon muhasebesi, finansal tablolar\u0131n sat\u0131n alma g\u00fcc\u00fc cinsinden sunulmas\u0131n\u0131 sa\u011flam\u0131\u015f, bu s\u00fcre\u00e7te 10,1 milyon TL net parasal pozisyon kayb\u0131 kaydedilmi\u015ftir. Grubun \u00f6zkaynaklar\u0131, ba\u011fl\u0131 ortakl\u0131klardaki kontrol kayb\u0131 ve operasyonel daralma nedeniyle 247,9 milyon TL&#8217;den 184,3 milyon TL&#8217;ye gerilemi\u015ftir.<\/p>\n<h2>1. Kurumsal Yap\u0131 ve Faaliyet Konusu<\/h2>\n<p>Grup&#8217;un tarihsel geli\u015fimi ve mevcut operasyonel stat\u00fcs\u00fc \u015fu ana hatlarla belirlenmi\u015ftir:<\/p>\n<ul>\n<li><b>Kurulu\u015f ve D\u00f6n\u00fc\u015f\u00fcm:<\/b> 2004 y\u0131l\u0131nda \u0130nfotrend B Tipi Menkul K\u0131ymetler Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 olarak kurulan \u015firket, 2012&#8217;de yat\u0131r\u0131m holding stat\u00fcs\u00fcne ge\u00e7mi\u015f ve 2017 y\u0131l\u0131nda mevcut &#8220;Marka Yat\u0131r\u0131m Holding&#8221; unvan\u0131n\u0131 alm\u0131\u015ft\u0131r.<\/li>\n<li><b>Borsa Stat\u00fcs\u00fc:<\/b> \u015eirket paylar\u0131n\u0131n %99,50&#8217;si halka a\u00e7\u0131k olup Borsa \u0130stanbul Ana Pazar&#8217;da &#8220;MARKA&#8221; kodu ile i\u015flem g\u00f6rmektedir.<\/li>\n<li><b>Faaliyet Alan\u0131:<\/b> Yat\u0131r\u0131m holdingi olarak; finansal organizasyon, firma de\u011ferlemesi, ticari ve s\u0131nai yat\u0131r\u0131mlar ile dan\u0131\u015fmanl\u0131k alanlar\u0131nda faaliyet g\u00f6stermektedir.<\/li>\n<li><b>Ba\u011fl\u0131 Ortakl\u0131k Yap\u0131s\u0131:<\/b> Grup; tekstil, g\u0131da, medya, bijuteri ve ya\u015fl\u0131 bak\u0131mevi i\u015fletmecili\u011fi gibi geni\u015f bir yelpazede faaliyet g\u00f6steren be\u015f ana ba\u011fl\u0131 ortakl\u0131\u011fa sahiptir.<\/li>\n<\/ul>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ba\u011fl\u0131 Ortakl\u0131k<\/td>\n<td>Faaliyet Yeri<\/td>\n<td>Pay Oran\u0131 (2025)<\/td>\n<\/tr>\n<tr>\n<td>D\u00fcnya Markalar\u0131 Tekstil Aks. \u0130\u00e7 ve D\u0131\u015f Tic. A.\u015e.<\/td>\n<td>\u0130stanbul<\/td>\n<td>%100<\/td>\n<\/tr>\n<tr>\n<td>\u0130stanbul Bijuteri Moda ve Teks. \u00dcrn. A.\u015e.<\/td>\n<td>\u0130stanbul<\/td>\n<td>%100<\/td>\n<\/tr>\n<tr>\n<td>Ende\u011fer Medya Y\u00f6netimi San. ve Tic. A.\u015e.<\/td>\n<td>\u0130stanbul<\/td>\n<td>%100<\/td>\n<\/tr>\n<tr>\n<td>Ihlamur Kona\u011f\u0131 Huzurevi \u0130\u015flt. A.\u015e.<\/td>\n<td>Ankara<\/td>\n<td>%100<\/td>\n<\/tr>\n<tr>\n<td>G\u00f6ky\u00fcz\u00fc Et S\u00fct G\u0131da San. ve Tic. A.\u015e.<\/td>\n<td>\u0130stanbul<\/td>\n<td>%97,55<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>2. Finansal Durum Analizi (Bilan\u00e7o De\u011ferlendirmesi)<\/h2>\n<p>31 Aral\u0131k 2025 itibar\u0131yla Grubun varl\u0131k ve kaynak yap\u0131s\u0131nda \u00f6nemli de\u011fi\u015fimler g\u00f6zlemlenmi\u015ftir:<\/p>\n<h3>2.1. Varl\u0131k Yap\u0131s\u0131ndaki De\u011fi\u015fimler<\/h3>\n<ul>\n<li><b>Toplam Varl\u0131klar:<\/b> 2024 y\u0131l sonunda 367,4 milyon TL olan toplam varl\u0131klar, 2025 sonunda 331,4 milyon TL&#8217;ye gerilemi\u015ftir.<\/li>\n<li><b>D\u00f6nen Varl\u0131klar:<\/b> 256,6 milyon TL&#8217;den 88 milyon TL&#8217;ye keskin bir d\u00fc\u015f\u00fc\u015f ya\u015fanm\u0131\u015ft\u0131r. Bu d\u00fc\u015f\u00fc\u015fte nakit varl\u0131klar\u0131n 1,7 milyon TL&#8217;den 89 bin TL seviyesine inmesi ve di\u011fer alacaklardaki azalma etkili olmu\u015ftur.<\/li>\n<li><b>Duran Varl\u0131klar:<\/b> Maddi olmayan duran varl\u0131klardaki art\u0131\u015f\u0131n (69 milyon TL&#8217;den 202,9 milyon TL&#8217;ye) etkisiyle 110,8 milyon TL&#8217;den 243,3 milyon TL&#8217;ye y\u00fckselmi\u015ftir.<\/li>\n<\/ul>\n<h3>2.2. Y\u00fck\u00fcml\u00fcl\u00fckler ve \u00d6zkaynaklar<\/h3>\n<ul>\n<li><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 114,9 milyon TL&#8217;den 146,3 milyon TL&#8217;ye y\u00fckselmi\u015ftir. Bu art\u0131\u015fta ticari bor\u00e7lar\u0131n 21,4 milyon TL&#8217;den 70,8 milyon TL&#8217;ye \u00e7\u0131kmas\u0131 ana etkendir.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> Toplam \u00f6zkaynaklar 184,3 milyon TL&#8217;ye gerilemi\u015ftir. \u00d6zkaynak de\u011fi\u015fim tablosuna g\u00f6re, &#8220;Ba\u011fl\u0131 Ortakl\u0131klardaki Kontrol\u00fcn Kayb\u0131&#8221; nedeniyle 125,6 milyon TL&#8217;lik bir azal\u0131\u015f kaydedilmi\u015ftir.<\/li>\n<li><b>Sermaye Yap\u0131s\u0131:<\/b> \u015eirketin \u00f6denmi\u015f sermayesi 20.990.000 TL olup, 317 milyon TL tutar\u0131nda sermaye d\u00fczeltme fark\u0131 bulunmaktad\u0131r.<\/li>\n<\/ul>\n<h2>3. Finansal Performans Analizi (K\u00e2r veya Zarar)<\/h2>\n<p>2025 y\u0131l\u0131, Grubun operasyonel k\u00e2rl\u0131l\u0131k a\u00e7\u0131s\u0131ndan zorland\u0131\u011f\u0131 ancak yat\u0131r\u0131m faaliyetleriyle denge kurdu\u011fu bir y\u0131l olmu\u015ftur.<\/p>\n<h3>3.1. Has\u0131lat ve Br\u00fct K\u00e2r<\/h3>\n<ul>\n<li><b>Sat\u0131\u015f Gelirleri:<\/b> 112.568.590 TL has\u0131lat elde edilmi\u015ftir (2024: 266,1 milyon TL).<\/li>\n<li><b>Sat\u0131\u015flar\u0131n Maliyeti:<\/b> 64,5 milyon TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>Br\u00fct K\u00e2r:<\/b> 47,9 milyon TL br\u00fct k\u00e2r elde edilmi\u015f, br\u00fct k\u00e2r marj\u0131 yakla\u015f\u0131k %42,6 olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<\/ul>\n<h3>3.2. Operasyonel Giderler ve Esas Faaliyet Zarar\u0131<\/h3>\n<ul>\n<li><b>Genel Y\u00f6netim Giderleri:<\/b> 27,1 milyon TL seviyesinde ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>Di\u011fer Faaliyet Giderleri:<\/b> 56,8 milyon TL&#8217;lik y\u00fcksek tutarl\u0131 &#8220;Esas Faaliyetlerden Di\u011fer Giderler&#8221; kalemi nedeniyle Grup, 32,9 milyon TL esas faaliyet zarar\u0131 kaydetmi\u015ftir.<\/li>\n<\/ul>\n<h3>3.3. Yat\u0131r\u0131m Faaliyetleri ve Net D\u00f6nem K\u00e2r\u0131<\/h3>\n<ul>\n<li><b>Yat\u0131r\u0131m Gelirleri:<\/b> 119,7 milyon TL tutar\u0131ndaki yat\u0131r\u0131m faaliyetlerinden gelirler, operasyonel zarar\u0131 telafi ederek vergi \u00f6ncesi k\u00e2r\u0131n olu\u015fmas\u0131n\u0131 sa\u011flam\u0131\u015ft\u0131r.<\/li>\n<li><b>Vergi Y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc:<\/b> D\u00f6nem k\u00e2r\u0131 \u00fczerinden 20,7 milyon TL vergi gideri tahakkuk etmi\u015ftir.<\/li>\n<li><b>Net K\u00e2r:<\/b> Grup, 2025 y\u0131l\u0131n\u0131 61,8 milyon TL konsolide net d\u00f6nem k\u00e2r\u0131 ile kapatm\u0131\u015ft\u0131r. Bu k\u00e2r\u0131n 62,2 milyon TL&#8217;si ana ortakl\u0131k paylar\u0131na d\u00fc\u015ferken, kontrol g\u00fcc\u00fc olmayan paylar 437 bin TL zarar kaydetmi\u015ftir.<\/li>\n<\/ul>\n<h2>4. Nakit Ak\u0131\u015f Analizi<\/h2>\n<p>Grubun nakit ak\u0131\u015f tablosu, operasyonel ve yat\u0131r\u0131m s\u00fcre\u00e7lerindeki nakit hareketlerini \u00f6zetlemektedir:<\/p>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetleri:<\/b> \u0130\u015fletme faaliyetlerinden 1,4 milyon TL net nakit \u00e7\u0131k\u0131\u015f\u0131 ya\u015fanm\u0131\u015ft\u0131r. D\u00f6nem k\u00e2r\u0131 y\u00fcksek olsa da, parasal kay\u0131plar ve i\u015fletme sermayesindeki de\u011fi\u015fimler nakit ak\u0131\u015f\u0131n\u0131 bask\u0131lam\u0131\u015ft\u0131r.<\/li>\n<li><b>Nakit Dengesi:<\/b> D\u00f6nem ba\u015f\u0131 1,7 milyon TL olan nakit ve nakit benzerleri, d\u00f6nem sonu itibar\u0131yla (enflasyon etkisi dahil) 89.918 TL&#8217;ye gerilemi\u015ftir.<\/li>\n<li><b>\u00d6nemli D\u00fczeltmeler:<\/b> Net k\u00e2r mutabakat\u0131nda, ba\u011fl\u0131 ortakl\u0131k elden \u00e7\u0131karmalar\u0131ndan kaynaklanan 119,7 milyon TL&#8217;lik d\u00fczeltme ve 161,6 milyon TL&#8217;lik parasal kazan\u00e7\/kay\u0131p d\u00fczeltmesi dikkat \u00e7ekmektedir.<\/li>\n<\/ul>\n<h2>5. Raporlama Esaslar\u0131 ve Enflasyon Muhasebesi (TMS 29)<\/h2>\n<p>Finansal tablolar, T\u00fcrkiye Finansal Raporlama Standartlar\u0131 (TFRS) ve KGK taraf\u0131ndan yay\u0131mlanan g\u00fcncel taksonomiye uygun olarak haz\u0131rlanm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>Y\u00fcksek Enflasyon D\u00fczeltmesi:<\/b> SPK kararlar\u0131 uyar\u0131nca, 31 Aral\u0131k 2023&#8217;ten itibaren ge\u00e7erli olan TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131 uygulanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Katsay\u0131lar:<\/b> 31.12.2025 tarihi i\u00e7in d\u00fczeltme katsay\u0131s\u0131 1,0000; 31.12.2024 tarihi i\u00e7in ise 1,3089 olarak kullan\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Metodoloji:<\/b> Parasal olmayan t\u00fcm kalemler (stoklar, maddi duran varl\u0131klar, \u00f6zkaynaklar) ilgili tarihlerdeki fiyat endeksleri kullan\u0131larak raporlama tarihindeki sat\u0131n alma g\u00fcc\u00fcne getirilmi\u015ftir. Parasal kalemler (nakit, bor\u00e7lar, alacaklar) ise cari de\u011ferleri ile b\u0131rak\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>6. \u00d6nemli Riskler ve Notlar<\/h2>\n<ul>\n<li><b>\u0130li\u015fkili Taraf \u0130\u015flemleri:<\/b> Grup, d\u00f6nem i\u00e7inde ili\u015fkili taraflardan ticari ve di\u011fer alacaklar\/bor\u00e7lar kapsam\u0131nda i\u015flemler ger\u00e7ekle\u015ftirmi\u015ftir. 2025 sonu itibar\u0131yla ili\u015fkili taraflardan di\u011fer alacaklar 13,2 milyon TL seviyesindedir.<\/li>\n<li><b>De\u011fer D\u00fc\u015f\u00fckl\u00fc\u011f\u00fc:<\/b> Alacaklarda 26,8 milyon TL tutar\u0131nda de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc d\u00fczeltmesi yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Vergi Durumu:<\/b> Ertelenmi\u015f vergi varl\u0131\u011f\u0131 10,2 milyon TL olarak hesaplanm\u0131\u015f, bu durum gelecekteki vergi y\u00fck\u00fcml\u00fcl\u00fcklerinden indirim potansiyeli ta\u015f\u0131maktad\u0131r.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"2237\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Marka Yat\u0131r\u0131m Holding\u2019in 2025 y\u0131l\u0131na ait konsolide finansal karnesi a\u00e7\u0131kland\u0131. Enflasyon muhasebesi etkilerinin yans\u0131t\u0131ld\u0131\u011f\u0131 raporda, \u015firketin 61,8 milyon TL net kar elde etti\u011fi g\u00f6r\u00fcl\u00fcyor. Has\u0131latta ya\u015fanan daralmaya ra\u011fmen, yat\u0131r\u0131m faaliyetlerinden gelen 119,7 milyon TL&#8217;lik rekor gelir ve maddi olmayan duran varl\u0131klardaki dev art\u0131\u015f, d\u00f6nemin en dikkat \u00e7eken stratejik geli\u015fmeleri aras\u0131nda yer al\u0131yor. Holdingin varl\u0131k yap\u0131s\u0131ndaki de\u011fi\u015fimleri ve g\u00fcncel finansal durumunu detayl\u0131ca inceliyoruz.<br \/>\n.<\/p>\n","protected":false},"author":8,"featured_media":1725,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[323],"class_list":["post-2237","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-marka"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2237","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=2237"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2237\/revisions"}],"predecessor-version":[{"id":2238,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2237\/revisions\/2238"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/1725"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=2237"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=2237"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=2237"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}