{"id":2271,"date":"2026-05-02T10:58:46","date_gmt":"2026-05-02T07:58:46","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2271"},"modified":"2026-05-02T11:02:00","modified_gmt":"2026-05-02T08:02:00","slug":"link-2026-03-bilano-analizi-link-bilgisayar-sistemleri","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2271","title":{"rendered":"\ud83d\udd34 LINK 2026-03 Bilan\u00e7o Analizi | Link Bilgisayar Sistemleri"},"content":{"rendered":"<h1>Link Bilgisayar Sistemleri 2026 Y\u0131l\u0131 1. \u00c7eyrek Finansal Brifing Belgesi<\/h1>\n<p>Bu belge, Link Bilgisayar Sistemleri Yaz\u0131l\u0131m\u0131 ve Donan\u0131m\u0131 Sanayi ve Ticaret A.\u015e.&#8217;nin (&#8220;\u015eirket&#8221;) 1 Ocak &#8211; 31 Mart 2026 ara hesap d\u00f6nemine ait \u00f6zet finansal tablolar\u0131n\u0131 ve ilgili dipnotlar\u0131n\u0131 analiz ederek temel operasyonel ve finansal g\u00f6stergeleri sentezlemektedir.<\/p>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Link Bilgisayar, 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde, y\u00fcksek enflasyon d\u00fczeltmesine (TMS 29) tabi tutulmu\u015f rakamlarla g\u00fc\u00e7l\u00fc bir b\u00fcy\u00fcme ve k\u00e2rl\u0131l\u0131k performans\u0131 sergilemi\u015ftir. \u015eirketin toplam varl\u0131klar\u0131 2,5 milyar TL s\u0131n\u0131r\u0131na dayan\u0131rken, d\u00f6nem net k\u00e2r\u0131 \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re yakla\u015f\u0131k %272 oran\u0131nda bir art\u0131\u015fla 179,7 milyon TL olarak ger\u00e7ekle\u015fmi\u015ftir. Br\u00fct k\u00e2r marj\u0131ndaki belirgin iyile\u015fme ve esas faaliyet k\u00e2r\u0131ndaki y\u00fcksek art\u0131\u015f, operasyonel verimlili\u011fin temel itici g\u00fc\u00e7leri olmu\u015ftur. \u015eirket, y\u00fcksek Ar-Ge yat\u0131r\u0131mlar\u0131 ve Abrakadabra Oyun Teknolojileri A.\u015e. gibi stratejik finansal yat\u0131r\u0131mlar\u0131yla teknoloji odakl\u0131 b\u00fcy\u00fcme stratejisini s\u00fcrd\u00fcrmektedir.<\/p>\n<h2>Temel Finansal G\u00f6stergeler ve Durum Analizi<\/h2>\n<p>\u015eirket&#8217;in finansal tablolar\u0131, 31 Mart 2026 tarihi itibar\u0131yla sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6re (enflasyon d\u00fczeltmeli) sunulmu\u015ftur.<\/p>\n<h3>Finansal Durum \u00d6zeti (Bilan\u00e7o)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Varl\u0131klar ve Kaynaklar<\/td>\n<td>31.03.2026 (TL)<\/td>\n<td>31.12.2025 (TL)<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td>2.491.254.494<\/td>\n<td>2.249.423.370<\/td>\n<td>%10,7<\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nen Varl\u0131klar<\/td>\n<td>1.574.125.267<\/td>\n<td>1.426.201.289<\/td>\n<td>%10,4<\/td>\n<\/tr>\n<tr>\n<td>Duran Varl\u0131klar<\/td>\n<td>917.129.227<\/td>\n<td>823.222.081<\/td>\n<td>%11,4<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>524.522.215<\/td>\n<td>463.400.982<\/td>\n<td>%13,2<\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>421.025.865<\/td>\n<td>316.887.024<\/td>\n<td>%32,9<\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>103.496.350<\/td>\n<td>146.513.958<\/td>\n<td>-%29,4<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam \u00d6zkaynaklar<\/b><\/td>\n<td>1.966.732.279<\/td>\n<td>1.786.022.388<\/td>\n<td>%10,1<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>\u00d6nemli Tespitler:<\/b><\/p>\n<ul>\n<li><b>Varl\u0131k Art\u0131\u015f\u0131:<\/b> \u015eirketin toplam varl\u0131klar\u0131, ticari alacaklardaki art\u0131\u015f ve Ar-Ge aktifle\u015ftirmeleri sayesinde b\u00fcy\u00fcm\u00fc\u015ft\u00fcr.<\/li>\n<li><b>Ticari Alacaklar ve Bor\u00e7lar:<\/b> \u0130li\u015fkili olmayan taraflardan ticari alacaklar 916,8 milyon TL\u2019ye (2025 sonu: 697,7 milyon TL), ticari bor\u00e7lar ise 398,4 milyon TL\u2019ye y\u00fckselmi\u015ftir. Her iki kalemin de ortalama vadesi 3 aydan k\u0131sad\u0131r.<\/li>\n<li><b>Finansal Yat\u0131r\u0131mlar:<\/b> \u015eirket 604,4 milyon TL de\u011ferinde k\u0131sa vadeli finansal yat\u0131r\u0131ma sahiptir. Bunun 284,2 milyon TL&#8217;lik k\u0131sm\u0131 Abrakadabra Oyun Teknolojileri A.\u015e. yat\u0131r\u0131m\u0131ndan olu\u015fmaktad\u0131r.<\/li>\n<\/ul>\n<h3>K\u00e2r veya Zarar Analizi<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Gelir Tablosu Kalemleri<\/td>\n<td>01.01. &#8211; 31.03.2026<\/td>\n<td>01.01. &#8211; 31.03.2025<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>426.919.512<\/td>\n<td>385.776.680<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015flar\u0131n Maliyeti (-)<\/td>\n<td>(135.993.461)<\/td>\n<td>(228.882.302)<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>290.926.051<\/td>\n<td>156.894.378<\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet Kar\u0131<\/td>\n<td>234.021.748<\/td>\n<td>104.000.469<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Net K\u00e2r\u0131<\/b><\/td>\n<td>179.708.663<\/td>\n<td>48.301.416<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Performans Notlar\u0131:<\/b><\/p>\n<ul>\n<li><b>Maliyet Y\u00f6netimi:<\/b> Sat\u0131\u015flar\u0131n maliyeti \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re nominal olarak azal\u0131rken, has\u0131lat\u0131n artmas\u0131 br\u00fct k\u00e2r\u0131n yakla\u015f\u0131k iki kat\u0131na \u00e7\u0131kmas\u0131n\u0131 sa\u011flam\u0131\u015ft\u0131r.<\/li>\n<li><b>Net Parasal Pozisyon:<\/b> Y\u00fcksek enflasyon ortam\u0131nda parasal kalemlerin elde tutulmas\u0131 nedeniyle 60,6 milyon TL tutar\u0131nda &#8220;Net Parasal Pozisyon Kayb\u0131&#8221; kaydedilmi\u015ftir.<\/li>\n<li><b>Vergi Etkisi:<\/b> 2026&#8217;n\u0131n ilk \u00e7eyre\u011finde 29,9 milyon TL tutar\u0131nda ertelenmi\u015f vergi geliri kaydedilmi\u015ftir; bu durum net k\u00e2r\u0131 olumlu etkilemi\u015ftir.<\/li>\n<\/ul>\n<h2>Operasyonel Faaliyetler ve Yat\u0131r\u0131mlar<\/h2>\n<h3>Ara\u015ft\u0131rma ve Geli\u015ftirme (Ar-Ge) Odakl\u0131l\u0131k<\/h3>\n<p>Link Bilgisayar, teknoloji geli\u015ftirme faaliyetlerine y\u00fcksek \u00f6ncelik vermektedir:<\/p>\n<ul>\n<li><b>Giderler:<\/b> \u0130lk \u00e7eyrekte 35,3 milyon TL Ar-Ge gideri yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Aktifle\u015ftirme:<\/b> Maddi olmayan duran varl\u0131klar i\u00e7inde &#8220;Ara\u015ft\u0131rma ve Geli\u015ftirme&#8221; kalemi 607,8 milyon TL br\u00fct de\u011fere ula\u015fm\u0131\u015ft\u0131r. Sadece 2026&#8217;n\u0131n ilk \u00fc\u00e7 ay\u0131nda 127,4 milyon TL tutar\u0131nda yeni giri\u015f (aktifle\u015ftirme) yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>Yat\u0131r\u0131m Faaliyetleri<\/h3>\n<ul>\n<li><b>Maddi Olmayan Duran Varl\u0131klar:<\/b> Toplam net de\u011feri 910,5 milyon TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<li><b>Yat\u0131r\u0131m Giderleri:<\/b> Yat\u0131r\u0131m faaliyetlerinden 25,4 milyon TL tutar\u0131nda gider kaydedilmi\u015f olup, bunun ana kayna\u011f\u0131 finansal yat\u0131r\u0131mlardaki ger\u00e7e\u011fe uygun de\u011fer (GUD) farklar\u0131d\u0131r.<\/li>\n<\/ul>\n<h2>Kurumsal Yap\u0131 ve Sermaye<\/h2>\n<p>\u015eirketin sermaye yap\u0131s\u0131 ve ortakl\u0131k da\u011f\u0131l\u0131m\u0131 31 Mart 2026 itibar\u0131yla \u015fu \u015fekildedir:<\/p>\n<ul>\n<li><b>\u00d6denmi\u015f Sermaye:<\/b> 891.754.956 TL.<\/li>\n<li><b>Ortakl\u0131k Yap\u0131s\u0131:<\/b>\n<ul>\n<li>Halka A\u00e7\u0131k K\u0131s\u0131m: %63,38<\/li>\n<li>Effective \u0130nvest Yat\u0131r\u0131m Holding A.\u015e.: %17,19<\/li>\n<li>Mia Teknoloji A.\u015e.: %11,14<\/li>\n<li>Bulls Yat\u0131r\u0131m Holding A.\u015e.: %6,99<\/li>\n<\/ul>\n<\/li>\n<li><b>Personel:<\/b> \u015eirket b\u00fcnyesinde 72 personel istihdam edilmektedir.<\/li>\n<\/ul>\n<h2>Risk Y\u00f6netimi ve Likidite<\/h2>\n<ul>\n<li><b>Sermaye Riski:<\/b> \u015eirket, net bor\u00e7\/toplam sermaye oran\u0131n\u0131 negatif seviyede (-0,02) tutarak d\u00fc\u015f\u00fck bor\u00e7luluk ve g\u00fc\u00e7l\u00fc \u00f6zkaynak yap\u0131s\u0131n\u0131 korumaktad\u0131r.<\/li>\n<li><b>Likidite Riski:<\/b> Nakit ve nakit benzerleri d\u00f6nemi 41,5 milyon TL ile kapatm\u0131\u015ft\u0131r. \u015eirket, alacak ve bor\u00e7 vadelerinin uyumuna azami \u00f6zen g\u00f6stererek k\u0131sa vadeli likidite y\u00f6netimi yapmaktad\u0131r.<\/li>\n<li><b>D\u00f6viz Riski:<\/b> \u015eirket d\u00f6viz riskinden korunmak i\u00e7in t\u00fcrev ara\u00e7 kullanmamaktad\u0131r. Parasal varl\u0131klar i\u00e7inde kasa ve banka hesaplar\u0131 \u00fczerinden kur takibi yap\u0131lmaktad\u0131r.<\/li>\n<\/ul>\n<h2>Kritik Muhasebe De\u011ferlendirmeleri (TMS 29)<\/h2>\n<p>Finansal tablolar\u0131n haz\u0131rlanmas\u0131nda y\u00fcksek enflasyon ekonomisi kurallar\u0131 uygulanm\u0131\u015ft\u0131r. Endeksleme i\u015fleminde T\u00dc\u0130K taraf\u0131ndan yay\u0131nlanan T\u00fcketici Fiyat Endeksi kullan\u0131lm\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li>31.03.2026 Endeksi: 121,47 (D\u00fczeltme Katsay\u0131s\u0131: 1,0000)<\/li>\n<li>31.12.2025 Endeksi: 110,39 (D\u00fczeltme Katsay\u0131s\u0131: 1,1004)<\/li>\n<\/ul>\n<p>Bu d\u00fczeltmeler sonucunda, parasal olmayan varl\u0131k (\u00f6rne\u011fin duran varl\u0131klar) ve y\u00fck\u00fcml\u00fcl\u00fckler ile \u00f6zkaynak kalemleri bilan\u00e7o tarihindeki sat\u0131n alma g\u00fcc\u00fcne getirilmi\u015ftir.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"2271\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Link Bilgisayar\u2019dan 2026\u2019n\u0131n \u0130lk \u00c7eyre\u011finde G\u00fc\u00e7l\u00fc Finansal Performans!<br \/>\nLink Bilgisayar, 2026 y\u0131l\u0131na ait ilk \u00e7eyrek finansal sonu\u00e7lar\u0131n\u0131 payla\u015ft\u0131. Yaz\u0131l\u0131m sekt\u00f6r\u00fcn\u00fcn \u00f6nc\u00fc ismi, has\u0131lat\u0131n\u0131 426,9 milyon TL seviyesine \u00e7\u0131kar\u0131rken net kar\u0131n\u0131 bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine oranla yakla\u015f\u0131k 3,7 kat art\u0131rarak 179,7 milyon TL&#8217;ye ula\u015ft\u0131rmay\u0131 ba\u015fard\u0131. Enflasyon muhasebesi (TMS 29) uygulanarak haz\u0131rlanan raporda, \u015firketin toplam varl\u0131klar\u0131n\u0131n 2,4 milyar TL baremini a\u015fmas\u0131 ve \u00f6zkaynaklar\u0131ndaki istikrarl\u0131 art\u0131\u015f \u00f6ne \u00e7\u0131k\u0131yor. Ar-Ge yat\u0131r\u0131mlar\u0131na h\u0131z kesmeden devam eden Link Bilgisayar&#8217;\u0131n operasyonel verimlili\u011fi ve mali tablosundaki g\u00fcncel detaylar\u0131 inceledi\u011fimiz yeni yaz\u0131m\u0131z yay\u0131nda!<\/p>\n","protected":false},"author":4,"featured_media":1725,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[324],"class_list":["post-2271","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-link"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2271","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\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=2271"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2271\/revisions"}],"predecessor-version":[{"id":2273,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2271\/revisions\/2273"}],"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=2271"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=2271"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=2271"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}