{"id":2284,"date":"2026-05-02T11:12:12","date_gmt":"2026-05-02T08:12:12","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2284"},"modified":"2026-05-02T11:12:44","modified_gmt":"2026-05-02T08:12:44","slug":"tdgyo-2026-03-bilano-analizi-trend-gayrimenkul-yatrm-ortakl","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2284","title":{"rendered":"\ud83d\udd34 TDGYO 2026-03 Bilan\u00e7o Analizi | Trend Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131"},"content":{"rendered":"

Trend Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 (Trend GYO) 31 Mart 2026 Finansal Bilgilendirme Raporu<\/h1>\n

Bu belge, Trend Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.’nin (Trend GYO) 31 Mart 2026 tarihinde sona eren \u00fc\u00e7 ayl\u0131k ara hesap d\u00f6nemine ait finansal tablolar\u0131n\u0131n ve dipnotlar\u0131n\u0131n kapsaml\u0131 bir sentezidir. Rapor, \u015firketin finansal durumunu, faaliyet sonu\u00e7lar\u0131n\u0131 ve stratejik yat\u0131r\u0131mlar\u0131n\u0131 do\u011frudan kaynak veriler \u0131\u015f\u0131\u011f\u0131nda analiz eder.<\/p>\n

Y\u00f6netici \u00d6zeti<\/h2>\n

Trend GYO, 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde operasyonel gelirlerinden ziyade finansal yat\u0131r\u0131mlar\u0131ndan kaynaklanan ola\u011fan\u00fcst\u00fc bir k\u00e2r art\u0131\u015f\u0131 kaydetmi\u015ftir. 31 Mart 2026 itibar\u0131yla \u015firketin toplam varl\u0131klar\u0131, 2025 sonuna g\u00f6re %43,2 artarak 653.161.548 TL<\/b>‘ye ula\u015fm\u0131\u015ft\u0131r. D\u00f6nem net k\u00e2r\u0131, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re (5,3 milyon TL) b\u00fcy\u00fck bir s\u0131\u00e7rama yaparak 136.985.810 TL<\/b> olarak ger\u00e7ekle\u015fmi\u015ftir. Bu k\u00e2rl\u0131l\u0131\u011f\u0131n temel itici g\u00fcc\u00fc, yat\u0131r\u0131m faaliyetlerinden elde edilen 217,5 milyon TL<\/b> tutar\u0131ndaki gelirdir. \u015eirket, gayrimenkul geli\u015ftirme faaliyetlerini \u00dcmraniye, Bursa G\u00f6r\u00fckle ve Alibeyk\u00f6y projeleriyle s\u00fcrd\u00fcr\u00fcrken, portf\u00f6y s\u0131n\u0131rlamalar\u0131 ve yeni vergi d\u00fczenlemeleriyle ilgili kritik uyum s\u00fcre\u00e7lerini y\u00f6netmektedir.<\/p>\n

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1. Finansal Durum Analizi<\/h2>\n

\u015eirketin bilan\u00e7o yap\u0131s\u0131, y\u00fcksek likidite ve finansal yat\u0131r\u0131mlardaki belirgin art\u0131\u015fla karakterize edilmektedir.<\/p>\n

1.1. Varl\u0131k Yap\u0131s\u0131 ve Likidite<\/h3>\n

\u015eirketin varl\u0131klar\u0131n\u0131n b\u00fcy\u00fck bir k\u0131sm\u0131 d\u00f6nen varl\u0131klardan olu\u015fmaktad\u0131r.<\/p>\n\n\n\n\n\n\n\n\n\n
Varl\u0131k Kalemleri<\/td>\n31.03.2026 (TL)<\/td>\n31.12.2025 (TL)<\/td>\nDe\u011fi\u015fim (%)<\/td>\n<\/tr>\n
Toplam D\u00f6nen Varl\u0131klar<\/b><\/td>\n649.985.138<\/td>\n450.278.639<\/td>\n+44,3<\/td>\n<\/tr>\n
– Nakit ve Nakit Benzerleri<\/td>\n8.192.163<\/td>\n4.717.810<\/td>\n+73,6<\/td>\n<\/tr>\n
– Finansal Yat\u0131r\u0131mlar<\/td>\n329.730.000<\/td>\n132.691.091<\/td>\n+148,5<\/td>\n<\/tr>\n
– Stoklar (Projeler)<\/td>\n302.956.700<\/td>\n303.814.191<\/td>\n-0,3<\/td>\n<\/tr>\n
Toplam Duran Varl\u0131klar<\/b><\/td>\n3.176.410<\/td>\n5.803.668<\/td>\n-45,3<\/td>\n<\/tr>\n
TOPLAM VARLIKLAR<\/b><\/td>\n653.161.548<\/b><\/td>\n456.082.307<\/b><\/td>\n+43,2<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
    \n
  • Finansal Yat\u0131r\u0131mlar:<\/b> \u015eirketin varl\u0131klar\u0131ndaki b\u00fcy\u00fcmenin ana kayna\u011f\u0131d\u0131r. Bu kalem tamamen Odine Solutions Teknoloji Ticaret ve Sanayi A.\u015e.<\/b> hisse senetlerinden olu\u015fmaktad\u0131r (Not 44).<\/li>\n
  • Nakit Pozisyonu:<\/b> Nakit varl\u0131klar\u0131n \u00f6nemli bir k\u0131sm\u0131 (3,9 milyon TL), yat\u0131r\u0131m faaliyetlerinin y\u00fcr\u00fct\u00fcld\u00fc\u011f\u00fc arac\u0131 kurum hesaplar\u0131nda bulunmaktad\u0131r.<\/li>\n<\/ul>\n

    1.2. Kaynak Yap\u0131s\u0131 ve Bor\u00e7luluk<\/h3>\n

    Trend GYO, olduk\u00e7a d\u00fc\u015f\u00fck bir d\u0131\u015f bor\u00e7lanma seviyesine sahiptir; ancak ertelenmi\u015f vergi y\u00fck\u00fcml\u00fcl\u00fckleri kaynak yap\u0131s\u0131nda \u00f6nemli bir yer tutmaktad\u0131r.<\/p>\n\n\n\n\n\n\n\n
    Kaynak Kalemleri<\/td>\n31.03.2026 (TL)<\/td>\n31.12.2025 (TL)<\/td>\n<\/tr>\n
    K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n783.953<\/td>\n1.427.936<\/td>\n<\/tr>\n
    Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n84.384.423<\/td>\n23.647.009<\/td>\n<\/tr>\n
    \u00d6zkaynaklar<\/b><\/td>\n567.993.172<\/b><\/td>\n431.007.362<\/b><\/td>\n<\/tr>\n
    TOPLAM KAYNAKLAR<\/b><\/td>\n653.161.548<\/b><\/td>\n456.082.307<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
      \n
    • Ertelenmi\u015f Vergi Y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc:<\/b> 83,6 milyon TL ile uzun vadeli y\u00fck\u00fcml\u00fcl\u00fcklerin neredeyse tamam\u0131n\u0131 olu\u015fturmaktad\u0131r. Bu art\u0131\u015f, yeni vergi d\u00fczenlemeleri ve finansal yat\u0131r\u0131mlar\u0131n de\u011ferlemesinden kaynaklanmaktad\u0131r.<\/li>\n
    • Bor\u00e7\/\u00d6zsermaye Oran\u0131:<\/b> \u015eirketin toplam bor\u00e7lar\u0131n\u0131n \u00f6zkaynaklara oran\u0131 0,14 seviyesindedir (2025: 0,05).<\/li>\n<\/ul>\n

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      2. Faaliyet Performans\u0131 ve K\u00e2rl\u0131l\u0131k<\/h2>\n

      2026’n\u0131n ilk \u00e7eyre\u011finde operasyonel has\u0131lat d\u00fc\u015ferken, yat\u0131r\u0131m gelirleri net k\u00e2r\u0131 domine etmi\u015ftir.<\/p>\n

      2.1. Kar veya Zarar \u00d6zeti<\/h3>\n\n\n\n\n\n\n\n\n\n
      Hesap Kalemi<\/td>\n01.01.2026 – 31.03.2026 (TL)<\/td>\n01.01.2025 – 31.03.2025 (TL)<\/td>\n<\/tr>\n
      Has\u0131lat<\/td>\n2.772.277<\/td>\n26.134.428<\/td>\n<\/tr>\n
      Br\u00fct K\u00e2r<\/td>\n2.772.277<\/td>\n19.013.342<\/td>\n<\/tr>\n
      Esas Faaliyet K\u00e2r\u0131\/Zarar\u0131<\/td>\n(3.042.654)<\/td>\n15.491.140<\/td>\n<\/tr>\n
      Yat\u0131r\u0131m Faaliyetlerinden Gelirler<\/td>\n217.553.954<\/td>\n—<\/td>\n<\/tr>\n
      Net Parasal Pozisyon Kayb\u0131<\/td>\n(15.629.412)<\/td>\n(12.876.675)<\/td>\n<\/tr>\n
      D\u00f6nem Net K\u00e2r\u0131<\/b><\/td>\n136.985.810<\/b><\/td>\n5.334.838<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
        \n
      • Has\u0131lat D\u00fc\u015f\u00fc\u015f\u00fc:<\/b> Proje sat\u0131\u015f gelirleri ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %89,4 oran\u0131nda azalm\u0131\u015ft\u0131r.<\/li>\n
      • Yat\u0131r\u0131m Gelirleri:<\/b> Odine Solutions hisselerinin ger\u00e7e\u011fe uygun de\u011fer (GUD) art\u0131\u015f\u0131 sonucu 217,5 milyon TL gelir kaydedilmi\u015ftir.<\/li>\n
      • Enflasyon Muhasebesi (TMS 29):<\/b> Finansal tablolar y\u00fcksek enflasyonlu ekonomide raporlama esaslar\u0131na g\u00f6re d\u00fczenlenmi\u015f ve 15,6 milyon TL tutar\u0131nda net parasal pozisyon kayb\u0131 yans\u0131t\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n

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        3. Gayrimenkul Projeleri ve Stoklar<\/h2>\n

        \u015eirketin stoklar kalemi alt\u0131nda takip edilen ana projeleri a\u015fa\u011f\u0131daki gibidir:<\/p>\n

          \n
        1. \u0130stanbul \u00dcmraniye Projesi (278,7 Milyon TL):<\/b> Mimari, statik ve elektrik projeleri i\u00e7in teklif a\u015famas\u0131ndad\u0131r; proje geli\u015ftirme \u00e7al\u0131\u015fmalar\u0131 s\u00fcrmektedir.<\/li>\n
        2. \u0130stanbul Alibeyk\u00f6y Projesi (21,3 Milyon TL):<\/b> Arsa pay\u0131 kar\u015f\u0131l\u0131\u011f\u0131 in\u015faat s\u00f6zle\u015fmesi Eyl\u00fcl ay\u0131nda imzalanm\u0131\u015f olup, proje geli\u015ftirme \u00e7al\u0131\u015fmalar\u0131 Araz Havac\u0131l\u0131k Petrokimya ve Demir \u00c7elik Ltd. \u015eti. taraf\u0131ndan y\u00fcr\u00fct\u00fclmektedir.<\/li>\n
        3. Bursa G\u00f6r\u00fckle Projesi (2,9 Milyon TL):<\/b> Daire teslimleri b\u00fcy\u00fck \u00f6l\u00e7\u00fcde tamamlanm\u0131\u015ft\u0131r; peyzaj ve \u00e7evre d\u00fczenlemesi bitmi\u015f durumdad\u0131r.<\/li>\n<\/ol>\n

          Not: \u015eirketin sahip oldu\u011fu bu projelerin toplam ger\u00e7e\u011fe uygun de\u011feri rapor tarihi itibar\u0131yla 270,3 milyon TL olarak takdir edilmi\u015ftir (Not 9).<\/i><\/p>\n

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          4. Mevzuat Uyumu ve Portf\u00f6y S\u0131n\u0131rlamalar\u0131<\/h2>\n

          \u015eirketin Sermaye Piyasas\u0131 Kurulu (SPK) d\u00fczenlemeleri kapsam\u0131ndaki portf\u00f6y s\u0131n\u0131rlamalar\u0131na uyumu incelendi\u011finde, baz\u0131 kritik rasyolarda sapmalar oldu\u011fu g\u00f6r\u00fclmektedir:<\/p>\n

            \n
          • Gayrimenkul Yat\u0131r\u0131m Oran\u0131:<\/b> Gayrimenkul ve projelerin toplam varl\u0131klardaki pay\u0131 %46,38<\/b>‘dir. SPK tebli\u011fine g\u00f6re bu oran\u0131n asgari %51<\/b> olmas\u0131 gerekmektedir.<\/li>\n
          • Para ve Sermaye Piyasas\u0131 Ara\u00e7lar\u0131 Oran\u0131:<\/b> Bu ara\u00e7lar\u0131n pay\u0131 %51,74<\/b> olarak ger\u00e7ekle\u015fmi\u015f ve %49<\/b> olan \u00fcst s\u0131n\u0131r\u0131 a\u015fm\u0131\u015ft\u0131r.<\/li>\n
          • Tek \u015eirket Yat\u0131r\u0131m S\u0131n\u0131r\u0131:<\/b> Odine Solutions hisselerindeki de\u011fer art\u0131\u015f\u0131 nedeniyle, tek bir \u015firketteki yat\u0131r\u0131m oran\u0131 %50,49<\/b>‘a ula\u015fm\u0131\u015ft\u0131r (Yasal \u00fcst s\u0131n\u0131r %10<\/b>).<\/li>\n<\/ul>\n

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            5. Vergi D\u00fczenlemelerindeki De\u011fi\u015fiklikler<\/h2>\n

            1 Ocak 2025 tarihinde y\u00fcr\u00fcrl\u00fc\u011fe giren 7524 say\u0131l\u0131 kanun ile GYO vergi rejiminde \u00f6nemli de\u011fi\u015fiklikler yap\u0131lm\u0131\u015ft\u0131r:<\/p>\n

              \n
            • Kazan\u00e7 Da\u011f\u0131t\u0131m \u015eart\u0131:<\/b> Kurumlar vergisi istisnas\u0131ndan yararlanabilmek i\u00e7in ta\u015f\u0131nmazlardan elde edilen kazan\u00e7lar\u0131n en az %50’sinin k\u00e2r pay\u0131 olarak da\u011f\u0131t\u0131lmas\u0131<\/b> zorunlu hale getirilmi\u015ftir.<\/li>\n
            • Asgari Kurumlar Vergisi:<\/b> \u0130stisna \u015fartlar\u0131 sa\u011flansa dahi %10 yurt i\u00e7i asgari kurumlar vergisi uygulanacakt\u0131r.<\/li>\n
            • Vergi Oran\u0131:<\/b> \u015eirket, da\u011f\u0131t\u0131lmam\u0131\u015f k\u00e2rlar i\u00e7in d\u00f6nem vergi hesab\u0131nda %30<\/b> oran\u0131n\u0131 kullanmaktad\u0131r. 31 Mart 2026 itibar\u0131yla 61,7 milyon TL tutar\u0131nda ertelenmi\u015f vergi gideri kaydedilmi\u015ftir.<\/li>\n<\/ul>\n

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              6. \u00d6nemli Riskler ve Varsay\u0131mlar<\/h2>\n
                \n
              • Kredi Riski:<\/b> \u015eirket, bankalardaki mevduatlar ve ticari alacaklar nedeniyle kredi riskine maruzdur. Mevcut durumda 174.634 TL tutar\u0131nda \u015f\u00fcpheli ticari alacak kar\u015f\u0131l\u0131\u011f\u0131 ayr\u0131lm\u0131\u015ft\u0131r.<\/li>\n
              • Likidite Riski:<\/b> \u015eirket y\u00f6netimi, y\u00fck\u00fcml\u00fcl\u00fcklerini yerine getirmek i\u00e7in yeterli nakit ve benzeri kayna\u011f\u0131 bulundurarak bu riski y\u00f6netmektedir.<\/li>\n
              • Faiz Oran\u0131 Riski:<\/b> \u015eirketin faiz ta\u015f\u0131yan bor\u00e7lar\u0131 (kredi kartlar\u0131) olduk\u00e7a d\u00fc\u015f\u00fck seviyededir (15.841 TL).<\/li>\n
              • \u00c7al\u0131\u015fan Say\u0131s\u0131:<\/b> 31 Mart 2026 itibar\u0131yla \u015firkette \u00e7al\u0131\u015fan personel say\u0131s\u0131 5’tir (2025 sonu: 7).<\/li>\n<\/ul>\n

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                Sonu\u00e7<\/h2>\n

                Trend GYO’nun 2026 y\u0131l\u0131 ilk \u00e7eyrek finansal sonu\u00e7lar\u0131, \u015firketin klasik gayrimenkul geli\u015ftirme modelinden, sermaye piyasas\u0131 ara\u00e7lar\u0131ndaki stratejik yat\u0131r\u0131mlar\u0131n k\u00e2r\u0131 domine etti\u011fi bir yap\u0131ya d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc g\u00f6stermektedir. Ancak, finansal yat\u0131r\u0131mlardaki bu b\u00fcy\u00fcme, SPK portf\u00f6y s\u0131n\u0131rlamalar\u0131n\u0131n ihlal edilmesine yol a\u00e7m\u0131\u015ft\u0131r. \u00d6n\u00fcm\u00fczdeki d\u00f6nemde \u015firketin bu s\u0131n\u0131rlarla uyumlu hale gelmek i\u00e7in portf\u00f6y rotasyonuna gitmesi veya gayrimenkul varl\u0131klar\u0131n\u0131 art\u0131rmas\u0131 beklenmektedir. Ayr\u0131ca, yeni vergi yasas\u0131 uyar\u0131nca yap\u0131lacak k\u00e2r da\u011f\u0131t\u0131m kararlar\u0131, \u015firketin nakit ak\u0131\u015f\u0131n\u0131 ve net vergi y\u00fck\u00fcn\u00fc do\u011frudan etkileyecektir.<\/p>\n