{"id":2297,"date":"2026-05-02T11:24:36","date_gmt":"2026-05-02T08:24:36","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2297"},"modified":"2026-05-02T11:25:03","modified_gmt":"2026-05-02T08:25:03","slug":"brkvy-2026-03-bilano-analizi-birikim-varlk-ynetim","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2297","title":{"rendered":"\ud83d\udd34 BRKVY 2026-03 Bilan\u00e7o Analizi | Birikim Varl\u0131k Y\u00f6netim"},"content":{"rendered":"

Birikim Varl\u0131k Y\u00f6netim A.\u015e. 31 Mart 2026 Finansal Raporu \u00c7al\u0131\u015fma Rehberi<\/h1>\n

Bu \u00e7al\u0131\u015fma rehberi, Birikim Varl\u0131k Y\u00f6netim Anonim \u015eirketi’nin (\u015eirket) 31 Mart 2026 tarihinde sona eren ara hesap d\u00f6nemine ait finansal tablolar\u0131n\u0131, muhasebe politikalar\u0131n\u0131 ve kurumsal yap\u0131s\u0131n\u0131 anlamak amac\u0131yla haz\u0131rlanm\u0131\u015ft\u0131r. Belge; k\u0131sa cevapl\u0131 sorulardan olu\u015fan bir s\u0131nav, bir cevap anahtar\u0131, derinlemesine analiz gerektiren deneme sorular\u0131 ve temel terimler s\u00f6zl\u00fc\u011f\u00fc i\u00e7ermektedir.<\/p>\n

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B\u00f6l\u00fcm 1: K\u0131sa Cevapl\u0131 S\u0131nav<\/h2>\n

Y\u00f6nerge:<\/b> A\u015fa\u011f\u0131daki sorular\u0131 sa\u011flanan kaynak ba\u011flam\u0131na dayanarak 2-3 c\u00fcmle ile yan\u0131tlay\u0131n\u0131z.<\/p>\n

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  1. Birikim Varl\u0131k Y\u00f6netim A.\u015e.’nin temel faaliyet alan\u0131 ve kurulu\u015f amac\u0131 nedir?<\/b><\/li>\n
  2. \u015eirketin 31 Mart 2026 tarihi itibar\u0131yla ortakl\u0131k yap\u0131s\u0131 nas\u0131ld\u0131r?<\/b><\/li>\n
  3. \u015eirketin sermayesinde imtiyazl\u0131 pay bulunup bulunmad\u0131\u011f\u0131n\u0131 ve paylar\u0131n t\u00fcr\u00fcn\u00fc a\u00e7\u0131klay\u0131n\u0131z.<\/b><\/li>\n
  4. Finansal tablolarda “Kredilerden Al\u0131nan Faizler” geliri nas\u0131l hesaplanmakta ve kaydedilmektedir?<\/b><\/li>\n
  5. \u015eirket, 31 Mart 2026 tarihli finansal tablolar\u0131nda neden enflasyon muhasebesi (TMS 29) uygulamam\u0131\u015ft\u0131r?<\/b><\/li>\n
  6. \u015eirketin 31 Mart 2026 itibar\u0131yla toplam personel say\u0131s\u0131 nedir ve bir \u00f6nceki d\u00f6neme g\u00f6re nas\u0131l bir de\u011fi\u015fim g\u00f6stermi\u015ftir?<\/b><\/li>\n
  7. \u015eirket taraf\u0131ndan ihra\u00e7 edilen menkul k\u0131ymetlerin (bonolar\u0131n) durumu hakk\u0131nda bilgi veriniz.<\/b><\/li>\n
  8. \u015eirketin kar da\u011f\u0131t\u0131m politikas\u0131 ve 2025 y\u0131l\u0131 faaliyetleri sonucu planlanan temett\u00fc \u00f6demesi nedir?<\/b><\/li>\n
  9. Yabanc\u0131 para cinsinden i\u015flemler d\u00f6nem sonunda nas\u0131l de\u011ferlenmektedir?<\/b><\/li>\n
  10. \u015eirketin gayrimenkul varl\u0131klar\u0131 ve bunlar \u00fczerindeki k\u0131s\u0131tlamalar hakk\u0131nda k\u0131sa bir bilgi veriniz.<\/b><\/li>\n<\/ol>\n

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    B\u00f6l\u00fcm 2: Cevap Anahtar\u0131<\/h2>\n
      \n
    1. Cevap:<\/b> \u015eirketin temel faaliyeti, bankalar ve di\u011fer mali kurumlar\u0131n tahsili gecikmi\u015f alacaklar\u0131n\u0131 sat\u0131n almak, bunlar\u0131 tahsil etmek, yeniden yap\u0131land\u0131rmak veya nakde \u00e7evirmektir. Ayr\u0131ca finansal kurulu\u015flara dan\u0131\u015fmanl\u0131k ve arac\u0131l\u0131k hizmetleri sunma yetkisine de sahiptir.<\/li>\n
    2. Cevap:<\/b> \u015eirketin en b\u00fcy\u00fck orta\u011f\u0131 %74,68 pay oran\u0131yla Alt\u0131nhas Yat\u0131r\u0131m Holding A.\u015e.’dir. Kalan paylar\u0131n %1,01’i Alt\u0131nhas Holding A.\u015e.’ye aitken, %24,31’lik k\u0131s\u0131m halka a\u00e7\u0131k olarak Borsa \u0130stanbul’da i\u015flem g\u00f6rmektedir.<\/li>\n
    3. Cevap:<\/b> \u015eirket sermayesi i\u00e7inde herhangi bir imtiyazl\u0131 pay bulunmamaktad\u0131r. \u015eirket paylar\u0131n\u0131n tamam\u0131 nama yaz\u0131l\u0131d\u0131r ve hamiline yaz\u0131l\u0131 pay \u00e7\u0131kar\u0131lmas\u0131na izin verilmemektedir.<\/li>\n
    4. Cevap:<\/b> Kredilerden al\u0131nan faizler, sat\u0131n al\u0131nan kredi portf\u00f6ylerinin ilk al\u0131m\u0131nda belirlenen “krediye g\u00f6re d\u00fczeltilmi\u015f etkin faiz oran\u0131” kullan\u0131larak hesaplan\u0131r. Bu hesaplama, beklenen tahsilat projeksiyonlar\u0131n\u0131n net bug\u00fcnk\u00fc de\u011ferleri \u00fczerinden yap\u0131larak gelir olarak kaydedilir.<\/li>\n
    5. Cevap:<\/b> BDDK’n\u0131n 5 Aral\u0131k 2024 tarihli karar\u0131 uyar\u0131nca, varl\u0131k y\u00f6netim \u015firketlerinin enflasyon muhasebesi uygulamamas\u0131na karar verilmi\u015ftir. Bu nedenle \u015eirket, TMS 29 standard\u0131n\u0131 finansal tablolar\u0131na yans\u0131tmam\u0131\u015ft\u0131r.<\/li>\n
    6. Cevap:<\/b> 31 Mart 2026 itibar\u0131yla \u015eirketin toplam \u00e7al\u0131\u015fan say\u0131s\u0131 139 ki\u015fidir. Bu say\u0131, 31 Aral\u0131k 2025 tarihindeki 137 ki\u015filik personel say\u0131s\u0131na g\u00f6re k\u00fc\u00e7\u00fck bir art\u0131\u015f g\u00f6stermi\u015ftir.<\/li>\n
    7. Cevap:<\/b> \u015eirketin 31 Mart 2026 itibar\u0131yla toplam 226.972 Bin TL tutar\u0131nda ihra\u00e7 edilmi\u015f menkul k\u0131ymeti bulunmaktad\u0131r. Bunlar, 3 ayda bir de\u011fi\u015fken faizli kupon \u00f6demesi olan 360 ve 364 g\u00fcn vadeli iki ana finansman bonosundan olu\u015fmaktad\u0131r.<\/li>\n
    8. Cevap:<\/b> \u015eirket, net da\u011f\u0131t\u0131labilir d\u00f6nem kar\u0131n\u0131n asgari %30’unu nakit olarak da\u011f\u0131tmay\u0131 taahh\u00fct etmektedir. 2025 y\u0131l\u0131 faaliyetleri i\u00e7in net kar\u0131n %60’\u0131na tekab\u00fcl eden 29.555 TL (br\u00fct) tutar\u0131ndaki temett\u00fcn\u00fcn 6 May\u0131s 2026’da da\u011f\u0131t\u0131lmas\u0131 Genel Kurul onay\u0131na sunulacakt\u0131r.<\/li>\n
    9. Cevap:<\/b> Yabanc\u0131 para aktif ve pasif hesap bakiyeleri, d\u00f6nem sonu TCMB d\u00f6viz al\u0131\u015f kurlar\u0131 kullan\u0131larak T\u00fcrk Liras\u0131’na \u00e7evrilmektedir. Bu de\u011ferleme sonucu olu\u015fan farklar, gelir tablosuna “kambiyo i\u015flemleri kar\u0131 veya zarar\u0131” olarak kaydedilir.<\/li>\n
    10. Cevap:<\/b> \u015eirket, Genel M\u00fcd\u00fcrl\u00fck binas\u0131 in\u015fa etmek amac\u0131yla Ka\u011f\u0131thane’de bir gayrimenkul sat\u0131n alm\u0131\u015ft\u0131r. Bu ta\u015f\u0131nmaz \u00fczerinde, kredisi tamamlanm\u0131\u015f ancak kald\u0131rma i\u015flemleri devam eden 19.000 Euro tutar\u0131nda bir ipotek bulunmaktad\u0131r.<\/li>\n<\/ol>\n

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      B\u00f6l\u00fcm 3: Deneme (Essay) Format\u0131nda Sorular<\/h2>\n

      Y\u00f6nerge:<\/b> A\u015fa\u011f\u0131daki konular\u0131, finansal raporun i\u00e7eri\u011fini ve \u015eirketin mali yap\u0131s\u0131n\u0131 dikkate alarak analiz ediniz. (Bu b\u00f6l\u00fcm i\u00e7in cevap sunulmam\u0131\u015ft\u0131r.)<\/p>\n

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      1. Varl\u0131k Y\u00f6netim \u015eirketlerinin Finansal Sistemdeki Rol\u00fc:<\/b> Birikim Varl\u0131k Y\u00f6netim A.\u015e.’nin faaliyet alanlar\u0131n\u0131 ve bankac\u0131l\u0131k sekt\u00f6r\u00fcndeki sorunlu alacaklar\u0131n tasfiyesindeki stratejik \u00f6nemini de\u011ferlendiriniz.<\/li>\n
      2. Sermaye Piyasas\u0131 ve Halka Arz\u0131n Etkileri:<\/b> \u015eirketin 2022 y\u0131l\u0131ndaki halka arz s\u00fcrecini, ihra\u00e7 primlerinin olu\u015fumunu ve halka a\u00e7\u0131k bir \u015firket olman\u0131n finansal \u015feffafl\u0131k \u00fczerindeki etkilerini tart\u0131\u015f\u0131n\u0131z.<\/li>\n
      3. Finansal Risk Y\u00f6netimi:<\/b> \u015eirketin maruz kald\u0131\u011f\u0131 kredi riski, kur riski ve faiz oran\u0131 risklerini, finansal tablolardaki dipnotlar \u0131\u015f\u0131\u011f\u0131nda analiz ederek bu risklerin nas\u0131l y\u00f6netildi\u011fini a\u00e7\u0131klay\u0131n\u0131z.<\/li>\n
      4. Muhasebe Politikalar\u0131 ve Tahminlerin \u00d6nemi:<\/b> “Beklenen Zarar Kar\u015f\u0131l\u0131klar\u0131” ve “Etkin Faiz Y\u00f6ntemi” kavramlar\u0131n\u0131n, varl\u0131k y\u00f6netim \u015firketlerinin karl\u0131l\u0131k raporlamas\u0131 \u00fczerindeki kritik etkisini yorumlay\u0131n\u0131z.<\/li>\n
      5. Gelecek Projeksiyonu ve Kar Da\u011f\u0131t\u0131m\u0131:<\/b> \u015eirketin mevcut \u00f6zkaynak yap\u0131s\u0131, d\u00f6nem net kar\u0131 ve temett\u00fc politikas\u0131n\u0131 analiz ederek, yat\u0131r\u0131mc\u0131lar i\u00e7in sundu\u011fu de\u011fer \u00f6nerisini de\u011ferlendiriniz.<\/li>\n<\/ol>\n

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        B\u00f6l\u00fcm 4: Temel Terimler S\u00f6zl\u00fc\u011f\u00fc<\/h2>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
        Terim<\/td>\nTan\u0131m<\/td>\n<\/tr>\n
        BDDK<\/b><\/td>\nBankac\u0131l\u0131k D\u00fczenleme ve Denetleme Kurumu; \u015eirketin kurulu\u015f ve faaliyetlerini denetleyen \u00fcst kurul.<\/td>\n<\/tr>\n
        Etkin Faiz Oran\u0131<\/b><\/td>\nBir finansal varl\u0131\u011f\u0131n beklenen nakit ak\u0131\u015flar\u0131n\u0131, varl\u0131\u011f\u0131n net defter de\u011ferine e\u015fitleyen iskonto oran\u0131.<\/td>\n<\/tr>\n
        \u0130tfa Edilmi\u015f Maliyet<\/b><\/td>\nBir finansal varl\u0131\u011f\u0131n veya borcun ilk \u00f6l\u00e7\u00fclen tutar\u0131ndan anapara \u00f6demelerinin d\u00fc\u015f\u00fclmesi ve etkin faiz y\u00f6ntemiyle birikmi\u015f itfan\u0131n eklenmesi\/\u00e7\u0131kar\u0131lmas\u0131 sonucu ula\u015f\u0131lan de\u011fer.<\/td>\n<\/tr>\n
        Beklenen Zarar Kar\u015f\u0131l\u0131\u011f\u0131<\/b><\/td>\nFinansal varl\u0131klar\u0131n kredi riskindeki art\u0131\u015f nedeniyle ayr\u0131lan ve aktif de\u011ferden d\u00fc\u015f\u00fclen de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc tutar\u0131.<\/td>\n<\/tr>\n
        Naz\u0131m Hesaplar<\/b><\/td>\nBilan\u00e7onun aktif ve pasifinde yer almayan ancak \u015eirketin \u00fcstlendi\u011fi risk ve y\u00fck\u00fcml\u00fcl\u00fckleri (emanet, rehin vb.) takip etmek i\u00e7in kullan\u0131lan hesaplar.<\/td>\n<\/tr>\n
        Hisse Senedi \u0130hra\u00e7 Primleri<\/b><\/td>\nHisse senetlerinin nominal de\u011ferinin \u00fczerinde bir bedelle sat\u0131lmas\u0131 sonucu olu\u015fan ve \u00f6zkaynaklar alt\u0131nda izlenen tutar.<\/td>\n<\/tr>\n
        Kambiyo Kar\u0131\/Zarar\u0131<\/b><\/td>\nYabanc\u0131 para birimi cinsinden olan varl\u0131k ve bor\u00e7lar\u0131n kur de\u011fi\u015fimleri nedeniyle TL kar\u015f\u0131s\u0131nda kazand\u0131\u011f\u0131 veya kaybetti\u011fi de\u011fer fark\u0131.<\/td>\n<\/tr>\n
        Temett\u00fc (Kar Pay\u0131)<\/b><\/td>\n\u015eirketin elde etti\u011fi d\u00f6nem kar\u0131n\u0131n bir k\u0131sm\u0131n\u0131n ortaklara paylar\u0131 oran\u0131nda nakit veya hisse olarak da\u011f\u0131t\u0131lmas\u0131.<\/td>\n<\/tr>\n
        TMS \/ TFRS<\/b><\/td>\nT\u00fcrkiye Muhasebe Standartlar\u0131 ve T\u00fcrkiye Finansal Raporlama Standartlar\u0131; KGK taraf\u0131ndan yay\u0131nlanan raporlama ilkeleri.<\/td>\n<\/tr>\n
        Varl\u0131k Y\u00f6netim \u015eirketi<\/b><\/td>\nFinansal kurulu\u015flar\u0131n donuk alacaklar\u0131n\u0131 sat\u0131n alarak tasfiye eden veya yap\u0131land\u0131ran uzmanla\u015fm\u0131\u015f mali kurum.<\/td>\n<\/tr>\n
        \u00d6zkaynaklar<\/b><\/td>\n\u015eirketin t\u00fcm bor\u00e7lar\u0131 \u00f6dendikten sonra varl\u0131klar\u0131 \u00fczerinde kalan ortakl\u0131k haklar\u0131n\u0131n toplam\u0131.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n