{"id":2344,"date":"2026-05-02T13:16:35","date_gmt":"2026-05-02T10:16:35","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2344"},"modified":"2026-05-02T13:17:01","modified_gmt":"2026-05-02T10:17:01","slug":"glcvy-2026-03-bilano-analizi-gelecek-varlk-ynetimi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2344","title":{"rendered":"\ud83d\udd34 GLCVY 2026-03 Bilan\u00e7o Analizi | Gelecek Varl\u0131k Y\u00f6netimi"},"content":{"rendered":"<h1>Gelecek Varl\u0131k Y\u00f6netimi A.\u015e. 31 Mart 2026 Ara Hesap D\u00f6nemi Brifing Notu<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, Gelecek Varl\u0131k Y\u00f6netimi A.\u015e.&#8217;nin (&#8220;\u015eirket&#8221;) 31 Mart 2026 tarihinde sona eren ara hesap d\u00f6nemine ait konsolide olmayan finansal tablolar\u0131n\u0131 ve ilgili dipnotlar\u0131n\u0131 sentezlemektedir. \u015eirket, 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde hem aktif b\u00fcy\u00fckl\u00fc\u011f\u00fcn\u00fc hem de net k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re art\u0131rarak istikrarl\u0131 bir b\u00fcy\u00fcme sergilemi\u015ftir.<\/p>\n<p><b>Kritik \u00c7\u0131kar\u0131mlar:<\/b><\/p>\n<ul>\n<li><b>K\u00e2rl\u0131l\u0131k:<\/b> 2026 y\u0131l\u0131n\u0131n ilk \u00fc\u00e7 ay\u0131nda net d\u00f6nem k\u00e2r\u0131 <b>402,5 milyon TL<\/b> olarak ger\u00e7ekle\u015fmi\u015ftir (2025&#8217;in ilk \u00e7eyre\u011fi: 351,6 milyon TL).<\/li>\n<li><b>Varl\u0131k Art\u0131\u015f\u0131:<\/b> Toplam varl\u0131klar 31 Aral\u0131k 2025&#8217;teki 10 milyar TL seviyesinden 31 Mart 2026 itibar\u0131yla <b>10,97 milyar TL<\/b>&#8216;ye y\u00fckselmi\u015ftir.<\/li>\n<li><b>Hisse Ba\u015f\u0131na Kazan\u00e7:<\/b> \u015eirketin hisse ba\u015f\u0131na kazanc\u0131 2,5171 TL&#8217;den <b>2,8812 TL<\/b>&#8216;ye y\u00fckselmi\u015ftir.<\/li>\n<li><b>\u00d6zkaynak G\u00fcc\u00fc:<\/b> Toplam \u00f6zkaynaklar, d\u00f6nem k\u00e2r\u0131n\u0131n etkisiyle <b>4,25 milyar TL<\/b> seviyesine ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<li><b>Stratejik Odak:<\/b> \u015eirket, finansal kurulu\u015flardan devral\u0131nan sorunlu alacaklar\u0131n tahsili, yap\u0131land\u0131r\u0131lmas\u0131 ve y\u00f6netimi alan\u0131ndaki operasyonel hakimiyetini s\u00fcrd\u00fcrmektedir.<\/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>1. Kurumsal Yap\u0131 ve Y\u00f6netim Bilgileri<\/h2>\n<h3>1.1 Kurulu\u015f ve Halka Arz<\/h3>\n<p>Gelecek Varl\u0131k Y\u00f6netimi A.\u015e., BDDK izniyle 3 A\u011fustos 2018 tarihinde kurulmu\u015ftur. \u015eirket, 21 Ekim 2021 tarihinde Borsa \u0130stanbul&#8217;da i\u015flem g\u00f6rmeye ba\u015flayarak halka a\u00e7\u0131lm\u0131\u015ft\u0131r. Halka arz s\u00fcrecinde 161,494 bin TL tutar\u0131nda hisse senedi ihra\u00e7 primi kaydedilmi\u015ftir.<\/p>\n<h3>1.2 Ortakl\u0131k Yap\u0131s\u0131<\/h3>\n<p>31 Mart 2026 itibar\u0131yla \u015eirket&#8217;in sermaye yap\u0131s\u0131 ve nitelikli pay sahipleri \u015fu \u015fekildedir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ortak Ad\u0131 \/ Unvan\u0131<\/td>\n<td>Pay Tutar\u0131 (Bin TL)<\/td>\n<td>Pay Oran\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td>Fiba Holding A.\u015e.<\/td>\n<td>97.653<\/td>\n<td>69,90<\/td>\n<\/tr>\n<tr>\n<td>Murat \u00d6zye\u011fin<\/td>\n<td>7.822<\/td>\n<td>5,60<\/td>\n<\/tr>\n<tr>\n<td>Ay\u015fe Can \u00d6zye\u011fin Oktay<\/td>\n<td>7.822<\/td>\n<td>5,60<\/td>\n<\/tr>\n<tr>\n<td>Halka A\u00e7\u0131k K\u0131s\u0131m<\/td>\n<td>26.400<\/td>\n<td>18,90<\/td>\n<\/tr>\n<tr>\n<td>Di\u011fer (Fiba Faktoring ve Fiba Kapital)<\/td>\n<td>3<\/td>\n<td>&lt;0,01<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><b>139.700<\/b><\/td>\n<td><b>100,00<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>1.3 Y\u00f6netim Kurulu<\/h3>\n<p>9 Nisan 2026 tarihli Genel Kurul toplant\u0131s\u0131nda Y\u00f6netim Kurulu \u00fcyeleri 3 y\u0131l s\u00fcreyle yeniden se\u00e7ilmi\u015ftir. Y\u00f6netim Kurulu Ba\u015fkan\u0131 <b>Murat \u00d6zye\u011fin<\/b>, Genel M\u00fcd\u00fcr ve Y\u00f6netim Kurulu \u00dcyesi ise <b>Zehra Sezin \u00dcnl\u00fcdo\u011fan<\/b>&#8216;d\u0131r.<\/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>2. Faaliyet Alanlar\u0131 ve Stratejik Kapsam<\/h2>\n<p>\u015eirketin ana s\u00f6zle\u015fmesine dayal\u0131 temel faaliyetleri a\u015fa\u011f\u0131dakileri kapsamaktad\u0131r:<\/p>\n<ul>\n<li><b>Alacak Sat\u0131n Al\u0131m\u0131:<\/b> Bankalar, TMSF ve di\u011fer mali kurumlardan alacaklar\u0131n ve varl\u0131klar\u0131n sat\u0131n al\u0131nmas\u0131.<\/li>\n<li><b>Tahsilat ve Yap\u0131land\u0131rma:<\/b> Sat\u0131n al\u0131nan alacaklar\u0131n bor\u00e7lusundan tahsil edilmesi, varl\u0131klar\u0131n nakde \u00e7evrilmesi veya yeniden yap\u0131land\u0131r\u0131larak sat\u0131lmas\u0131.<\/li>\n<li><b>Yat\u0131r\u0131m ve Finansman:<\/b> Alacaklar\u0131n tahsili amac\u0131yla gayrimenkul i\u015fletilmesi, kiralanmas\u0131 ve bor\u00e7lulara ilave finansman sa\u011flanmas\u0131.<\/li>\n<li><b>Dan\u0131\u015fmanl\u0131k:<\/b> Kurumsal ve finansal yeniden yap\u0131land\u0131rma alanlar\u0131nda \u015firketlere dan\u0131\u015fmanl\u0131k hizmeti sunulmas\u0131.<\/li>\n<li><b>Menkul K\u0131ymet \u0130hrac\u0131:<\/b> Sermaye piyasas\u0131 mevzuat\u0131 dahilinde bor\u00e7lanma ara\u00e7lar\u0131 ihra\u00e7 edilmesi.<\/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>3. Finansal Durum Analizi (Bilan\u00e7o)<\/h2>\n<p>31 Mart 2026 itibar\u0131yla \u015eirket&#8217;in mali yap\u0131s\u0131, itfa edilmi\u015f maliyeti ile \u00f6l\u00e7\u00fclen finansal varl\u0131klar (krediler) \u00fczerine kuruludur.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Bilan\u00e7o Kalemleri (Bin TL)<\/td>\n<td>31 Mart 2026<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>10.976.241<\/b><\/td>\n<td><b>10.005.424<\/b><\/td>\n<\/tr>\n<tr>\n<td>&#8211; Nakit ve Nakit Benzerleri<\/td>\n<td>194.782<\/td>\n<td>138.868<\/td>\n<\/tr>\n<tr>\n<td>&#8211; \u0130tfa Edilmi\u015f Maliyetle \u00d6l\u00e7\u00fclen Finansal Varl\u0131klar (Net)<\/td>\n<td>9.560.092<\/td>\n<td>8.782.485<\/td>\n<\/tr>\n<tr>\n<td>&#8211; Br\u00fct Krediler<\/td>\n<td>13.924.309<\/td>\n<td>12.799.030<\/td>\n<\/tr>\n<tr>\n<td>&#8211; Beklenen Zarar Kar\u015f\u0131l\u0131klar\u0131 (-)<\/td>\n<td>(4.364.217)<\/td>\n<td>(4.016.545)<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>6.728.717<\/b><\/td>\n<td><b>6.158.719<\/b><\/td>\n<\/tr>\n<tr>\n<td>&#8211; Al\u0131nan Krediler<\/td>\n<td>4.818.179<\/td>\n<td>4.435.298<\/td>\n<\/tr>\n<tr>\n<td>&#8211; Ertelenmi\u015f Vergi Borcu<\/td>\n<td>1.363.550<\/td>\n<td>1.203.227<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam \u00d6zkaynaklar<\/b><\/td>\n<td><b>4.247.524<\/b><\/td>\n<td><b>3.846.705<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\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. Faaliyet Performans\u0131 (Gelir Tablosu)<\/h2>\n<p>\u015eirket&#8217;in operasyonel k\u00e2r\u0131, sat\u0131n al\u0131nan kredi portf\u00f6ylerinden elde edilen tahsilatlar ve bu portf\u00f6ylerin de\u011ferlemesinden do\u011fan faiz gelirlerine dayanmaktad\u0131r.<\/p>\n<ul>\n<li><b>Faiz Gelirleri:<\/b> Toplam 2.099.511 bin TL faiz geliri elde edilmi\u015ftir. Bunun 2.084.729 bin TL&#8217;si kredilerden al\u0131nan faizlerden olu\u015fmaktad\u0131r.<\/li>\n<li><b>Net Faiz Geliri:<\/b> 1.741.901 bin TL net faiz geliri, 2025&#8217;in ayn\u0131 d\u00f6nemine g\u00f6re (1.480.114 bin TL) %17,7 oran\u0131nda art\u0131\u015f g\u00f6stermi\u015ftir.<\/li>\n<li><b>Gider Yap\u0131s\u0131:<\/b>\n<ul>\n<li>Personel Giderleri: 348.407 bin TL.<\/li>\n<li>Faiz Giderleri: 357.610 bin TL.<\/li>\n<li>Beklenen Zarar Kar\u015f\u0131l\u0131klar\u0131 Giderleri: 472.750 bin TL.<\/li>\n<\/ul>\n<\/li>\n<li><b>Vergi \u00d6ncesi K\u00e2r:<\/b> 563.543 bin TL.<\/li>\n<li><b>D\u00f6nem Net K\u00e2r\u0131:<\/b> 402.500 bin TL.<\/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. Nakit Ak\u0131\u015f\u0131 ve \u00d6zkaynak De\u011fi\u015fimi<\/h2>\n<ul>\n<li><b>Faaliyet Nakit Ak\u0131\u015f\u0131:<\/b> Donuk alacaklardan yap\u0131lan tahsilatlar 1.528.957 bin TL olarak ger\u00e7ekle\u015fmi\u015f; ancak kredilerdeki net art\u0131\u015f ve di\u011fer operasyonel \u00f6demeler nedeniyle faaliyetlerden kaynaklanan net nakit ak\u0131\u015f\u0131 236.911 bin TL negatif olmu\u015ftur.<\/li>\n<li><b>Finansman Faaliyetleri:<\/b> Kredilerden sa\u011flanan net nakit giri\u015fi 301.227 bin TL olarak kaydedilmi\u015ftir.<\/li>\n<li><b>D\u00f6nem Sonu Nakit:<\/b> Nakit ve nakde e\u015fde\u011fer varl\u0131klar d\u00f6nem sonunda 196.026 bin TL seviyesindedir.<\/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>6. Muhasebe Politikalar\u0131 ve Mevzuat Uyumu<\/h2>\n<h3>6.1 Enflasyon Muhasebesi Ertelemesi<\/h3>\n<p>7571 say\u0131l\u0131 Kanun uyar\u0131nca, 2025, 2026 ve 2027 hesap d\u00f6nemlerinde enflasyon d\u00fczeltmesi (TMS 29) uygulamas\u0131n\u0131n ertelenmesine karar verilmi\u015ftir. Bu nedenle finansal tablolar tarihi maliyet esas\u0131na g\u00f6re haz\u0131rlanm\u0131\u015ft\u0131r.<\/p>\n<h3>6.2 Vergi Uygulamalar\u0131<\/h3>\n<ul>\n<li><b>Kurumlar Vergisi:<\/b> Varl\u0131k y\u00f6netim \u015firketleri i\u00e7in ge\u00e7erli olan kurumlar vergisi oran\u0131 <b>%30<\/b>&#8216;dur.<\/li>\n<li><b>Ertelenmi\u015f Vergi:<\/b> Varl\u0131klar\u0131n finansal tablo de\u011ferleri ile vergi matrah\u0131 aras\u0131ndaki ge\u00e7ici farkl\u0131l\u0131klardan kaynaklanan 1,36 milyar TL tutar\u0131nda ertelenmi\u015f vergi borcu bulunmaktad\u0131r.<\/li>\n<\/ul>\n<h3>6.3 Finansal Varl\u0131k De\u011ferlemesi<\/h3>\n<p>\u015eirket, sat\u0131n ald\u0131\u011f\u0131 sorunlu alacaklar\u0131 &#8220;itfa edilmi\u015f maliyeti \u00fczerinden \u00f6l\u00e7\u00fclen finansal varl\u0131klar&#8221; olarak s\u0131n\u0131fland\u0131r\u0131r. Bu varl\u0131klar, krediye g\u00f6re d\u00fczeltilmi\u015f etkin faiz oran\u0131 kullan\u0131larak iskonto edilmi\u015f nakit ak\u0131\u015f projeksiyonlar\u0131 \u00fczerinden de\u011ferlenmektedir.<\/p>\n<h3>6.4 Gelecek Standartlar<\/h3>\n<p>\u015eirket, 1 Ocak 2026&#8217;dan itibaren ge\u00e7erli olan TFRS 9 ve TFRS 7 de\u011fi\u015fikliklerini takip etmektedir. Ayr\u0131ca 1 Ocak 2027&#8217;de y\u00fcr\u00fcrl\u00fc\u011fe girecek olan <b>TFRS 18 (Finansal Tablolarda Sunum ve A\u00e7\u0131klamalar)<\/b> standard\u0131n\u0131n haz\u0131rl\u0131klar\u0131n\u0131 s\u00fcrd\u00fcrmektedir.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"2344\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Gelecek Varl\u0131k Y\u00f6netimi, 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde g\u00fc\u00e7l\u00fc finansal performans\u0131n\u0131 s\u00fcrd\u00fcrerek 402,5 milyon TL net k\u00e2r a\u00e7\u0131klad\u0131. Toplam varl\u0131klar\u0131n\u0131 10,9 milyar TL&#8217;nin \u00fczerine ta\u015f\u0131yan \u015firket, 1,5 milyar TL&#8217;yi a\u015fan tahsilat rakam\u0131yla dikkat \u00e7ekiyor. Operasyonel verimlili\u011fini %55,1&#8217;lik FAV\u00d6K marj\u0131 ile ta\u00e7land\u0131ran Gelecek Varl\u0131k, ayn\u0131 zamanda 350 milyon TL&#8217;lik temett\u00fc da\u011f\u0131t\u0131m karar\u0131yla yat\u0131r\u0131mc\u0131lar\u0131na g\u00fcven vermeye devam ediyor. Sekt\u00f6rdeki lider konumunu peki\u015ftiren \u015firketin detayl\u0131 finansal sonu\u00e7lar\u0131n\u0131 ve gelecek vizyonunu inceledik.<\/p>\n","protected":false},"author":6,"featured_media":1725,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[53],"class_list":["post-2344","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-glcvy"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2344","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\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=2344"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2344\/revisions"}],"predecessor-version":[{"id":2345,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2344\/revisions\/2345"}],"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=2344"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=2344"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=2344"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}