{"id":2379,"date":"2026-05-02T14:43:09","date_gmt":"2026-05-02T11:43:09","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2379"},"modified":"2026-05-02T14:43:32","modified_gmt":"2026-05-02T11:43:32","slug":"euyo-2026-03-bilano-analizi-euro-menkul-kymet-yatrm-ortakl","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2379","title":{"rendered":"\ud83d\udd34 EUYO 2026-03 Bilan\u00e7o Analizi | Euro Menkul K\u0131ymet Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131"},"content":{"rendered":"

EURO MENKUL KIYMET YATIRIM ORTAKLI\u011eI A.\u015e. 2026 B\u0130R\u0130NC\u0130 \u00c7EYREK F\u0130NANSAL B\u0130LG\u0130LEND\u0130RME NOTU<\/h1>\n

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

Bu belge, Euro Menkul K\u0131ymet Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.’nin (\u015eirket) 1 Ocak \u2013 31 Mart 2026 ara hesap d\u00f6nemine ait finansal verilerini ve operasyonel performans\u0131n\u0131 analiz etmektedir. \u015eirket, 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011fini 4.821.694 TL net d\u00f6nem zarar\u0131<\/b> ile kapatm\u0131\u015ft\u0131r; bu rakam bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 1.019.061 TL’lik zarara k\u0131yasla belirgin bir art\u0131\u015fa i\u015faret etmektedir. Toplam varl\u0131klar, 31 Aral\u0131k 2025 tarihindeki 93,1 milyon TL seviyesinden 31 Mart 2026 itibar\u0131yla 89,5 milyon TL<\/b> seviyesine gerilemi\u015ftir.<\/p>\n

Finansal tablolar, TMS 29 (Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama) standartlar\u0131na g\u00f6re d\u00fczeltilmi\u015f olup, d\u00f6nemin en kritik geli\u015fmesi bilan\u00e7o tarihi sonras\u0131nda ger\u00e7ekle\u015fen sermaye art\u0131r\u0131m\u0131d\u0131r.<\/b> \u015eirket’in 20 milyon TL olan \u00e7\u0131kar\u0131lm\u0131\u015f sermayesinin 60 milyon TL’ye \u00e7\u0131kar\u0131lmas\u0131 s\u00fcreci Nisan 2026 itibar\u0131yla tamamlanm\u0131\u015ft\u0131r.<\/p>\n

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Finansal Performans ve Operasyonel Sonu\u00e7lar<\/h2>\n

Kar veya Zarar Analizi<\/h3>\n

\u015eirket’in has\u0131lat\u0131 ve karl\u0131l\u0131k kalemlerinde bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re d\u00fc\u015f\u00fc\u015f g\u00f6zlemlenmi\u015ftir:<\/p>\n\n\n\n\n\n\n\n\n\n
Kalem<\/td>\n1 Ocak – 31 Mart 2026 (TL)<\/td>\n1 Ocak – 31 Mart 2025 (TL)<\/td>\n<\/tr>\n
Has\u0131lat<\/b><\/td>\n12.095.178<\/td>\n19.134.002<\/td>\n<\/tr>\n
Sat\u0131\u015flar\u0131n Maliyeti<\/b><\/td>\n(7.797.184)<\/td>\n(6.280.140)<\/td>\n<\/tr>\n
Br\u00fct Kar<\/b><\/td>\n4.297.994<\/td>\n12.853.862<\/td>\n<\/tr>\n
Esas Faaliyet Kar\u0131 \/ (Zarar\u0131)<\/b><\/td>\n(1.808.147)<\/td>\n7.882.298<\/td>\n<\/tr>\n
Net Parasal Kay\u0131p<\/b><\/td>\n(6.572.954)<\/td>\n(7.911.849)<\/td>\n<\/tr>\n
D\u00f6nem Net Zarar\u0131<\/b><\/td>\n(4.821.694)<\/td>\n(1.019.061)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u00d6nemli Notlar:<\/b><\/p>\n

    \n
  • Has\u0131lat Kompozisyonu:<\/b> Has\u0131lat\u0131n en b\u00fcy\u00fck kalemi 8,4 milyon TL ile hisse senedi al\u0131m sat\u0131m gelirlerinden olu\u015fmaktad\u0131r. Ancak hisse senedi de\u011fer art\u0131\u015flar\u0131 4,3 milyon TL’den (2025) 1,6 milyon TL’ye (2026) gerilemi\u015ftir.<\/li>\n
  • Gider Y\u00f6netimi:<\/b> Genel y\u00f6netim giderleri 6,1 milyon TL olarak ger\u00e7ekle\u015fmi\u015ftir. Bu kalemdeki en b\u00fcy\u00fck paylar\u0131 personel giderleri, k\u0131dem tazminat\u0131 hizmet maliyeti ve amortisman giderleri olu\u015fturmaktad\u0131r.<\/li>\n<\/ul>\n

    Finansal Durum (Varl\u0131klar ve Kaynaklar)<\/h3>\n

    31 Mart 2026 itibar\u0131yla \u015firketin varl\u0131k yap\u0131s\u0131 b\u00fcy\u00fck oranda d\u00f6nen varl\u0131klardan te\u015fekk\u00fcl etmektedir:<\/p>\n

      \n
    • Toplam Varl\u0131klar:<\/b> 89.482.287 TL\n
        \n
      • D\u00f6nen Varl\u0131klar:<\/i> 80.078.246 TL (Portf\u00f6y yat\u0131r\u0131mlar\u0131 ve nakit benzerleri a\u011f\u0131rl\u0131kl\u0131d\u0131r).<\/li>\n
      • Duran Varl\u0131klar:<\/i> 9.404.041 TL (Maddi duran varl\u0131klar ve kullan\u0131m hakk\u0131 varl\u0131klar\u0131).<\/li>\n<\/ul>\n<\/li>\n
      • Toplam Kaynaklar:<\/b> 89.482.287 TL\n
          \n
        • K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/i> 3.118.090 TL.<\/li>\n
        • Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/i> 2.731.170 TL.<\/li>\n
        • \u00d6zkaynaklar:<\/i> 83.633.027 TL.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n

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          Yat\u0131r\u0131m Portf\u00f6y\u00fc Analizi<\/h2>\n

          \u015eirketin ana faaliyeti olan sermaye piyasas\u0131 ara\u00e7lar\u0131 portf\u00f6y\u00fcn\u00fcn y\u00f6netimi kapsam\u0131nda 31 Mart 2026 tarihi itibar\u0131yla finansal yat\u0131r\u0131mlar\u0131n detay\u0131 \u015f\u00f6yledir:<\/p>\n\n\n\n\n\n\n\n\n\n\n
          Yat\u0131r\u0131m T\u00fcr\u00fc<\/td>\nGer\u00e7e\u011fe Uygun De\u011fer (TL)<\/td>\n<\/tr>\n
          Finansman Bonosu<\/b><\/td>\n33.660.690<\/td>\n<\/tr>\n
          Hisse Senetleri<\/b><\/td>\n27.653.180<\/td>\n<\/tr>\n
          Kira Sertifikalar\u0131<\/b><\/td>\n4.228.419<\/td>\n<\/tr>\n
          Borsa Yat\u0131r\u0131m Fonu<\/b><\/td>\n2.566.905<\/td>\n<\/tr>\n
          Kamu Kesimi Tahvil\/Bono<\/b><\/td>\n2.519.482<\/td>\n<\/tr>\n
          De\u011fer D\u00fc\u015f\u00fckl\u00fc\u011f\u00fc Kar\u015f\u0131l\u0131\u011f\u0131 (-)<\/b><\/td>\n(2.554.581)<\/td>\n<\/tr>\n
          TOPLAM<\/b><\/td>\n68.074.095<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

          \u015eirket y\u00f6netimi, Borsa \u0130stanbul’da i\u015flem g\u00f6ren y\u00fcksek i\u015flem hacmine sahip hisse senetlerine yat\u0131r\u0131m yaparak kredi riskini y\u00f6netmektedir.<\/p>\n

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          Enflasyon Muhasebesi Etkileri (TMS 29)<\/h2>\n

          \u015eirket, y\u00fcksek enflasyon nedeniyle finansal tablolar\u0131n\u0131 TMS 29 standard\u0131 uyar\u0131nca d\u00fczeltmi\u015ftir. 31 Mart 2026 tarihi itibar\u0131yla kullan\u0131lan \u00fc\u00e7 y\u0131ll\u0131k bile\u015fik enflasyon oran\u0131 %205<\/b> olarak belirlenmi\u015ftir.<\/p>\n

            \n
          • Net Parasal Pozisyon:<\/b> \u015eirket, parasal varl\u0131klar\u0131n\u0131n parasal y\u00fck\u00fcml\u00fcl\u00fcklerinden fazla olmas\u0131 nedeniyle enflasyonist ortamda sat\u0131n alma g\u00fcc\u00fc kayb\u0131 ya\u015fam\u0131\u015ft\u0131r. Bu durum, gelir tablosuna 6.572.954 TL net parasal kay\u0131p<\/b> olarak yans\u0131m\u0131\u015ft\u0131r.<\/li>\n
          • \u00d6zkaynaklar \u00dczerindeki Etki:<\/b> Ge\u00e7mi\u015f y\u0131llar karlar\u0131, enflasyon d\u00fczeltmeleri sonras\u0131 46,4 milyon TL’den 28 milyon TL seviyesine revize edilmi\u015ftir.<\/li>\n<\/ul>\n

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            Sermaye Yap\u0131s\u0131 ve Bilan\u00e7o Sonras\u0131 Geli\u015fmeler<\/h2>\n

            \u015eirket’in sermaye yap\u0131s\u0131 %99,5 oran\u0131nda halka a\u00e7\u0131k bir nitelik ta\u015f\u0131maktad\u0131r. D\u00f6nem sonu itibar\u0131yla kritik bir sermaye de\u011fi\u015fikli\u011fi karar\u0131 al\u0131nm\u0131\u015ft\u0131r:<\/p>\n

              \n
            • Bedelsiz Sermaye Art\u0131r\u0131m\u0131:<\/b> Y\u00f6netim Kurulu’nun karar\u0131 do\u011frultusunda, 20.000.000 TL olan \u00e7\u0131kar\u0131lm\u0131\u015f sermaye, i\u00e7 kaynaklardan (emisyon primleri, ola\u011fan\u00fcst\u00fc yedekler ve sermaye d\u00fczeltmesi farklar\u0131) kar\u015f\u0131lanmak \u00fczere 60.000.000 TL<\/b>‘ye \u00e7\u0131kar\u0131lm\u0131\u015ft\u0131r.<\/li>\n
            • Onay S\u00fcreci:<\/b> Bu art\u0131r\u0131m 16 Nisan 2026 tarihinde Sermaye Piyasas\u0131 Kurulu (SPK) taraf\u0131ndan onaylanm\u0131\u015f ve i\u015flemler 28 Nisan 2026’da tamamlanm\u0131\u015ft\u0131r. Bu geli\u015fme, 31 Mart tarihli tablolarda hen\u00fcz yans\u0131t\u0131lmam\u0131\u015f olup “Bilan\u00e7o Tarihinden Sonraki Olaylar” ba\u015fl\u0131\u011f\u0131 alt\u0131nda raporlanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n

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              Risk Y\u00f6netimi ve Mevzuat Uyumu<\/h2>\n

              \u015eirket faaliyetlerini Sermaye Piyasas\u0131 Kanunu (SPK) ve ilgili tebli\u011flere uygun olarak s\u00fcrd\u00fcrmektedir.<\/p>\n

                \n
              • Kredi Riski:<\/b> Finansal ara\u00e7lar\u0131n taraflar\u0131n\u0131n y\u00fck\u00fcml\u00fcl\u00fcklerini yerine getirememesi riskine kar\u015f\u0131 \u015eirket, nakit ve nakit benzerlerini g\u00fcvenilir finansal kurulu\u015flarda tutmakta ve Takasbank Para Piyasas\u0131 gibi teminatl\u0131 piyasalar\u0131 kullanmaktad\u0131r.<\/li>\n
              • Likidite Riski:<\/b> \u015eirket, bor\u00e7 ve \u00f6zkaynak dengesini korumay\u0131 hedeflemekte olup, 31 Mart 2026 itibar\u0131yla net bor\u00e7\/sermaye oran\u0131 -0,11<\/b> (negatif net bor\u00e7) seviyesindedir. Bu durum, \u015firketin nakit varl\u0131klar\u0131n\u0131n finansal bor\u00e7lar\u0131ndan daha y\u00fcksek oldu\u011funu g\u00f6stermektedir.<\/li>\n
              • Vergi Stat\u00fcs\u00fc:<\/b> Kurumlar Vergisi Kanunu uyar\u0131nca, yat\u0131r\u0131m ortakl\u0131klar\u0131n\u0131n portf\u00f6y i\u015fletmecili\u011finden do\u011fan kazan\u00e7lar\u0131 kurumlar vergisinden istisnad\u0131r. Bu kapsamda tevkifat oran\u0131 %0 olarak uygulanmaktad\u0131r.<\/li>\n<\/ul>\n

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                Personel ve Organizasyon<\/h2>\n

                \u015eirket’in 31 Mart 2026 d\u00f6nemi itibar\u0131yla ortalama personel say\u0131s\u0131 8’dir. \u015eirket merkezi Ankara’da bulunmaktad\u0131r ve ana faaliyet konusu portf\u00f6y \u00e7e\u015fitlemesi yoluyla yat\u0131r\u0131m riskini minimize ederek menkul k\u0131ymet y\u00f6netimi yapmakt\u0131r.<\/p>\n