{"id":300,"date":"2025-12-20T20:38:27","date_gmt":"2025-12-20T17:38:27","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=300"},"modified":"2025-12-20T20:38:27","modified_gmt":"2025-12-20T17:38:27","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-hubvc-hub-girisim-sermayesi-yatirim-ortakligi-2025-9-bilanco-analizi-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/300","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #HUBVC | Hub Giri\u015fim Sermayesi Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 2025\/9 Bilan\u00e7o Analizi |  \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #HUBVC | Hub Giri\u015fim Sermayesi Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 2025\/9 Bilan\u00e7o Analizi |  \ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/K_qjZMSvzME?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h1>Bir Finansal Raporun Perde Arkas\u0131: Giri\u015fim Sermayesi D\u00fcnyas\u0131ndan 4 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<h3>Giri\u015f: Rakamlar\u0131n Ard\u0131ndaki Hikayeler<\/h3>\n<p>Finansal raporlar, \u00e7o\u011fu zaman rakamlar ve jargondan olu\u015fan, sadece uzmanlar i\u00e7in tasarlanm\u0131\u015f a\u015f\u0131lmaz duvarlar gibi g\u00f6r\u00fcn\u00fcr. Ancak bu rakamlar\u0131n ard\u0131nda, \u00f6zellikle giri\u015fim sermayesinin dinamik d\u00fcnyas\u0131nda strateji, risk, ba\u015far\u0131s\u0131zl\u0131k ve devasa ba\u015far\u0131larla dolu b\u00fcy\u00fcleyici hikayeler yatar.<\/p>\n<p>T\u00fcrkiye&#8217;nin \u00f6nde gelen giri\u015fim sermayesi yat\u0131r\u0131m ortakl\u0131klar\u0131ndan Hub Giri\u015fim Sermayesi Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.&#8217;nin son finansal raporunun sayfalar\u0131 aras\u0131na dalarak, i\u00e7inde gizlenen en \u015fa\u015f\u0131rt\u0131c\u0131 ve ayd\u0131nlat\u0131c\u0131 dersleri ortaya \u00e7\u0131kard\u0131k.<\/p>\n<h3>1. Rakamlar Yalan S\u00f6ylemez&#8230; mi? Devasa Zarar\u0131n Arkas\u0131ndaki Enflasyon S\u0131rr\u0131<\/h3>\n<p>Bir finansal raporu okumay\u0131 \u00f6\u011frenmenin ilk dersi, man\u015fet rakam\u0131 sorgulamakt\u0131r. Gelir tablosunda ilk g\u00f6rd\u00fc\u011f\u00fcn\u00fcz \u015fey k\u0131pk\u0131rm\u0131z\u0131 bir deniz: dudak u\u00e7uklatan <b>301.628.209 TL<\/b>&#8216;lik bir zarar. Acemi biri panikleyebilir. Ama tecr\u00fcbeli bir analist, sorulmas\u0131 gereken ilk soruyu bilir: &#8220;Bu ger\u00e7ek para m\u0131, yoksa ka\u011f\u0131t \u00fczerinde mi?&#8221;<\/p>\n<p>Bu rakam\u0131, tek bir kalemden kaynaklanan <b>279.984.786 TL<\/b>&#8216;lik zararla yan yana koydu\u011fumuzda tablo de\u011fi\u015fiyor: &#8220;Parasal Kazan\u00e7 Kay\u0131p&#8221;.<\/p>\n<p>Bu, operasyonlardan kaynaklanan bir nakit kayb\u0131 de\u011fildir. T\u00fcrkiye&#8217;deki y\u00fcksek enflasyon nedeniyle \u015firketler, TMS 29 olarak bilinen \u00f6zel bir muhasebe standard\u0131n\u0131 kullanmak zorundad\u0131r. Bu standart, \u015firketlerin enflasyonu hesaba katmak i\u00e7in ka\u011f\u0131t \u00fczerinde d\u00fczeltmeler yapmas\u0131n\u0131 gerektirir. Bu, kasadan \u00e7\u0131kan ger\u00e7ek bir para de\u011fil; bir liran\u0131n bug\u00fcnk\u00fc de\u011ferinin bir y\u0131l \u00f6nceki de\u011ferinden daha az oldu\u011funu yans\u0131tan muhasebesel bir kay\u0131tt\u0131r.<\/p>\n<p>Ancak bu &#8220;ka\u011f\u0131t \u00fczerindeki&#8221; zarar ayn\u0131 zamanda stratejik bir zafiyeti de ortaya koyuyor: y\u00fcksek enflasyonlu bir ekonomide b\u00fcy\u00fck miktarda nakit tutmak, de\u011fer kayb\u0131 demektir. Bu durum, fonu elindeki sermayeyi verimli bir \u015fekilde yat\u0131r\u0131ma d\u00f6n\u00fc\u015ft\u00fcrmesi i\u00e7in s\u00fcrekli bir bask\u0131 alt\u0131nda tutar ve yat\u0131r\u0131m stratejisine bir aciliyet katman\u0131 ekler.<\/p>\n<h3>2. &#8220;S\u0131f\u0131r&#8221; De\u011ferindeki Fikirler: Bir Giri\u015fimin De\u011feri Neden S\u0131f\u0131r Olabilir?<\/h3>\n<p>Bir sonraki ad\u0131mda, portf\u00f6y\u00fcn mezarl\u0131\u011f\u0131na bakar\u0131z ki bu, \u015f\u00f6hretler m\u00fczesi kadar \u00f6nemlidir. \u015eirketin uzun giri\u015fim yat\u0131r\u0131mlar\u0131 listesini incelerken, \u015fa\u015f\u0131rt\u0131c\u0131 say\u0131da giri\u015fimin de\u011ferinin tam olarak s\u0131f\u0131r olarak belirtildi\u011fi g\u00f6r\u00fcl\u00fcyor.<\/p>\n<p>Raporun dipnotlar\u0131nda a\u00e7\u0131klanan gerek\u00e7e, temel bir muhasebe ilkesidir: ihtiyatl\u0131l\u0131k. Bu, ya \u015firketin faaliyetlerini durdurdu\u011fu (<code>gayrifaal<\/code>), de\u011ferleme i\u00e7in g\u00fcvenilir veri alman\u0131n imkans\u0131z oldu\u011fu ya da de\u011ferleme yapma maliyetinin beklenen faydadan daha y\u00fcksek olaca\u011f\u0131 anlam\u0131na geliyor. Ba\u015fka bir deyi\u015fle, ba\u015far\u0131s\u0131z olan bir \u015firkete de\u011fer bi\u00e7mek i\u00e7in zaman ve para harcamak, bir sonraki potansiyel kazanana yard\u0131m etmek i\u00e7in kullan\u0131labilecek kaynaklar\u0131n k\u00f6t\u00fcye kullan\u0131lmas\u0131d\u0131r.<\/p>\n<p>Bu durum sadece bir iki \u015firket i\u00e7in ge\u00e7erli bir dipnot de\u011fil; rapor, bu muhasebe uygulamas\u0131n\u0131n ge\u00e7mi\u015f portf\u00f6y\u00fcn \u00f6nemli bir k\u0131sm\u0131na yap\u0131ld\u0131\u011f\u0131n\u0131 g\u00f6steriyor ve erken a\u015fama yat\u0131r\u0131mc\u0131l\u0131\u011f\u0131n do\u011fas\u0131ndaki y\u00fcksek \u00f6l\u00fcm oran\u0131n\u0131n alt\u0131n\u0131 \u00e7iziyor.<\/p>\n<p>Bu ba\u015far\u0131s\u0131zl\u0131klar\u0131 kabul etmek hayati \u00f6nem ta\u015f\u0131r, \u00e7\u00fcnk\u00fc giri\u015fim sermayesi modeli kay\u0131plardan ka\u00e7\u0131nmaya de\u011fil, t\u00fcm kay\u0131plar\u0131 anlams\u0131z k\u0131lacak kadar an\u0131tsal kazan\u00e7lar bulmaya dayan\u0131r. Bu da bizi &#8220;Zeplin Etkisi&#8221;ne getiriyor&#8230;<\/p>\n<h3>3. Tek Bir Ba\u015far\u0131 B\u00fct\u00fcn Portf\u00f6y\u00fc Ta\u015f\u0131yabilir: Zeplin Etkisi<\/h3>\n<p>Mart 2025&#8217;te, i\u015ftiraklerden STRS&#8217;nin baz\u0131 varl\u0131klar\u0131n\u0131n devredilmesiyle <b>SHUB Teknoloji A.\u015e.<\/b> ad\u0131nda yeni bir \u015firket kuruldu. Rapordaki SHUB&#8217;a ili\u015fkin kilit veriler, giri\u015fim sermayesinin temel mant\u0131\u011f\u0131n\u0131 m\u00fckemmel bir \u015fekilde \u00f6zetliyor:<\/p>\n<ul>\n<li>Toplam piyasa de\u011feri <b>339.641.877 TL<\/b> olarak hesaplanm\u0131\u015f.<\/li>\n<li>SHUB b\u00fcnyesindeki tek bir yat\u0131r\u0131m olan <b>Zeplin Inc.<\/b> adl\u0131 giri\u015fimin de\u011feri ise <b>194.277.322 TL<\/b>.<\/li>\n<\/ul>\n<p>Bu basit matematik, SHUB&#8217;un toplam de\u011ferinin %57&#8217;sinden fazlas\u0131n\u0131n bu tek bir yat\u0131r\u0131mdan geldi\u011fini g\u00f6steriyor.<\/p>\n<p>Bir an durup d\u00fc\u015f\u00fcnelim. SHUB b\u00fcnyesindeki say\u0131s\u0131z \u015firket aras\u0131ndan tek bir yat\u0131r\u0131m, de\u011ferin yar\u0131s\u0131ndan fazlas\u0131n\u0131 olu\u015fturuyor. Bu sadece bir ba\u015far\u0131 de\u011fil; bu, fonun kaderini belirleyen bir &#8220;homerun&#8221; vuru\u015fudur. \u0130\u015fte giri\u015fim sermayesindeki g\u00fc\u00e7 yasas\u0131n\u0131n (power law) ac\u0131mas\u0131z ve bir o kadar da g\u00fczel matemati\u011fi budur. Bir fon y\u00f6neticisi, &#8220;s\u0131f\u0131r de\u011ferli&#8221; \u015firketlerden kaynaklanan t\u00fcm kay\u0131plar\u0131 kar\u015f\u0131layacak ve t\u00fcm fon i\u00e7in ola\u011fan\u00fcst\u00fc k\u00e2rlar sa\u011flayacak bu tekil, fonu geri d\u00f6nd\u00fcren (fund returner) yat\u0131r\u0131m\u0131 arar.<\/p>\n<h3>4. T\u00fcrkiye&#8217;de Ba\u015fla, D\u00fcnyada B\u00fcy\u00fc: &#8220;Flip-up&#8221; Stratejisi<\/h3>\n<p>Portf\u00f6y ge\u00e7mi\u015finde tekrarlanan bir tema dikkat \u00e7ekiyor: <b>Meditopia<\/b> (Almanya), <b>Segmentify<\/b> (\u0130ngiltere) ve <b>Workiom<\/b> (ABD) gibi bir\u00e7ok giri\u015fim T\u00fcrkiye&#8217;de kurulmu\u015f, ancak daha sonra merkezlerini k\u00fcresel merkezlere ta\u015f\u0131m\u0131\u015ft\u0131r. Bu strateji genellikle &#8220;flip-up&#8221; olarak adland\u0131r\u0131l\u0131r.<\/p>\n<p>Raporun dipnotlar\u0131nda bu durumun stratejik nedeni a\u00e7\u0131klan\u0131yor: Bu hamle, operasyonel faaliyetleri b\u00fcy\u00fctmek, uluslararas\u0131 yat\u0131r\u0131mc\u0131lara ve daha b\u00fcy\u00fck pazarlara daha kolay eri\u015fim sa\u011flamak i\u00e7in yap\u0131l\u0131yor.<\/p>\n<p>Ancak buradaki as\u0131l \u00f6nemli nokta, Sermaye Piyasas\u0131 Kurulu&#8217;nun (SPK), bu k\u00fcresel olarak yeniden yap\u0131lanan \u015firketlerin hala yerli giri\u015fim sermayesi yat\u0131r\u0131m\u0131 olarak kabul edilmesine olanak tan\u0131yan \u00f6zel d\u00fczenlemeleridir. Bu, sadece giri\u015fimcilerin k\u00fcreselle\u015fme arzusunu de\u011fil, ayn\u0131 zamanda bu vizyonu anlay\u0131p destekleyecek kadar sofistike bir yasal \u00e7er\u00e7evenin varl\u0131\u011f\u0131n\u0131 da g\u00f6steriyor. Daha az olgun ekosistemlerde b\u00f6yle bir hamle, \u015firketin &#8220;yabanc\u0131&#8221; muamelesi g\u00f6rmesine ve yerel avantajlar\u0131 kaybetmesine neden olabilirken, T\u00fcrkiye&#8217;de kurucular ve ileri g\u00f6r\u00fc\u015fl\u00fc d\u00fczenleyiciler aras\u0131nda simbiyotik bir ili\u015fki oldu\u011funu g\u00f6r\u00fcyoruz.<\/p>\n<h3>Sonu\u00e7: Bir Raporun \u00d6\u011frettikleri<\/h3>\n<p>Nihayetinde bu rapor, bir giri\u015fim sermayesi stratejisi masterclass&#8217;\u0131 niteli\u011finde. Kay\u0131plar\u0131 kesme disiplinini (&#8216;s\u0131f\u0131rlar&#8217;), ayk\u0131r\u0131 ba\u015far\u0131lara olan ba\u011f\u0131ml\u0131l\u0131\u011f\u0131 (&#8216;Zeplin&#8217;), k\u00fcresel vizyonu (&#8216;flip-up&#8217;lar) ve t\u00fcm bunlar\u0131 kendine \u00f6zg\u00fc bir makroekonomik ortam\u0131n karma\u015f\u0131kl\u0131\u011f\u0131 i\u00e7inde y\u00f6netme becerisini g\u00f6zler \u00f6n\u00fcne seriyor.<\/p>\n<p>Peki, bu portf\u00f6y\u00fcn derinliklerinde bir sonraki &#8216;Zeplin&#8217; nerede gizleniyor olabilir?<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Hub Giri\u015fim Sermayesi Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e. 30 Eyl\u00fcl 2025 Finansal Durum ve Faaliyet \u00d6zeti<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, Hub Giri\u015fim Sermayesi Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.&#8217;nin (Hub GSYO) 30 Eyl\u00fcl 2025 tarihi itibar\u0131yla sona eren dokuz ayl\u0131k d\u00f6neme ait finansal tablolar\u0131 ve faaliyet raporu verilerine dayanarak haz\u0131rlanm\u0131\u015f kapsaml\u0131 bir analiz sunmaktad\u0131r. Rapor, \u015firketin finansal performans\u0131n\u0131, mali durumunu, portf\u00f6y yap\u0131s\u0131ndaki \u00f6nemli de\u011fi\u015fiklikleri ve stratejik geli\u015fmelerini \u00f6zetlemektedir.<\/p>\n<p><b>Temel Finansal Sonu\u00e7lar:<\/b> \u015eirket, 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda <b>(301.628.209 TL) net zarar<\/b> a\u00e7\u0131klam\u0131\u015ft\u0131r. Bu zarar, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6neminde kaydedilen (114.244.306 TL) zarara k\u0131yasla \u00f6nemli bir art\u0131\u015f g\u00f6stermektedir. Net zarar\u0131n ana itici g\u00fcc\u00fc, y\u00fcksek enflasyon muhasebesi (TMS 29) uygulamas\u0131 sonucunda kaydedilen <b>(279.984.786 TL) tutar\u0131ndaki parasal kay\u0131p<\/b> olmu\u015ftur. Buna kar\u015f\u0131n, 2025&#8217;in \u00fc\u00e7\u00fcnc\u00fc \u00e7eyre\u011fi (Temmuz-Eyl\u00fcl), 97.517.564 TL&#8217;lik parasal kazan\u00e7 sayesinde 91.371.464 TL net k\u00e2r ile pozitif bir performans sergilemi\u015ftir.<\/p>\n<p><b>Mali Durum ve Varl\u0131k Yap\u0131s\u0131:<\/b> 30 Eyl\u00fcl 2025 itibar\u0131yla \u015eirket&#8217;in toplam varl\u0131klar\u0131 <b>755.984.404 TL<\/b>&#8216;dir. Varl\u0131klar\u0131n ezici \u00e7o\u011funlu\u011funu, <b>732.928.580 TL<\/b> ger\u00e7e\u011fe uygun de\u011fer ile de\u011ferlenen <b>giri\u015fim sermayesi yat\u0131r\u0131mlar\u0131<\/b> olu\u015fturmaktad\u0131r. Bu durum, \u015eirket&#8217;in ana faaliyet konusuna odakland\u0131\u011f\u0131n\u0131 g\u00f6stermektedir. D\u00f6nem i\u00e7inde \u00f6denmi\u015f sermaye, 70.000.000 TL&#8217;den <b>280.000.000 TL<\/b>&#8216;ye y\u00fckseltilmi\u015ftir. Bu sermaye art\u0131\u015f\u0131na ra\u011fmen, d\u00f6nemsel zarar nedeniyle \u00f6zkaynaklar 750.477.471 TL&#8217;den 728.904.584 TL&#8217;ye gerilemi\u015ftir.<\/p>\n<p><b>Stratejik ve Kurumsal Geli\u015fmeler:<\/b> 2025 y\u0131l\u0131, \u015eirket i\u00e7in \u00f6nemli kurumsal yeniden yap\u0131lanma ad\u0131mlar\u0131na sahne olmu\u015ftur.<\/p>\n<ul>\n<li><b>STRS ve SHUB Yeniden Yap\u0131lanmas\u0131:<\/b> Mart 2025&#8217;te, \u015eirket&#8217;in %100 ba\u011fl\u0131 ortakl\u0131\u011f\u0131 olan STRS Teknoloji Yat\u0131r\u0131m A.\u015e.&#8217;nin k\u0131smi b\u00f6l\u00fcnmesiyle <b>SHUB Teknoloji A.\u015e.<\/b> ad\u0131nda yeni bir ba\u011fl\u0131 ortakl\u0131k kurulmu\u015ftur. STRS&#8217;nin portf\u00f6y\u00fcndeki 13 yat\u0131r\u0131m bu yeni \u015firkete devredilmi\u015ftir.<\/li>\n<li><b>SHUB ile Birle\u015fme Karar\u0131:<\/b> Haziran 2025&#8217;te, yeni kurulan SHUB Teknoloji A.\u015e.&#8217;nin ana ortakl\u0131k olan Hub GSYO b\u00fcnyesinde birle\u015ftirilmesi karar\u0131 al\u0131nm\u0131\u015f ve Sermaye Piyasas\u0131 Kurulu&#8217;na (SPK) ba\u015fvuru yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Bedelli Sermaye Art\u0131r\u0131m\u0131n\u0131n \u0130ptali:<\/b> Raporlama d\u00f6nemi sonras\u0131nda, 15 Ekim 2025&#8217;te, piyasa ko\u015fullar\u0131 ve g\u00fcncel finansal ihtiya\u00e7lar gerek\u00e7e g\u00f6sterilerek daha \u00f6nce planlanan %200 oran\u0131ndaki bedelli sermaye art\u0131r\u0131m\u0131 s\u00fcreci iptal edilmi\u015ftir.<\/li>\n<\/ul>\n<p><b>Yat\u0131r\u0131m Portf\u00f6y\u00fc:<\/b> \u015eirket&#8217;in portf\u00f6y\u00fc, T\u00fcrkiye&#8217;de ve yurt d\u0131\u015f\u0131nda faaliyet g\u00f6steren, y\u00fcksek b\u00fcy\u00fcme potansiyeline sahip teknoloji giri\u015fimlerinden olu\u015fmaktad\u0131r. Portf\u00f6ydeki \u00f6nemli yat\u0131r\u0131mlar aras\u0131nda SHUB \u00fczerinden dolayl\u0131 olarak sahip olunan <b>Zeplin Inc.<\/b>, e-ticaret ki\u015fiselle\u015ftirme platformu <b>Segmentify UK Holding<\/b> ve meditasyon uygulamas\u0131 <b>The Meditation Company GmbH (Meditopia)<\/b> bulunmaktad\u0131r. Muhasebenin ihtiyatl\u0131l\u0131k ilkesi gere\u011fi, faaliyeti duran, tasfiye olan veya veri ak\u0131\u015f\u0131 sa\u011flanamayan \u00e7ok say\u0131da erken a\u015fama giri\u015fimin ger\u00e7e\u011fe uygun de\u011feri s\u0131f\u0131r olarak de\u011ferlendirilmi\u015ftir.<\/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>1. \u015eirket Profili ve Faaliyetleri<\/h2>\n<h3>1.1. Tarih\u00e7e ve Faaliyet Konusu<\/h3>\n<p>Hub Giri\u015fim Sermayesi Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e., Sermaye Piyasas\u0131 Kurulu&#8217;nun d\u00fczenlemeleri \u00e7er\u00e7evesinde faaliyet g\u00f6steren halka a\u00e7\u0131k bir anonim ortakl\u0131kt\u0131r. \u015eirket, esas olarak T\u00fcrkiye&#8217;de kurulmu\u015f veya kurulacak olan, geli\u015fme potansiyeli ta\u015f\u0131yan ve kaynak ihtiyac\u0131 olan giri\u015fim \u015firketlerine uzun vadeli yat\u0131r\u0131mlar yapmaktad\u0131r.<\/p>\n<p>\u015eirketin tarihsel unvan de\u011fi\u015fiklikleri a\u015fa\u011f\u0131daki gibidir:<\/p>\n<ul>\n<li>Kurulu\u015f: &#8220;Marba\u015f B Tipi Menkul K\u0131ymetler Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.&#8221;<\/li>\n<li>2012: &#8220;Gedik Giri\u015fim Sermayesi Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.&#8221;<\/li>\n<li>2018: &#8220;Hub Giri\u015fim Sermayesi Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A.\u015e.&#8221;<\/li>\n<\/ul>\n<p>\u015eirketin SPK tebli\u011fi uyar\u0131nca y\u00fcr\u00fctebilece\u011fi faaliyetler aras\u0131nda giri\u015fim sermayesi yat\u0131r\u0131mlar\u0131 yapmak, portf\u00f6y \u015firketlerinin y\u00f6netimine kat\u0131lmak, dan\u0131\u015fmanl\u0131k hizmeti vermek ve B\u0130A\u015e Geli\u015fen \u0130\u015fletmeler Piyasas\u0131\u2019nda piyasa dan\u0131\u015fmanl\u0131\u011f\u0131 yapmak gibi konular yer almaktad\u0131r. \u015eirketin merkezi Ata\u015fehir\/\u0130stanbul&#8217;da olup herhangi bir \u015fubesi bulunmamaktad\u0131r.<\/p>\n<h3>1.2. Sermaye ve Ortakl\u0131k Yap\u0131s\u0131<\/h3>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla \u015eirket&#8217;in \u00f6denmi\u015f sermayesi, \u00f6nceki d\u00f6nemdeki 70.000.000 TL&#8217;den <b>280.000.000 TL<\/b>&#8216;ye y\u00fckseltilmi\u015ftir. Bu art\u0131\u015f, 13 Ocak 2025 tarihinde tescil edilen i\u00e7 kaynaklardan bedelsiz sermaye art\u0131r\u0131m\u0131 ile ger\u00e7ekle\u015ftirilmi\u015ftir.<\/p>\n<p><b>30 Eyl\u00fcl 2025 \u0130tibar\u0131yla Ortakl\u0131k Yap\u0131s\u0131<\/b> | Ortak Grubu | Pay Grubu | Pay Tutar\u0131 (TL) | Pay Oran\u0131 (%) | | :&#8212; | :&#8212; | :&#8212; | :&#8212; | | Nam\u0131k Kemal G\u00f6kalp | B grubu | 40.591.355 | 14,50% | | Nam\u0131k Kemal G\u00f6kalp | A grubu | 2.800.000 | 1,00% | | Muhammet Reis | B grubu | 14.942.644 | 5,34% | | Halka A\u00e7\u0131k K\u0131s\u0131m (3. Ki\u015filer) | B grubu | 221.666.001 | 79,16% | | <b>Toplam \u00d6denmi\u015f Sermaye<\/b> | | <b>280.000.000<\/b> | <b>100,00%<\/b> |<\/p>\n<h2>2. Finansal Performans Analizi (01 Ocak \u2013 30 Eyl\u00fcl 2025)<\/h2>\n<p>\u015eirketin 2025 y\u0131l\u0131n\u0131n ilk dokuz ayl\u0131k d\u00f6nemine ait finansal performans\u0131, y\u00fcksek enflasyon muhasebesinin etkileri alt\u0131nda \u015fekillenmi\u015ftir. Faaliyet zarar\u0131 kaydedilmesine ra\u011fmen, d\u00f6nem zarar\u0131n\u0131n ana belirleyicisi parasal pozisyon kayb\u0131 olmu\u015ftur.<\/p>\n<p><b>Kapsaml\u0131 Gelir Tablosu \u00d6zeti (TL)<\/b> | Kalem | 01.01-30.09.2025 | 01.01-30.09.2024 | 01.07-30.09.2025 | 01.07-30.09.2024 | | :&#8212; | :&#8212; | :&#8212; | :&#8212; | :&#8212; | | Has\u0131lat | 2.225.749 | 969.713 | 140.796 | 65.366 | | Br\u00fct K\u00e2r | 1.393.846 | 969.713 | 73.127 | 65.366 | | Faaliyet K\u00e2r\u0131 \/ (Zarar\u0131) | (21.629.732) | 10.622.328 | (6.168.618) | (4.143.244) | | Parasal Kazan\u00e7 \/ (Kay\u0131p) | (279.984.786) | (126.336.554) | 97.517.564 | 69.563.625 | | <b>S\u00fcrd\u00fcr\u00fclen Faaliyetler D\u00f6nem K\u00e2r\u0131\/Zarar\u0131<\/b> | <b>(301.628.209)<\/b> | <b>(114.244.306)<\/b> | <b>91.371.464<\/b> | <b>66.816.653<\/b> | | Toplam Kapsaml\u0131 Gelir | (301.488.377) | (114.875.305) | 91.917.597 | 66.645.739 | | <b>Pay Ba\u015f\u0131na Kazan\u00e7 \/ (Kay\u0131p)<\/b> | <b>(1,08)<\/b> | <b>(1,63)<\/b> | <b>0,33<\/b> | <b>0,95<\/b> |<\/p>\n<ul>\n<li><b>Has\u0131lat ve Faaliyet K\u00e2r\u0131:<\/b> Has\u0131lat, \u00f6nceki y\u0131la g\u00f6re art\u0131\u015f g\u00f6stererek 2,2 milyon TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. Ancak, 19,9 milyon TL&#8217;lik genel y\u00f6netim giderleri nedeniyle \u015eirket, 21,6 milyon TL faaliyet zarar\u0131 kaydetmi\u015ftir.<\/li>\n<li><b>Parasal Pozisyon Etkisi:<\/b> TMS 29 standard\u0131 gere\u011fi hesaplanan parasal pozisyon kalemi, 2025&#8217;in ilk dokuz ay\u0131nda 280 milyon TL&#8217;lik bir kayba yol a\u00e7arak net zarar\u0131n temelini olu\u015fturmu\u015ftur. \u00dc\u00e7\u00fcnc\u00fc \u00e7eyrekteki 97,5 milyon TL&#8217;lik parasal kazan\u00e7 ise bu \u00e7eyre\u011fin k\u00e2rl\u0131 kapanmas\u0131n\u0131 sa\u011flam\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>3. Finansal Durum Analizi (30 Eyl\u00fcl 2025)<\/h2>\n<p>\u015eirketin bilan\u00e7osu, giri\u015fim sermayesi yat\u0131r\u0131mlar\u0131n\u0131n a\u011f\u0131rl\u0131kl\u0131 oldu\u011fu bir varl\u0131k yap\u0131s\u0131n\u0131 ortaya koymaktad\u0131r.<\/p>\n<p><b>Finansal Durum Tablosu (Bilan\u00e7o) \u00d6zeti (TL)<\/b> | Kalem | 30 Eyl\u00fcl 2025 | 31 Aral\u0131k 2024 | | :&#8212; | :&#8212; | :&#8212; | | D\u00f6nen Varl\u0131klar | 20.341.447 | 21.927.935 | | Duran Varl\u0131klar | 735.642.957 | 739.919.158 | | <i>Finansal Yat\u0131r\u0131mlar<\/i> | <i>732.928.580<\/i> | <i>736.568.228<\/i> | | <b>Toplam Varl\u0131klar<\/b> | <b>755.984.404<\/b> | <b>761.847.093<\/b> | | K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler | 26.872.760 | 11.035.183 | | Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler | 207.060 | 334.439 | | <b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/b> | <b>27.079.820<\/b> | <b>11.369.622<\/b> | | <b>\u00d6zkaynaklar<\/b> | <b>728.904.584<\/b> | <b>750.477.471<\/b> | | <i>\u00d6denmi\u015f Sermaye<\/i> | <i>280.000.000<\/i> | <i>70.000.000<\/i> |<\/p>\n<ul>\n<li><b>Varl\u0131k Yap\u0131s\u0131:<\/b> Toplam varl\u0131klar\u0131n %97&#8217;sini finansal yat\u0131r\u0131mlar (giri\u015fim portf\u00f6y\u00fc) olu\u015fturmaktad\u0131r. Bu, \u015eirket&#8217;in sermayesini neredeyse tamamen ana faaliyet alan\u0131na y\u00f6nlendirdi\u011fini teyit etmektedir.<\/li>\n<li><b>Likidite ve Bor\u00e7luluk:<\/b> D\u00f6nem sonu nakit ve nakit benzerleri 219.265 TL gibi d\u00fc\u015f\u00fck bir seviyededir. \u015eirketin finansal borcu bulunmamakla birlikte, k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerdeki art\u0131\u015f dikkat \u00e7ekmektedir. Net i\u015fletme sermayesi negatife d\u00f6nm\u00fc\u015f ((6.531.313) TL), cari oran ise 1,99&#8217;dan 0,76&#8217;ya gerilemi\u015ftir.<\/li>\n<\/ul>\n<h2>4. Yat\u0131r\u0131m Portf\u00f6y\u00fc ve Stratejisi<\/h2>\n<h3>4.1. STRS ve SHUB&#8217;\u0131n Yeniden Yap\u0131lanmas\u0131<\/h3>\n<p>2025 y\u0131l\u0131ndaki en \u00f6nemli stratejik hamle, ba\u011fl\u0131 ortakl\u0131k STRS Teknoloji Yat\u0131r\u0131m A.\u015e.&#8217;nin yeniden yap\u0131land\u0131r\u0131lmas\u0131d\u0131r.<\/p>\n<ul>\n<li><b>Tarihsel Rol:<\/b> STRS, ge\u00e7mi\u015fte &#8220;Startupbootcamp \u0130stanbul&#8221; gibi h\u0131zland\u0131rma programlar\u0131 y\u00fcr\u00fcterek \u00e7ok erken a\u015fama giri\u015fimlere yat\u0131r\u0131m yapan bir yap\u0131yd\u0131.<\/li>\n<li><b>K\u0131smi B\u00f6l\u00fcnme:<\/b> 05.03.2025 tarihinde STRS&#8217;nin k\u0131smi b\u00f6l\u00fcnmesiyle <b>SHUB Teknoloji A.\u015e.<\/b> kurulmu\u015ftur. STRS portf\u00f6y\u00fcndeki 13 yat\u0131r\u0131m, yeni kurulan ve tamam\u0131 Hub GSYO&#8217;ya ait olan SHUB&#8217;a devredilmi\u015ftir.<\/li>\n<li><b>Birle\u015fme Plan\u0131:<\/b> Bu b\u00f6l\u00fcnmenin ard\u0131ndan, 26.06.2025 tarihinde SHUB&#8217;un, ana ortakl\u0131k Hub GSYO ile birle\u015ftirilmesine karar verilmi\u015f ve yasal s\u00fcre\u00e7 ba\u015flat\u0131lm\u0131\u015ft\u0131r. Bu hamle, portf\u00f6y yap\u0131s\u0131n\u0131 sadele\u015ftirmeyi ve y\u00f6netsel verimlili\u011fi art\u0131rmay\u0131 ama\u00e7lamaktad\u0131r.<\/li>\n<\/ul>\n<h3>4.2. Portf\u00f6y De\u011feri ve \u00d6ne \u00c7\u0131kan Yat\u0131r\u0131mlar<\/h3>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla, ger\u00e7e\u011fe uygun de\u011fer fark\u0131 k\u00e2r\/zarara yans\u0131t\u0131lan finansal yat\u0131r\u0131mlar\u0131n toplam de\u011feri <b>732.928.580 TL<\/b>&#8216;dir. De\u011ferleme, ba\u011f\u0131ms\u0131z bir de\u011ferleme kurulu\u015fu taraf\u0131ndan d\u00fczeltilmi\u015f net aktif de\u011fer ve piyasa \u00e7arpanlar\u0131 yakla\u015f\u0131mlar\u0131 kullan\u0131larak yap\u0131lm\u0131\u015ft\u0131r.<\/p>\n<p><b>Se\u00e7ilmi\u015f Portf\u00f6y \u015eirketleri ve De\u011ferleri (30.09.2025)<\/b> | Yat\u0131r\u0131m | Sahiplik | De\u011fer (TL) | A\u00e7\u0131klama | | :&#8212; | :&#8212; | :&#8212; | :&#8212; | | <b>Do\u011frudan Yat\u0131r\u0131mlar (Hub GSYO)<\/b> | | | | | Segmentify UK Holding Company Ltd. | Direkt | 94.489.945 | E-ticaret ki\u015fiselle\u015ftirme platformu. | | The Meditation Company GmbH | Direkt | 63.041.945 | Meditopia markas\u0131n\u0131n sahibi. | | PM Holding Investments Limited | Direkt | 40.822.860 | Paymes markas\u0131n\u0131n \u00e7at\u0131 \u015firketi. | | Tim Ak\u0131ll\u0131 K\u0131yafetleri Bili\u015fim A.\u015e. | Direkt | 31.706.858 | Giyilebilir teknoloji \u00e7\u00f6z\u00fcmleri. | | <b>Ba\u011fl\u0131 Ortakl\u0131k \u00dczerinden (SHUB)<\/b> | | <b>339.641.877<\/b> | SHUB&#8217;\u0131n toplam de\u011feri. | | <i>Zeplin Inc.<\/i> | <i>SHUB (%2,38)<\/i> | <i>194.277.322<\/i> | <i>Tasar\u0131mc\u0131-yaz\u0131l\u0131mc\u0131 i\u015f birli\u011fi platformu (SHUB de\u011ferinin ana unsuru).<\/i> | | <i>PM Holding Investments Limited<\/i> | <i>SHUB (%5,62)<\/i> | <i>59.590.773<\/i> | <i>Paymes markas\u0131n\u0131n \u00e7at\u0131 \u015firketi.<\/i> | | <b>Ba\u011fl\u0131 Ortakl\u0131k \u00dczerinden (STRS)<\/b> | | <b>35.684.241<\/b> | STRS&#8217;nin toplam de\u011feri. | | <i>Flixier SRL<\/i> | <i>STRS<\/i> | <i>11.979.794<\/i> | Bulut tabanl\u0131 video d\u00fczenleme platformu. |<\/p>\n<h3>4.3. De\u011feri S\u0131f\u0131r Olarak De\u011ferlendirilen Yat\u0131r\u0131mlar<\/h3>\n<p>Finansal raporlarda, \u00e7ok say\u0131da giri\u015fimin de\u011feri &#8220;s\u0131f\u0131r&#8221; olarak g\u00f6sterilmi\u015ftir. Bunun temel nedenleri \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>\u0130htiyatl\u0131l\u0131k \u0130lkesi:<\/b> Faaliyetlerini sonland\u0131ran, gayrifaal duruma d\u00fc\u015fen veya tasfiye olan \u015firketlerin ekonomik bir de\u011feri kalmad\u0131\u011f\u0131 kabul edilmi\u015ftir.<\/li>\n<li><b>Veri Eksikli\u011fi:<\/b> Baz\u0131 giri\u015fimlerden de\u011ferlemeye esas te\u015fkil edecek g\u00fcvenilir finansal veri temin edilememektedir.<\/li>\n<li><b>Maliyet-Fayda Analizi:<\/b> De\u011ferleme maliyetinin, elde edilecek potansiyel ekonomik faydadan y\u00fcksek olaca\u011f\u0131 \u00f6ng\u00f6r\u00fclen yat\u0131r\u0131mlar i\u00e7in de\u011ferleme yap\u0131lmam\u0131\u015ft\u0131r. \u00d6rnek olarak Kassa Mobil, Genz Biyo Teknoloji, Monument Labs ve Pinticks Yaz\u0131l\u0131m (Reminis) gibi \u015firketler bu kapsamda de\u011ferlendirilmi\u015ftir.<\/li>\n<\/ul>\n<h3>4.4. SPK Portf\u00f6y S\u0131n\u0131rlamalar\u0131na Uyum<\/h3>\n<p>\u015eirket, SPK&#8217;n\u0131n GSYO&#8217;lara ili\u015fkin tebli\u011flerine uymakla y\u00fck\u00fcml\u00fcd\u00fcr. Raporlama tarihi itibar\u0131yla, giri\u015fim sermayesi yat\u0131r\u0131mlar\u0131n\u0131n portf\u00f6ydeki oran\u0131 <b>%83,29<\/b> olup, asgari <b>%51<\/b>&#8216;lik yasal s\u0131n\u0131r\u0131n \u00fczerindedir. Ancak &#8220;Yurtd\u0131\u015f\u0131nda Yerle\u015fik ve Borsada \u0130\u015flem G\u00f6rmeyen \u015eirketler&#8221; kategorisindeki yat\u0131r\u0131mlar\u0131n oran\u0131 %13,66 ile yasal %10&#8217;luk s\u0131n\u0131r\u0131 a\u015fm\u0131\u015ft\u0131r. Raporda bu durumun, portf\u00f6ydeki varl\u0131klar\u0131n de\u011fer art\u0131\u015f\u0131ndan kaynakland\u0131\u011f\u0131 ve GSYO Tebli\u011fi&#8217;nin 24\/3 maddesi uyar\u0131nca bu t\u00fcr a\u015f\u0131mlar i\u00e7in herhangi bir i\u015flem yap\u0131lmas\u0131n\u0131n gerekmedi\u011fi belirtilmi\u015ftir.<\/p>\n<h2>5. Raporlama Sonras\u0131 \u00d6nemli Geli\u015fmeler ve Di\u011fer Hususlar<\/h2>\n<ul>\n<li><b>Bedelli Sermaye Art\u0131r\u0131m\u0131n\u0131n \u0130ptali:<\/b> \u015eirket Y\u00f6netim Kurulu, 15 Ekim 2025 tarihinde, daha \u00f6nce ba\u015flat\u0131lan %200 oran\u0131ndaki bedelli sermaye art\u0131r\u0131m\u0131 s\u00fcrecinin mevcut piyasa ko\u015fullar\u0131 nedeniyle durdurulmas\u0131na ve SPK ba\u015fvurusunun geri \u00e7ekilmesine karar vermi\u015ftir.<\/li>\n<li><b>Hukuki Durum:<\/b> \u015eirketin daval\u0131 oldu\u011fu iki adet &#8220;TPMK Y\u0130DK \u0130ptal&#8221; konulu hukuk davas\u0131 bulunmaktad\u0131r. Her iki davan\u0131n da ilk derece mahkemesinde \u015eirket lehine sonu\u00e7land\u0131\u011f\u0131 ve dosyalar\u0131n istinaf a\u015famas\u0131nda oldu\u011fu belirtilmi\u015ftir. Bu davalar\u0131n \u015eirket faaliyetlerine veya mali durumuna \u00f6nemli bir etki yapmas\u0131 beklenmemektedir.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"300\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Bir Finansal Raporun Perde Arkas\u0131: Giri\u015fim Sermayesi D\u00fcnyas\u0131ndan 4 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek Giri\u015f: Rakamlar\u0131n Ard\u0131ndaki Hikayeler Finansal raporlar, \u00e7o\u011fu zaman rakamlar ve jargondan olu\u015fan, sadece uzmanlar i\u00e7in tasarlanm\u0131\u015f a\u015f\u0131lmaz duvarlar gibi g\u00f6r\u00fcn\u00fcr. Ancak bu rakamlar\u0131n ard\u0131nda, \u00f6zellikle giri\u015fim sermayesinin dinamik d\u00fcnyas\u0131nda&#8230; <\/p>\n","protected":false},"author":1,"featured_media":301,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[59],"class_list":["post-300","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-hubvc"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/300","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=300"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/300\/revisions"}],"predecessor-version":[{"id":302,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/300\/revisions\/302"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/301"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=300"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=300"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=300"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}