{"id":318,"date":"2025-12-20T22:04:18","date_gmt":"2025-12-20T19:04:18","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=318"},"modified":"2025-12-20T22:04:18","modified_gmt":"2025-12-20T19:04:18","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-bizim-bizim-toptan-satis-magazalari-2025-9-bilanco-analizi-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/318","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #BIZIM | Bizim Toptan Sat\u0131\u015f Ma\u011fazalar\u0131 2025\/9 Bilan\u00e7o Analizi |  \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #BIZIM | Bizim Toptan Sat\u0131\u015f Ma\u011fazalar\u0131 2025\/9 Bilan\u00e7o Analizi |  \ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/KXXBLQqguX8?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>Bizim Toptan&#8217;\u0131n Son Finansal Raporundan \u00c7\u0131kar\u0131lacak 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ders<\/h1>\n<h3>Giri\u015f: Rakamlar\u0131n Ard\u0131ndaki Ger\u00e7ek Hikaye<\/h3>\n<p>Finansal raporlar \u00e7o\u011fu zaman rakamlar, tablolar ve dipnotlarla dolu, anla\u015f\u0131lmas\u0131 zor belgelerdir. Ancak bu rakamlar\u0131n ard\u0131nda bir \u015firketin stratejisini, zorluklar\u0131n\u0131 ve gelecek potansiyelini anlatan bir hikaye yatar. Bizim Toptan&#8217;\u0131n son finansal raporu da tam olarak b\u00f6yle bir hikaye anlat\u0131yor. Bu yaz\u0131da, y\u00fczlerce sayfal\u0131k raporu sizin i\u00e7in analiz ettik ve en \u015fa\u015f\u0131rt\u0131c\u0131, sezgilere ayk\u0131r\u0131 ve \u00f6nemli dersleri dam\u0131tt\u0131k. Milyarlarca liral\u0131k ciroya ra\u011fmen bir \u015firket neden hala zarar eder? Gelin, bu sorunun cevab\u0131n\u0131 birlikte arayal\u0131m.<\/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<h3>1. Ciro Y\u00fcksek Ama K\u00e2rl\u0131l\u0131k Nerede? Bir K\u00e2rl\u0131l\u0131k Paradoksu<\/h3>\n<p>Bizim Toptan, 2025&#8217;in ilk dokuz ay\u0131nda etkileyici bir sat\u0131\u015f performans\u0131na imza att\u0131. Gelir Tablosu&#8217;na g\u00f6re \u015firketin Has\u0131lat (net sat\u0131\u015flar) kalemi 28,7 milyar TL&#8217;yi (28.759.927.015 TL) a\u015ft\u0131. Bu rakam, \u015firketin operasyonlar\u0131n\u0131n ne kadar b\u00fcy\u00fck bir hacme ula\u015ft\u0131\u011f\u0131n\u0131 a\u00e7\u0131k\u00e7a g\u00f6steriyor.<\/p>\n<p>Ancak madalyonun di\u011fer y\u00fcz\u00fc bu kadar parlak de\u011fil. Bu devasa ciroya ra\u011fmen, \u015firket ayn\u0131 d\u00f6nemde 858,4 milyon TL (858.485.176 TL) Net D\u00f6nem Zarar\u0131 a\u00e7\u0131klad\u0131. Y\u00fcksek sat\u0131\u015f hacminin do\u011frudan k\u00e2ra d\u00f6n\u00fc\u015fmemesi, \u015firketin kar\u015f\u0131la\u015ft\u0131\u011f\u0131 zorluklar\u0131n ilk ve en \u00f6nemli sinyalini veriyor.<\/p>\n<p>Durumu daha da ilgin\u00e7 k\u0131lan detay ise Faaliyet Raporu&#8217;ndaki Br\u00fct K\u00e2r Marj\u0131 rasyosunda gizli. Bu marj, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %12,82&#8217;den %16,62&#8217;ye y\u00fckselmi\u015f. Bu, \u015firketin satt\u0131\u011f\u0131 \u00fcr\u00fcnlerden asl\u0131nda daha fazla k\u00e2r etti\u011fini g\u00f6steriyor. Fakat bu art\u0131\u015fa ra\u011fmen, 4,78 milyar TL\u2019lik br\u00fct k\u00e2r, operasyonel giderler taraf\u0131ndan tamamen eritiliyor. Rakamlara bakt\u0131\u011f\u0131m\u0131zda; Pazarlama, Genel Y\u00f6netim ve Finansman Giderleri&#8217;nin toplam\u0131n\u0131n yakla\u015f\u0131k 6 milyar TL&#8217;ye ula\u015farak br\u00fct k\u00e2r\u0131 a\u015fmas\u0131, net sonucun neden zarara d\u00f6nd\u00fc\u011f\u00fcn\u00fc net bir \u015fekilde a\u00e7\u0131kl\u0131yor. Bu durum, perakende gibi rekabet\u00e7i ve d\u00fc\u015f\u00fck marjl\u0131 bir sekt\u00f6rde operasyonel maliyetleri kontrol alt\u0131nda tutman\u0131n ne kadar kritik oldu\u011funu g\u00f6zler \u00f6n\u00fcne seriyor.<\/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<h3>2. Operasyonel Sa\u011fl\u0131\u011f\u0131n Gizli Sinyali: FAV\u00d6K&#8217;teki Muazzam Geri D\u00f6n\u00fc\u015f<\/h3>\n<p>FAV\u00d6K (Faiz, Amortisman, \u0130tfa ve Vergi \u00d6ncesi K\u00e2r), bir \u015firketin ana faaliyetlerinden ne kadar nakit yaratt\u0131\u011f\u0131n\u0131 g\u00f6steren \u00f6nemli bir g\u00f6stergedir. Net k\u00e2r, finansman ve vergi gibi operasyon d\u0131\u015f\u0131 fakt\u00f6rlerden etkilenirken, FAV\u00d6K do\u011frudan \u015firketin operasyonel sa\u011fl\u0131\u011f\u0131na odaklan\u0131r.<\/p>\n<p>Bizim Toptan&#8217;\u0131n raporunda en dikkat \u00e7ekici geri d\u00f6n\u00fc\u015flerden biri de FAV\u00d6K kaleminde ya\u015fan\u0131yor. Bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6neminde 76,5 milyon TL (-76.586.395 TL) negatif olan FAV\u00d6K, bu y\u0131l 1,2 milyar TL&#8217;yi (1.218.022.129 TL) a\u015fan bir pozitife d\u00f6nm\u00fc\u015f durumda. Bu, eksi&#8217;den art\u0131&#8217;ya ge\u00e7en dramatik bir iyile\u015fmedir.<\/p>\n<p>Peki bu neden \u00f6nemli? \u015eirket net zararda olmas\u0131na ra\u011fmen FAV\u00d6K&#8217;teki bu muazzam art\u0131\u015f, asl\u0131nda temel operasyonlar\u0131n (sat\u0131\u015f, pazarlama, da\u011f\u0131t\u0131m vb.) \u00e7ok daha verimli hale geldi\u011finin g\u00fc\u00e7l\u00fc bir i\u015faretidir. Bu durum, \u015firketin operasyonel olarak do\u011fru ad\u0131mlar att\u0131\u011f\u0131n\u0131 ancak finansman giderleri gibi kontrol\u00fc daha zor olan fakt\u00f6rlerin nihai sonucu a\u015fa\u011f\u0131 \u00e7ekti\u011fini g\u00f6steriyor. Bu, zorlu bir d\u00f6nemde parlayan bir umut \u0131\u015f\u0131\u011f\u0131 olarak yorumlanabilir.<\/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<h3>3. B\u00fcy\u00fcme Her Zaman Geni\u015flemek De\u011fildir: Stratejik K\u00fc\u00e7\u00fclme Politikas\u0131<\/h3>\n<p>Perakende sekt\u00f6r\u00fcnde &#8220;b\u00fcy\u00fcme&#8221; denince akla genellikle ilk olarak yeni ma\u011fazalar a\u00e7mak gelir. Ancak Bizim Toptan&#8217;\u0131n son hamleleri, bu geleneksel alg\u0131ya meydan okuyor ve b\u00fcy\u00fcmenin bazen daralmakla da m\u00fcmk\u00fcn olabilece\u011fini g\u00f6steriyor.<\/p>\n<p>Faaliyet Raporu&#8217;ndaki somut veriler bu stratejiyi a\u00e7\u0131k\u00e7a ortaya koyuyor. \u015eirketin ma\u011faza say\u0131s\u0131, 31 Aral\u0131k 2024&#8217;te 182 iken, sadece dokuz ay sonra 30 Eyl\u00fcl 2025&#8217;te 169&#8217;a d\u00fc\u015fm\u00fc\u015f. Benzer \u015fekilde, personel say\u0131s\u0131 da ayn\u0131 d\u00f6nemde 2.774&#8217;ten 2.244&#8217;e gerilemi\u015f durumda.<\/p>\n<p>\u0130lk bak\u0131\u015fta bir gerileme gibi g\u00f6r\u00fcnen bu durum, asl\u0131nda bilin\u00e7li bir &#8220;stratejik k\u00fc\u00e7\u00fclme&#8221; veya &#8220;verimlilik odakl\u0131 daralma&#8221; politikas\u0131n\u0131n bir par\u00e7as\u0131 olabilir. \u015eirket, k\u00e2rl\u0131 olmayan veya operasyonel olarak verimsiz lokasyonlar\u0131 kapatarak ve organizasyonunu daha yal\u0131n hale getirerek kaynaklar\u0131n\u0131 daha verimli kullanmay\u0131 hedefliyor olabilir. Bu, uzun vadede daha sa\u011fl\u0131kl\u0131 ve k\u00e2rl\u0131 bir yap\u0131ya kavu\u015fmak i\u00e7in at\u0131lm\u0131\u015f stratejik bir ad\u0131m olarak de\u011ferlendirilebilir.<\/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<h3>4. Enflasyon Muhasebesinin Sihirli De\u011fne\u011fi: 1,9 Milyar TL&#8217;lik &#8220;Parasal Kazan\u00e7&#8221;<\/h3>\n<p>Finansal raporda ilk bak\u0131\u015fta anla\u015f\u0131lmas\u0131 zor ve sezgilere ayk\u0131r\u0131 g\u00f6r\u00fcnen bir kalem var: 1,9 milyar TL&#8217;nin (1.928.588.383 TL) \u00fczerindeki devasa Parasal Kazan\u00e7. Bu rakam, \u015firketin finansal hikayesini anlamak i\u00e7in kritik bir \u00f6neme sahip.<\/p>\n<p>Bu kavram\u0131 basit\u00e7e \u015f\u00f6yle a\u00e7\u0131klayabiliriz: Y\u00fcksek enflasyon ortam\u0131nda, \u015firketin TL cinsinden bor\u00e7lar\u0131n\u0131n reel de\u011feri (sat\u0131n alma g\u00fcc\u00fc) zamanla erir. \u015eirket, ge\u00e7mi\u015fte ald\u0131\u011f\u0131 borcu bug\u00fcn\u00fcn daha az de\u011ferli paras\u0131yla \u00f6deyece\u011fi i\u00e7in, muhasebesel olarak bir kazan\u00e7 yazar. Bu, kasaya giren ger\u00e7ek bir nakit de\u011fildir, tamamen enflasyonun yaratt\u0131\u011f\u0131 muhasebesel bir etkidir.<\/p>\n<p>Bizim Toptan&#8217;\u0131n 1,6 milyar TL&#8217;lik Esas Faaliyet Zarar\u0131&#8217;na ra\u011fmen net zarar\u0131n\u0131n &#8220;sadece&#8221; 858 milyon TL&#8217;ye d\u00fc\u015fmesinin arkas\u0131ndaki ana fakt\u00f6r bu 1,9 milyar TL&#8217;lik parasal kazan\u00e7t\u0131r. Bu kalem, nakit ak\u0131\u015f\u0131n\u0131 do\u011frudan etkilemese de y\u00fcksek enflasyonun finansal tablolar\u0131 nas\u0131l derinden etkiledi\u011fini ve bir \u015firketin bor\u00e7luluk yap\u0131s\u0131n\u0131n k\u00e2rl\u0131l\u0131k \u00fczerindeki dolayl\u0131 etkilerini g\u00f6steren \u00e7arp\u0131c\u0131 bir \u00f6rnektir.<\/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<h3>5. K\u0131rm\u0131z\u0131 Alarm: Bor\u00e7luluk Oran\u0131 Neden 8 Kat Artt\u0131?<\/h3>\n<p>Bir \u015firketin finansal sa\u011fl\u0131\u011f\u0131n\u0131 g\u00f6steren en kritik g\u00f6stergelerden biri, bor\u00e7lar\u0131n\u0131n \u00f6z kaynaklar\u0131na oran\u0131d\u0131r. Bu oran, \u015firketin finansal risk seviyesini ve esnekli\u011fini ortaya koyar. Bizim Toptan&#8217;\u0131n raporunda bu alanda endi\u015fe verici bir tablo g\u00f6ze \u00e7arp\u0131yor.<\/p>\n<p>Finansal Raporun &#8220;Sermaye Riski Y\u00f6netimi&#8221; (Dipnot 25) b\u00f6l\u00fcm\u00fcne g\u00f6re, \u015firketin Net bor\u00e7\/\u00f6zsermaye oran\u0131 31 Aral\u0131k 2024&#8217;te %67,13 gibi y\u00f6netilebilir bir seviyedeyken, sadece dokuz ay sonra, 30 Eyl\u00fcl 2025&#8217;te %525,21&#8217;e f\u0131rlam\u0131\u015f. Bu, yakla\u015f\u0131k 8 katl\u0131k \u015fok edici bir art\u0131\u015f anlam\u0131na geliyor.<\/p>\n<p>Bu dramatik art\u0131\u015f\u0131n iki temel nedeni var: Toplam \u00f6zsermayenin 1,25 milyar TL&#8217;den 258,5 milyon TL&#8217;ye d\u00fc\u015fmesi ve ayn\u0131 d\u00f6nemde Net borcun 839 milyon TL&#8217;den 1,35 milyar TL&#8217;ye y\u00fckselmesi. \u00d6z kaynaklar\u0131n erimesi ve borcun artmas\u0131yla ortaya \u00e7\u0131kan bu tablo, \u015firketin finansal esnekli\u011fi \u00fczerinde ciddi bir bask\u0131 olu\u015fturuyor. Bu durum, \u015firketin yeni kredi bulma kabiliyetini k\u0131s\u0131tlayabilir, mevcut bor\u00e7lar\u0131 daha y\u00fcksek maliyetle yeniden finanse etmesine neden olabilir ve potansiyel yat\u0131r\u0131mc\u0131lar i\u00e7in cayd\u0131r\u0131c\u0131 bir unsur te\u015fkil eder. Bu, \u00f6n\u00fcm\u00fczdeki d\u00f6nemde y\u00f6netilmesi gereken en b\u00fcy\u00fck zorluklardan biri olarak \u00f6ne \u00e7\u0131k\u0131yor.<\/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<h3>Sonu\u00e7: Zorlu Bir D\u00f6neme\u00e7teki Umut I\u015f\u0131klar\u0131<\/h3>\n<p>Bizim Toptan&#8217;\u0131n milyarlarca liral\u0131k cirosuna ra\u011fmen zarar etmesinin nedeni, FAV\u00d6K ile \u00f6l\u00e7\u00fclen operasyonel iyile\u015fmelerin hen\u00fcz artan finansman giderlerini ve bor\u00e7 y\u00fck\u00fcn\u00fc kar\u015f\u0131layamamas\u0131d\u0131r. Bu durum, stratejik k\u00fc\u00e7\u00fclme ve enflasyonun muhasebesel etkileriyle daha da karma\u015f\u0131k bir hal almaktad\u0131r. \u015eirketin raporu, birbiriyle \u00e7eli\u015fen ama ayn\u0131 zamanda birbirini a\u00e7\u0131klayan bu sinyallerle doludur.<\/p>\n<p>\u015eirketin operasyonel verimlili\u011fi art\u0131rma \u00e7abalar\u0131 ve verimsiz birimleri kapatma stratejisi olumlu ad\u0131mlar. Ancak bu ad\u0131mlar\u0131n finansal tabloyu kal\u0131c\u0131 olarak pozitife \u00e7evirebilmesi i\u00e7in artan bor\u00e7luluk ve finansman y\u00fck\u00fc gibi ciddi meydan okumalar\u0131n \u00fcstesinden gelmesi gerekiyor.<\/p>\n<p>Peki sizce, Bizim Toptan&#8217;\u0131n operasyonel verimlilik hamleleri, artan finansal riskleri dengelemeye yetecek mi?<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Bizim Toptan Sat\u0131\u015f Ma\u011fazalar\u0131 A.\u015e. \u2013 30 Eyl\u00fcl 2025 D\u00f6nemi Finansal ve Operasyonel Durum Raporu<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing, Bizim Toptan Sat\u0131\u015f Ma\u011fazalar\u0131 A.\u015e. ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (&#8220;Grup&#8221;) 30 Eyl\u00fcl 2025 tarihinde sona eren dokuz ayl\u0131k d\u00f6neme ait konsolide finansal sonu\u00e7lar\u0131n\u0131 ve operasyonel faaliyetlerini \u00f6zetlemektedir. Finansal tablolar, T\u00fcrkiye Muhasebe Standartlar\u0131 (TMS) 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131 uyar\u0131nca, 30 Eyl\u00fcl 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fcne g\u00f6re d\u00fczeltilmi\u015f T\u00fcrk Liras\u0131 (TL) olarak sunulmu\u015ftur.<\/p>\n<p>D\u00f6nemin \u00f6ne \u00e7\u0131kan finansal ve operasyonel geli\u015fmeleri \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>Karl\u0131l\u0131kta \u0130yile\u015fme:<\/b> Grubun net sat\u0131\u015flar\u0131 bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %20,7 azalarak 28,76 milyar TL&#8217;ye gerilemi\u015f olmas\u0131na ra\u011fmen, br\u00fct kar %2,9 art\u0131\u015fla 4,78 milyar TL&#8217;ye y\u00fckselmi\u015ftir. Bu durum, br\u00fct kar marj\u0131n\u0131n %12,82&#8217;den %16,62&#8217;ye \u00f6nemli \u00f6l\u00e7\u00fcde iyile\u015fti\u011fini g\u00f6stermektedir. Esas faaliyet zarar\u0131 ve net d\u00f6nem zarar\u0131, \u00f6nceki y\u0131la k\u0131yasla belirgin \u015fekilde azalm\u0131\u015ft\u0131r.<\/li>\n<li><b>FAV\u00d6K Performans\u0131nda G\u00fc\u00e7l\u00fc Geri D\u00f6n\u00fc\u015f:<\/b> Grubun Faiz, Amortisman ve Vergi \u00d6ncesi Kar\u0131 (FAV\u00d6K), 2024&#8217;\u00fcn ayn\u0131 d\u00f6nemindeki -76,6 milyon TL&#8217;lik zarardan 2025&#8217;te 1,22 milyar TL&#8217;lik kara d\u00f6nerek g\u00fc\u00e7l\u00fc bir performans sergilemi\u015ftir. FAV\u00d6K marj\u0131 da %-0,21&#8217;den %+4,24&#8217;e y\u00fckselmi\u015ftir.<\/li>\n<li><b>Operasyonel Daralma:<\/b> Grup, 30 Eyl\u00fcl 2025 itibar\u0131yla ma\u011faza say\u0131s\u0131n\u0131 169&#8217;a (Aral\u0131k 2024: 182), personel say\u0131s\u0131n\u0131 2.244&#8217;e (Aral\u0131k 2024: 2.774) ve i\u015f orta\u011f\u0131 market say\u0131s\u0131n\u0131 2.421&#8217;e (Aral\u0131k 2024: 2.531) d\u00fc\u015f\u00fcrerek operasyonel bir yeniden yap\u0131lanma s\u00fcrecine girmi\u015ftir.<\/li>\n<li><b>Finansal Durumda Zay\u0131flama:<\/b> Grubun toplam varl\u0131klar\u0131 12,67 milyar TL&#8217;ye, \u00f6zkaynaklar\u0131 ise 1,25 milyar TL&#8217;den 258,6 milyon TL&#8217;ye gerilemi\u015ftir. K\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerin d\u00f6nen varl\u0131klar\u0131 a\u015fmas\u0131 (Cari Oran: 0,58) likidite bask\u0131s\u0131na i\u015faret etmektedir. Net bor\u00e7\/\u00f6zkaynak oran\u0131 ise y\u0131l sonundaki %67,13 seviyesinden %525,21&#8217;e y\u00fckselerek finansal kald\u0131ra\u00e7 riskinin artt\u0131\u011f\u0131n\u0131 g\u00f6stermektedir. Y\u00f6netim, sat\u0131\u015f art\u0131r\u0131c\u0131 aksiyonlar ve tasarruf tedbirleri ile karl\u0131l\u0131kta art\u0131\u015f beklemekte ve i\u015fletmenin s\u00fcreklili\u011fine y\u00f6nelik bir risk \u00f6ng\u00f6rmemektedir.<\/li>\n<\/ul>\n<h2>Kurumsal Yap\u0131 ve Faaliyetler<\/h2>\n<h3>\u015eirket Profili<\/h3>\n<p>2001 y\u0131l\u0131nda kurulan Bizim Toptan Sat\u0131\u015f Ma\u011fazalar\u0131 A.\u015e., merkezi \u0130stanbul&#8217;da bulunan bir toptan ve perakende sat\u0131\u015f \u015firketidir. Grubun ana faaliyet konusu; bakkal, market, b\u00fcfe gibi perakende sat\u0131\u015f noktalar\u0131, yemek hizmeti veren i\u015fletmeler, kurumsal ve bireysel m\u00fc\u015fteriler ile ticari vergi m\u00fckellefi olan ger\u00e7ek ve t\u00fczel ki\u015filere h\u0131zl\u0131 t\u00fcketim \u00fcr\u00fcnlerinin sat\u0131\u015f\u0131n\u0131 yapmakt\u0131r. \u015eirket hisseleri 3 \u015eubat 2011&#8217;den bu yana Borsa \u0130stanbul&#8217;da i\u015flem g\u00f6rmektedir.<\/p>\n<h3>Ortakl\u0131k Yap\u0131s\u0131 ve Ba\u011fl\u0131 Ortakl\u0131klar<\/h3>\n<p>Grup&#8217;un ana orta\u011f\u0131 ve kontrol g\u00fcc\u00fcn\u00fc elinde bulunduran taraf, \u00dclker ailesi taraf\u0131ndan kontrol edilen Y\u0131ld\u0131z Holding A.\u015e.&#8217;dir.<\/p>\n<p><b>Ortakl\u0131k Yap\u0131s\u0131 (30 Eyl\u00fcl 2025)<\/b> | Ortakl\u0131\u011f\u0131n Unvan\u0131 | Pay Oran\u0131 (%) | Pay Tutar\u0131 (TL) | | :&#8212; | :&#8212; | :&#8212; | | Y\u0131ld\u0131z Holding A.\u015e. | 66,59 | 53.587.365 | | Halka A\u00e7\u0131k | 33,41 | 26.888.709 | | <b>Toplam<\/b> | <b>100<\/b> | <b>80.476.074<\/b> |<\/p>\n<p>Grup, iki \u00f6nemli ba\u011fl\u0131 ortakl\u0131\u011f\u0131 tam konsolidasyon y\u00f6ntemiyle finansal tablolar\u0131na dahil etmektedir.<\/p>\n<p><b>Ba\u011fl\u0131 Ortakl\u0131klar (30 Eyl\u00fcl 2025)<\/b> | Ba\u011fl\u0131 Ortakl\u0131k | Etkin Sahiplik Oran\u0131 (%) | | :&#8212; | :&#8212; | | g2mEKSPER Sat\u0131\u015f ve Da\u011f\u0131t\u0131m Hizmetleri A.\u015e. | 90 | | SE\u00c7 Market\u00e7ilik A.\u015e. | 90 |<\/p>\n<h3>Operasyonel \u00d6l\u00e7ek<\/h3>\n<p>Grup, 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda operasyonel bir daralma ya\u015fam\u0131\u015ft\u0131r. Ma\u011faza, \u00e7al\u0131\u015fan ve i\u015f orta\u011f\u0131 say\u0131lar\u0131 a\u015fa\u011f\u0131daki gibidir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>G\u00f6sterge<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td>Ma\u011faza Say\u0131s\u0131<\/td>\n<td>182<\/td>\n<td>169<\/td>\n<td>-13<\/td>\n<\/tr>\n<tr>\n<td>Bulunulan \u0130l Say\u0131s\u0131<\/td>\n<td>72<\/td>\n<td>73<\/td>\n<td>+1<\/td>\n<\/tr>\n<tr>\n<td>Personel Say\u0131s\u0131<\/td>\n<td>2.774<\/td>\n<td>2.244<\/td>\n<td>-530<\/td>\n<\/tr>\n<tr>\n<td>\u0130\u015f Orta\u011f\u0131 Market Say\u0131s\u0131<\/td>\n<td>2.531<\/td>\n<td>2.421<\/td>\n<td>-110<\/td>\n<\/tr>\n<tr>\n<td>Net Sat\u0131\u015f Alan\u0131 (m\u00b2)<\/td>\n<td>Bilgi Yok<\/td>\n<td>180.651<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>2025 Y\u0131l\u0131 \u0130lk Dokuz Ayl\u0131k Finansal Performans Analizi<\/h2>\n<h3>Gelir Tablosu De\u011ferlendirmesi<\/h3>\n<p>Grup, 2025&#8217;in ilk dokuz ay\u0131nda sat\u0131\u015f gelirlerinde bir d\u00fc\u015f\u00fc\u015f ya\u015famas\u0131na ra\u011fmen, maliyet kontrol\u00fc ve marj iyile\u015fmesi sayesinde karl\u0131l\u0131\u011f\u0131n\u0131 art\u0131rm\u0131\u015ft\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Gelir Tablosu Kalemleri (TL)<\/td>\n<td>01.01 &#8211; 30.09.2024<\/td>\n<td>01.01 &#8211; 30.09.2025<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td>Net Sat\u0131\u015flar<\/td>\n<td>36.251.980.515<\/td>\n<td>28.759.927.015<\/td>\n<td>-20,7%<\/td>\n<\/tr>\n<tr>\n<td>Br\u00fct Kar<\/td>\n<td>4.646.624.143<\/td>\n<td>4.781.003.159<\/td>\n<td>+2,9%<\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet Zarar\u0131<\/td>\n<td>(2.886.097.770)<\/td>\n<td>(1.621.590.505)<\/td>\n<td>+43,8%<\/td>\n<\/tr>\n<tr>\n<td>Net D\u00f6nem Zarar\u0131<\/td>\n<td>(1.310.794.613)<\/td>\n<td>(858.485.176)<\/td>\n<td>+34,5%<\/td>\n<\/tr>\n<tr>\n<td><b>Marjlar<\/b><\/td>\n<td><b>30.09.2024<\/b><\/td>\n<td><b>30.09.2025<\/b><\/td>\n<td><b>Fark (Baz Puan)<\/b><\/td>\n<\/tr>\n<tr>\n<td>Br\u00fct Kar Marj\u0131<\/td>\n<td>12,82%<\/td>\n<td>16,62%<\/td>\n<td>+380<\/td>\n<\/tr>\n<tr>\n<td>Net Kar Marj\u0131<\/td>\n<td>-3,62%<\/td>\n<td>-2,99%<\/td>\n<td>+63<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>FAV\u00d6K (EBITDA) Performans\u0131<\/h3>\n<p>Grubun operasyonel karl\u0131l\u0131\u011f\u0131n\u0131n \u00f6nemli bir g\u00f6stergesi olan FAV\u00d6K, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re kayda de\u011fer bir iyile\u015fme g\u00f6stermi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>FAV\u00d6K G\u00f6stergeleri (TL)<\/td>\n<td>01.01 &#8211; 30.09.2024<\/td>\n<td>01.01 &#8211; 30.09.2025<\/td>\n<\/tr>\n<tr>\n<td>FAV\u00d6K<\/td>\n<td>(76.586.395)<\/td>\n<td>1.218.022.129<\/td>\n<\/tr>\n<tr>\n<td>FAV\u00d6K Marj\u0131<\/td>\n<td>-0,21%<\/td>\n<td>4,24%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Enflasyon Muhasebesi Etkisi<\/h3>\n<p>Finansal tablolar, KGK ve SPK d\u00fczenlemeleri uyar\u0131nca TMS 29 standard\u0131 uygulanarak haz\u0131rlanm\u0131\u015ft\u0131r. Bu standarda g\u00f6re, parasal olmayan varl\u0131klar ve y\u00fck\u00fcml\u00fcl\u00fckler ile \u00f6zkaynak kalemleri ve gelir tablosu kalemleri, raporlama d\u00f6nemi sonundaki (30 Eyl\u00fcl 2025) para biriminin sat\u0131n alma g\u00fcc\u00fcne g\u00f6re yeniden d\u00fczenlenmi\u015ftir. Kar\u015f\u0131la\u015ft\u0131rmal\u0131 olarak sunulan 2024 d\u00f6nemi verileri de ayn\u0131 esasa g\u00f6re d\u00fczeltilmi\u015ftir. Net parasal pozisyondaki kazan\u00e7\/kay\u0131plar gelir tablosuna yans\u0131t\u0131lm\u0131\u015ft\u0131r. Grup, 30 Eyl\u00fcl 2025 d\u00f6neminde 1,93 milyar TL net parasal pozisyon kazanc\u0131 kaydetmi\u015ftir (30 Eyl\u00fcl 2024: 2,51 milyar TL kazan\u00e7).<\/p>\n<h2>30 Eyl\u00fcl 2025 \u0130tibar\u0131yla Finansal Durum Analizi<\/h2>\n<h3>Bilan\u00e7o \u00d6zeti<\/h3>\n<p>Grubun bilan\u00e7osu, y\u0131l sonuna k\u0131yasla varl\u0131k ve \u00f6zkaynaklarda bir daralmaya i\u015faret etmektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Bilan\u00e7o Kalemleri (TL)<\/td>\n<td>31.12.2024<\/td>\n<td>30.09.2025<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nen Varl\u0131klar<\/td>\n<td>7.412.433.878<\/td>\n<td>6.061.215.918<\/td>\n<td>-18,2%<\/td>\n<\/tr>\n<tr>\n<td>Duran Varl\u0131klar<\/td>\n<td>7.124.077.973<\/td>\n<td>6.607.852.572<\/td>\n<td>-7,2%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>14.536.511.851<\/b><\/td>\n<td><b>12.669.068.490<\/b><\/td>\n<td><b>-12,8%<\/b><\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>11.294.419.998<\/td>\n<td>10.433.103.047<\/td>\n<td>-7,6%<\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>1.992.226.908<\/td>\n<td>1.977.385.304<\/td>\n<td>-0,7%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>13.286.646.906<\/b><\/td>\n<td><b>12.410.488.351<\/b><\/td>\n<td><b>-6,6%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td><b>1.249.864.945<\/b><\/td>\n<td><b>258.580.139<\/b><\/td>\n<td><b>-79,3%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Kaynaklar<\/b><\/td>\n<td><b>14.536.511.851<\/b><\/td>\n<td><b>12.669.068.490<\/b><\/td>\n<td><b>-12,8%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Likidite ve Sermaye Yap\u0131s\u0131<\/h3>\n<p>Grubun likidite ve sermaye yap\u0131s\u0131, artan risklere i\u015faret etmektedir.<\/p>\n<ul>\n<li><b>Likidite Oranlar\u0131:<\/b> 30 Eyl\u00fcl 2025 itibar\u0131yla Grubun cari oran\u0131 0,58&#8217;dir (Aral\u0131k 2024: 0,66). Bu durum, k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerin (10,43 milyar TL) d\u00f6nen varl\u0131klar\u0131 (6,06 milyar TL) 4,37 milyar TL a\u015fmas\u0131yla net i\u015fletme sermayesi a\u00e7\u0131\u011f\u0131 oldu\u011funu g\u00f6stermektedir.<\/li>\n<li><b>Sermaye Yap\u0131s\u0131 ve Kald\u0131ra\u00e7:<\/b> \u00d6zkaynaklar\u0131n toplam varl\u0131klar i\u00e7indeki pay\u0131 %9&#8217;dan %2&#8217;ye d\u00fc\u015fm\u00fc\u015ft\u00fcr. Sermaye riski y\u00f6netimi kapsam\u0131nda takip edilen net bor\u00e7\/\u00f6zkaynak oran\u0131, y\u0131l sonundaki %67,13 seviyesinden 30 Eyl\u00fcl 2025 itibar\u0131yla %525,21&#8217;e y\u00fckselmi\u015ftir. Bu art\u0131\u015f, finansal kald\u0131ra\u00e7 oran\u0131n\u0131n \u00f6nemli \u00f6l\u00e7\u00fcde y\u00fckseldi\u011fini g\u00f6stermektedir.<\/li>\n<\/ul>\n<h2>Y\u00f6netim ve Kurumsal Y\u00f6netim<\/h2>\n<h3>Y\u00f6netim Kurulu ve Komiteler<\/h3>\n<p>\u015eirketin Y\u00f6netim Kurulu, 30 Eyl\u00fcl 2025 itibar\u0131yla 8 \u00fcyeden olu\u015fmaktad\u0131r.<\/p>\n<ul>\n<li><b>Y\u00f6netim Kurulu Ba\u015fkan\u0131:<\/b> Cengiz Solako\u011flu<\/li>\n<li><b>Y\u00f6netim Kurulu Ba\u015fkan Vekili:<\/b> Mehmet T\u00fct\u00fcnc\u00fc<\/li>\n<li><b>Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyeleri:<\/b> Berin Akarsu, Ahmet Bal, \u00d6mer Faruk Sevgili<\/li>\n<\/ul>\n<p>Y\u00f6netim Kuruluna ba\u011fl\u0131 olarak \u00fc\u00e7 ana komite faaliyet g\u00f6stermektedir:<\/p>\n<ul>\n<li><b>Denetim Komitesi:<\/b> Ba\u015fkanl\u0131\u011f\u0131n\u0131 Ahmet Bal&#8217;\u0131n y\u00fcr\u00fctt\u00fc\u011f\u00fc komite, i\u00e7 ve ba\u011f\u0131ms\u0131z denetimin \u015feffafl\u0131\u011f\u0131ndan sorumludur.<\/li>\n<li><b>Kurumsal Y\u00f6netim Komitesi:<\/b> Ba\u015fkanl\u0131\u011f\u0131n\u0131 Berin Akarsu&#8217;nun yapt\u0131\u011f\u0131 komite, kurumsal y\u00f6netim ilkelerine uyumu izlemekte ve ayn\u0131 zamanda Aday G\u00f6sterme ve \u00dccret Komitelerinin g\u00f6revlerini de yerine getirmektedir.<\/li>\n<li><b>Riskin Erken Saptanmas\u0131 Komitesi:<\/b> Ba\u015fkanl\u0131\u011f\u0131n\u0131 \u00d6mer Sevgili&#8217;nin y\u00fcr\u00fctt\u00fc\u011f\u00fc komite, \u015firketin varl\u0131\u011f\u0131n\u0131 tehlikeye atabilecek risklerin erken te\u015fhisi ve y\u00f6netimiyle ilgilenmektedir.<\/li>\n<\/ul>\n<h3>\u00dcst Y\u00f6netim<\/h3>\n<p>Grubun operasyonel faaliyetleri, alan\u0131nda uzman bir \u00fcst y\u00f6netim ekibi taraf\u0131ndan y\u00fcr\u00fct\u00fclmektedir.<\/p>\n<ul>\n<li><b>Perakende Grubu Ba\u015fkan\u0131:<\/b> U\u011fur Demirel<\/li>\n<li><b>Bizim Toptan Ma\u011fazalar Genel M\u00fcd\u00fcr\u00fc:<\/b> Altan Sekmen<\/li>\n<li><b>g2mEksper Sat\u0131\u015ftan Sorumlu Genel M\u00fcd\u00fcr:<\/b> Deniz Alka\u00e7<\/li>\n<li><b>Se\u00e7 Market\u00e7ilik A.\u015e. Genel M\u00fcd\u00fcr\u00fc:<\/b> Furkan Ak\u0131ner<\/li>\n<li><b>CFO:<\/b> Emir Y\u0131lmazo\u011flu<\/li>\n<\/ul>\n<h3>Yat\u0131r\u0131mc\u0131 \u0130li\u015fkileri<\/h3>\n<p>Pay sahipleri ile ili\u015fkiler, I\u015f\u0131l B\u00fck liderli\u011findeki Yat\u0131r\u0131mc\u0131 \u0130li\u015fkileri K\u0131demli M\u00fcd\u00fcrl\u00fc\u011f\u00fc taraf\u0131ndan y\u00fcr\u00fct\u00fclmektedir. Birim, hissedarlar\u0131n bilgilendirilmesi ve Sermaye Piyasas\u0131 Kurulu (SPK) ile Borsa \u0130stanbul gibi kurumlarla ileti\u015fimin sa\u011flanmas\u0131ndan sorumludur.<\/p>\n<h2>Ekonomik ve Sekt\u00f6rel \u00c7evre<\/h2>\n<p>Faaliyet raporuna g\u00f6re T\u00fcrkiye ekonomisi 2025 y\u0131l\u0131n\u0131n ikinci \u00e7eyre\u011finde y\u0131ll\u0131k %4,8 b\u00fcy\u00fcme g\u00f6stermi\u015ftir. Eyl\u00fcl 2025 itibar\u0131yla y\u0131ll\u0131k T\u00fcketici Fiyat Endeksi (T\u00dcFE) art\u0131\u015f\u0131 %33,29, Yurti\u00e7i \u00dcretici Fiyat Endeksi (Y\u0130-\u00dcFE) art\u0131\u015f\u0131 ise %26,59 olarak ger\u00e7ekle\u015fmi\u015ftir. T\u00fcketici g\u00fcven endeksi, bir \u00f6nceki y\u0131la g\u00f6re art\u0131\u015f g\u00f6stererek Eyl\u00fcl 2025&#8217;te 83,9 seviyesine ula\u015fm\u0131\u015ft\u0131r. Bu makroekonomik g\u00f6stergeler, Grubun faaliyet g\u00f6sterdi\u011fi ekonomik \u00e7evreyi \u015fekillendirmektedir.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"318\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Bizim Toptan&#8217;\u0131n Son Finansal Raporundan \u00c7\u0131kar\u0131lacak 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ders Giri\u015f: Rakamlar\u0131n Ard\u0131ndaki Ger\u00e7ek Hikaye Finansal raporlar \u00e7o\u011fu zaman rakamlar, tablolar ve dipnotlarla dolu, anla\u015f\u0131lmas\u0131 zor belgelerdir. Ancak bu rakamlar\u0131n ard\u0131nda bir \u015firketin stratejisini, zorluklar\u0131n\u0131 ve gelecek potansiyelini anlatan bir hikaye&#8230; <\/p>\n","protected":false},"author":1,"featured_media":319,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[65],"class_list":["post-318","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-bizim"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/318","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=318"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/318\/revisions"}],"predecessor-version":[{"id":320,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/318\/revisions\/320"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/319"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=318"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}