{"id":490,"date":"2025-12-25T01:58:00","date_gmt":"2025-12-24T22:58:00","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=490"},"modified":"2025-12-25T01:58:00","modified_gmt":"2025-12-24T22:58:00","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-burce-burcelik-bursa-celik-dokum-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/490","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #BURCE | Bur\u00e7elik Bursa \u00c7elik D\u00f6k\u00fcm 2025\/9 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #BURCE | Bur\u00e7elik Bursa \u00c7elik D\u00f6k\u00fcm 2025\/9 Bilan\u00e7o Analizi\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/z3XTIduN6ug?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 Sanayi \u015eirketinin Finansal Raporundan \u00c7\u0131kan 4 Kritik Sinyal: Kriz mi, F\u0131rsat m\u0131?<\/h1>\n<h3>Giri\u015f: Rakamlar\u0131n \u00d6tesindeki Hikaye<\/h3>\n<p>Finansal raporlar, ilk bak\u0131\u015fta yo\u011fun ve s\u0131k\u0131c\u0131 g\u00f6r\u00fcnebilir, ancak sat\u0131r aralar\u0131nda genellikle meydan okuma, strateji ve de\u011fi\u015fimin dramatik hikayelerini bar\u0131nd\u0131r\u0131r. Halka a\u00e7\u0131k bir sanayi \u015firketi olan Bur\u00e7elik&#8217;in son finansal raporunu analiz ettik ve ilk beklentilerin aksine olduk\u00e7a \u015fa\u015f\u0131rt\u0131c\u0131 sonu\u00e7lar ortaya \u00e7\u0131kard\u0131k.<\/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. Devasa Sal\u0131n\u0131m: 6 Milyon TL K\u00e2rdan 87 Milyon TL Zarara<\/h3>\n<p>Rapordaki en \u00e7arp\u0131c\u0131 bulgu, \u015firketin k\u00e2rl\u0131l\u0131\u011f\u0131ndaki keskin d\u00f6n\u00fc\u015f oldu. Rakamlar, bir y\u0131ll\u0131k d\u00f6nemdeki dramatik de\u011fi\u015fimi net bir \u015fekilde g\u00f6zler \u00f6n\u00fcne seriyor.<\/p>\n<ul>\n<li><b>1 Ocak &#8211; 30 Eyl\u00fcl 2024 D\u00f6nemi:<\/b> \u015eirketin ana ortakl\u0131\u011fa d\u00fc\u015fen net d\u00f6nem k\u00e2r\u0131 <b>6.200.886 TL<\/b> idi.<\/li>\n<li><b>1 Ocak &#8211; 30 Eyl\u00fcl 2025 D\u00f6nemi:<\/b> Ayn\u0131 d\u00f6nemde \u015firket, <b>(87.331.201) TL<\/b> net d\u00f6nem zarar\u0131 kaydetti.<\/li>\n<\/ul>\n<p>Bu, sadece bir k\u00e2rl\u0131l\u0131k d\u00fc\u015f\u00fc\u015f\u00fc de\u011fil, yakla\u015f\u0131k 94 milyon TL&#8217;lik bir U d\u00f6n\u00fc\u015f\u00fcd\u00fcr. Bir y\u0131l i\u00e7inde bu b\u00fcy\u00fckl\u00fckte bir savrulma, \u015firketin temel dinamiklerinde sars\u0131c\u0131 bir de\u011fi\u015fime i\u015faret eder ve yat\u0131r\u0131mc\u0131lar\u0131 derinden d\u00fc\u015f\u00fcnd\u00fcrmelidir.<\/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. Alarm Zilleri: Bor\u00e7lulukta Patlama<\/h3>\n<p>K\u00e2r\/zarar tablosu ge\u00e7mi\u015fi yans\u0131t\u0131rken, bilan\u00e7o \u015firketin mevcut finansal sa\u011fl\u0131\u011f\u0131 hakk\u0131nda \u00f6nemli ipu\u00e7lar\u0131 verir. Bur\u00e7elik&#8217;in bilan\u00e7osu, \u00f6zellikle k\u0131sa vadeli bor\u00e7lanmadaki patlamayla dikkat \u00e7ekiyor. Sadece dokuz ayl\u0131k bir s\u00fcredeki de\u011fi\u015fim olduk\u00e7a belirgin:<\/p>\n<ul>\n<li><b>K\u0131sa Vadeli Banka Kredileri:<\/b> Bu rakam, 31 Aral\u0131k 2024&#8217;te <b>0 TL<\/b> iken, 30 Eyl\u00fcl 2025&#8217;te <b>124.500.181 TL<\/b>&#8216;ye f\u0131rlad\u0131.<\/li>\n<li><b>Uzun Vadeli Kredilerin K\u0131sa Vadeli K\u0131sm\u0131:<\/b> Ayn\u0131 d\u00f6nemde bu kalem de <b>9.760.614 TL<\/b>&#8216;den <b>39.233.842 TL<\/b>&#8216;ye y\u00fckseldi.<\/li>\n<\/ul>\n<p>Dokuz aydan k\u0131sa bir s\u00fcrede, \u015firketin bilan\u00e7osuna yakla\u015f\u0131k 154 milyon TL&#8217;lik yeni, faiz maliyetli k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fck eklendi. Bu, \u015firketin s\u0131f\u0131r banka borcu pozisyonundan, acil nakit ak\u0131\u015f\u0131 gerektiren devasa bir bor\u00e7 y\u00fck\u00fcn\u00fcn alt\u0131na girmesi anlam\u0131na geliyor.<\/p>\n<p>Burada dikkat edilmesi gereken kritik nokta \u015fudur: Bu bor\u00e7lanmadaki patlaman\u0131n, \u015firketin ayn\u0131 d\u00f6nemde artan yat\u0131r\u0131mlar\u0131n\u0131 finanse etmek i\u00e7in kullan\u0131l\u0131p kullan\u0131lmad\u0131\u011f\u0131, analizin merkezindeki sorudur. \u015eirket, operasyonel zararlar\u0131n\u0131 m\u0131 bor\u00e7la kapat\u0131yor, yoksa gelece\u011fe yat\u0131r\u0131m yapmak i\u00e7in mi bu riski al\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>3. Zor Zamanlarda Gelece\u011fe Yat\u0131r\u0131m<\/h3>\n<p>Zarar ve artan bor\u00e7luluk tablosu, zor durumdaki bir \u015firket anlat\u0131s\u0131n\u0131 desteklerken, bilan\u00e7onun duran varl\u0131klar b\u00f6l\u00fcm\u00fcnde bu hikayeyi karma\u015f\u0131kla\u015ft\u0131ran kar\u015f\u0131t bir sinyal bulunuyor. \u015eirket, bu zorlu d\u00f6nemde gelece\u011fine yat\u0131r\u0131m yapmaya devam ediyor.<\/p>\n<p>Finansal Durum Tablosu&#8217;ndaki &#8220;Yap\u0131lmakta Olan Yat\u0131r\u0131mlar&#8221; kalemi bu durumu kan\u0131tl\u0131yor:<\/p>\n<ul>\n<li>Bu tutar, 31 Aral\u0131k 2024&#8217;te <b>5.234.864 TL<\/b> iken, 30 Eyl\u00fcl 2025&#8217;te <b>22.999.795 TL<\/b>&#8216;ye y\u00fckselmi\u015f durumda.<\/li>\n<\/ul>\n<p>Zarar ve bor\u00e7 sarmal\u0131 i\u00e7indeyken frene basmak yerine gaza basan y\u00f6netim, gelece\u011fe y\u00f6nelik cesur bir bahis oynuyor. &#8216;Yap\u0131lmakta Olan Yat\u0131r\u0131mlar&#8217; kalemindeki yakla\u015f\u0131k %340&#8217;l\u0131k art\u0131\u015f, \u015firketin bu f\u0131rt\u0131nay\u0131 atlataca\u011f\u0131na ve sonunda daha g\u00fc\u00e7l\u00fc \u00e7\u0131kaca\u011f\u0131na dair sars\u0131lmaz bir inanc\u0131n kan\u0131t\u0131d\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<h3>4. Enflasyonun Gizli Etkisi: Rakamlar Nas\u0131l De\u011fi\u015fiyor?<\/h3>\n<p>T\u00fcrkiye gibi y\u00fcksek enflasyonlu ekonomilerde finansal raporlama, TMS 29 standard\u0131na g\u00f6re \u00f6zel d\u00fczeltmeler i\u00e7erir. Bu d\u00fczeltmeler, \u00e7o\u011fu zaman g\u00f6zden ka\u00e7an ancak sonu\u00e7lar \u00fczerinde devasa bir etkiye sahip olan kalemler yarat\u0131r. Bu d\u00fczeltmenin en somut etkisi, K\u00e2r veya Zarar Tablosu&#8217;ndaki &#8220;Net Parasal Pozisyon Kazan\u00e7lar\u0131 \/ (Kay\u0131plar\u0131)&#8221; sat\u0131r\u0131nda g\u00f6r\u00fclmektedir:<\/p>\n<ul>\n<li><b>2024&#8217;\u00fcn ilk dokuz ay\u0131nda:<\/b> \u015eirket, enflasyon nedeniyle parasal pozisyonundan <b>(111.511.846) TL<\/b> gibi devasa bir zarar kaydetmi\u015fti.<\/li>\n<li><b>2025&#8217;in ayn\u0131 d\u00f6neminde ise:<\/b> Tam tersi bir durumla <b>908.168 TL<\/b>&#8216;lik bir kazan\u00e7 elde etti.<\/li>\n<\/ul>\n<p>Bunu \u015f\u00f6yle d\u00fc\u015f\u00fcnebiliriz: 2024&#8217;te \u015firketin kasas\u0131ndaki ve alacaklar\u0131ndaki para, y\u00fcksek enflasyon kar\u015f\u0131s\u0131nda h\u0131zla eridi ve bu erime, sanki operasyonel bir kay\u0131pm\u0131\u015f gibi bilan\u00e7oya 111,5 milyon TL&#8217;lik bir gider olarak yans\u0131d\u0131. 2025&#8217;te ise enflasyonun parasal varl\u0131klar \u00fczerindeki bu y\u0131k\u0131c\u0131 etkisi neredeyse tamamen ortadan kalkt\u0131.<\/p>\n<p>Bu durumun as\u0131l kritik anlam\u0131 \u015fudur: 2024&#8217;\u00fcn ilk dokuz ay\u0131nda kaydedilen 111,5 milyon TL&#8217;lik parasal pozisyon zarar\u0131 olmasayd\u0131, \u015firketin faaliyet k\u00e2r\u0131 \u00e7ok daha y\u00fcksek g\u00f6r\u00fcnecekti. Di\u011fer bir deyi\u015fle, 2024&#8217;teki 6,2 milyon TL&#8217;lik k\u00e2r, enflasyon muhasebesinin yaratt\u0131\u011f\u0131 bu devasa k\u00e2\u011f\u0131t \u00fczerindeki zarar nedeniyle zaten bask\u0131lanm\u0131\u015f bir rakamd\u0131. Bu, 2025&#8217;teki operasyonel bozulman\u0131n asl\u0131nda raporda g\u00f6r\u00fcnenden \u00e7ok daha derin ve endi\u015fe verici oldu\u011funu ortaya koyuyor.<\/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: Kriz mi, D\u00f6n\u00fc\u015f\u00fcm m\u00fc?<\/h3>\n<p>Bur\u00e7elik&#8217;in finansallar\u0131, k\u00e2rl\u0131l\u0131kta keskin bir d\u00fc\u015f\u00fc\u015f ve bor\u00e7lulukta endi\u015fe verici bir art\u0131\u015f ya\u015fayan, ancak ayn\u0131 anda gelece\u011fi i\u00e7in yat\u0131r\u0131m yapan karma\u015f\u0131k bir tablo sunuyor. Bu finansal f\u0131rt\u0131nan\u0131n, \u015firketin sadece bir y\u0131l \u00f6nce Kas\u0131m 2024&#8217;te %900 bedelsiz sermaye art\u0131r\u0131m\u0131 yaparak yat\u0131r\u0131mc\u0131 g\u00fcveninin zirvesinde oldu\u011fu bir d\u00f6nemin hemen ard\u0131ndan gelmesi, tablonun ne kadar h\u0131zl\u0131 tersine d\u00f6nd\u00fc\u011f\u00fcn\u00fc g\u00f6steren en \u00e7arp\u0131c\u0131 kan\u0131tt\u0131r.<\/p>\n<p>Peki, bu rakamlar ge\u00e7ici bir f\u0131rt\u0131nan\u0131n m\u0131, yoksa b\u00fcy\u00fck bir stratejik d\u00f6n\u00fc\u015f\u00fcm\u00fcn sanc\u0131lar\u0131n\u0131n m\u0131 habercisi?<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Bur\u00e7elik A.\u015e. Finansal ve Operasyonel Durum Bilgilendirme Notu (30 Eyl\u00fcl 2025 \u0130tibar\u0131yla)<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu bilgilendirme notu, Bur\u00e7elik Bursa \u00c7elik D\u00f6k\u00fcm Sanayii A.\u015e. ve konsolide ba\u011fl\u0131 ortakl\u0131\u011f\u0131n\u0131n (Topluluk) 30 Eyl\u00fcl 2025 itibar\u0131yla sona eren dokuz ayl\u0131k ara d\u00f6neme ait finansal ve operasyonel performans\u0131n\u0131 \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 T\u00fcrk Liras\u0131&#8217;n\u0131n sat\u0131n alma g\u00fcc\u00fcne g\u00f6re d\u00fczeltilmi\u015ftir.<\/p>\n<p>D\u00f6nemin en kritik bulgular\u0131, Toplulu\u011fun gelir ve karl\u0131l\u0131\u011f\u0131nda \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine k\u0131yasla ya\u015fanan keskin d\u00fc\u015f\u00fc\u015ft\u00fcr. Has\u0131lat 1,18 milyar TL&#8217;den 415,8 milyon TL&#8217;ye gerilerken, 335,4 milyon TL&#8217;lik br\u00fct kar 72,1 milyon TL&#8217;ye d\u00fc\u015fm\u00fc\u015ft\u00fcr. Bu durum, 161,3 milyon TL&#8217;lik esas faaliyet kar\u0131n\u0131n 113,9 milyon TL&#8217;lik esas faaliyet zarar\u0131na d\u00f6n\u00fc\u015fmesine yol a\u00e7m\u0131\u015ft\u0131r. Sonu\u00e7 olarak, Topluluk 2024&#8217;\u00fcn ilk dokuz ay\u0131ndaki 6,2 milyon TL&#8217;lik ana ortakl\u0131k net kar\u0131na kar\u015f\u0131l\u0131k, 2025&#8217;in ayn\u0131 d\u00f6neminde 87,3 milyon TL net zarar a\u00e7\u0131klam\u0131\u015ft\u0131r.<\/p>\n<p>Operasyonel performanstaki bu zay\u0131flama, nakit ak\u0131\u015flar\u0131na da yans\u0131m\u0131\u015ft\u0131r. \u0130\u015fletme faaliyetlerinden 83,5 milyon TL negatif nakit ak\u0131\u015f\u0131 yarat\u0131lm\u0131\u015ft\u0131r. Bu operasyonel nakit a\u00e7\u0131\u011f\u0131 ve devam eden yat\u0131r\u0131mlar, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde yeni banka kredileri ile finanse edilmi\u015ftir. Toplulu\u011fun banka kredileri toplam\u0131, 2024 sonunda 18,1 milyon TL iken, 30 Eyl\u00fcl 2025&#8217;te 199,5 milyon TL&#8217;ye y\u00fckselmi\u015ftir. Bu bor\u00e7lanma sayesinde nakit mevcudu art\u0131\u015f g\u00f6stermi\u015ftir.<\/p>\n<p>Raporlama d\u00f6nemi sonras\u0131 kaydedilen en \u00f6nemli olumlu geli\u015fme, yurt i\u00e7indeki bir m\u00fc\u015fteriyle 2025-2026 y\u0131llar\u0131nda teslim edilmek \u00fczere 1,57 milyon ABD Dolar\u0131 tutar\u0131nda bir agrega k\u0131rma eleme tesisi imalat\u0131 s\u00f6zle\u015fmesi imzalanmas\u0131d\u0131r.<\/p>\n<h2>1. Kurumsal Yap\u0131 ve Y\u00f6netim<\/h2>\n<h3>1.1. \u015eirket Profili<\/h3>\n<p>1968 y\u0131l\u0131nda kurulan Bur\u00e7elik A.\u015e., \u00e7elik d\u00f6k\u00fcm ve makine imalat\u0131 alanlar\u0131nda faaliyet g\u00f6stermektedir. \u015eirket, kendi i\u015fleme tezg\u00e2hlar\u0131, tasar\u0131m m\u00fchendisli\u011fi grubu, makine imalat\u0131 yetenekleri ve AR-GE Merkezi ile sekt\u00f6r\u00fcnde \u00f6ne \u00e7\u0131kmaktad\u0131r. Kendi teknolojisi ile \u00fcretti\u011fi makineleri Bat\u0131 Avrupa ve Amerika pazarlar\u0131na ihra\u00e7 etme kapasitesine sahip olan Bur\u00e7elik, T\u00fcrkiye&#8217;deki say\u0131l\u0131 entegre sanayi kurulu\u015flar\u0131ndan biridir. \u00dcretim tesisleri Bursa Organize Sanayi B\u00f6lgesi ve Fethiye Organize Sanayi B\u00f6lgesi&#8217;nde yer almaktad\u0131r.<\/p>\n<h3>1.2. Ortakl\u0131k Yap\u0131s\u0131 ve Sermaye<\/h3>\n<p>\u015eirket hisseleri 1992 y\u0131l\u0131ndan bu yana Borsa \u0130stanbul&#8217;da (BIST) i\u015flem g\u00f6rmektedir. 30 Eyl\u00fcl 2025 itibar\u0131yla piyasa de\u011feri 1.570.233.600 TL&#8217;dir.<\/p>\n<p><b>Ortakl\u0131k Yap\u0131s\u0131 (30 Eyl\u00fcl 2025)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Orta\u011f\u0131n Ad\u0131<\/td>\n<td>Pay Oran\u0131 (%)<\/td>\n<td>Pay Tutar\u0131 (TL)<\/td>\n<\/tr>\n<tr>\n<td>K\u00f6m\u00fcrc\u00fco\u011flu \u0130n\u015faat Sanayi ve Tic.A.\u015e.<\/td>\n<td>47,25<\/td>\n<td>39.803.407<\/td>\n<\/tr>\n<tr>\n<td>Halka Arz (Di\u011ferleri)<\/td>\n<td>52,75<\/td>\n<td>44.436.593<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Nominal Sermaye<\/b><\/td>\n<td><b>100,00<\/b><\/td>\n<td><b>84.240.000<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>2024 y\u0131l\u0131nda \u015eirket, 8.424.000 TL olan sermayesini, sermaye enflasyon d\u00fczeltmesi olumlu farklar\u0131ndan 75.816.000 TL aktararak 84.240.000 TL&#8217;ye \u00e7\u0131karm\u0131\u015ft\u0131r. Bu art\u0131\u015f sonucunda yat\u0131r\u0131mc\u0131lara %900 oran\u0131nda bedelsiz pay da\u011f\u0131t\u0131m\u0131 28 Kas\u0131m 2024 tarihinde ger\u00e7ekle\u015ftirilmi\u015ftir.<\/p>\n<h3>1.3. Y\u00f6netim Kadrosu<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Pozisyon<\/td>\n<td>\u0130sim<\/td>\n<\/tr>\n<tr>\n<td><b>Y\u00f6netim Kurulu<\/b><\/td>\n<td>&nbsp;<\/td>\n<\/tr>\n<tr>\n<td>Y\u00f6netim Kurulu Ba\u015fkan\u0131<\/td>\n<td>Erg\u00fcn Oktay Okur<\/td>\n<\/tr>\n<tr>\n<td>Murahhas Aza<\/td>\n<td>Canan Zihnio\u011flu<\/td>\n<\/tr>\n<tr>\n<td>Y\u00f6netim Kurulu Ba\u015fkan Vekili<\/td>\n<td>Renan K\u00f6m\u00fcrc\u00fco\u011flu<\/td>\n<\/tr>\n<tr>\n<td>Y\u00f6netim Kurulu \u00dcyesi (Ba\u011f\u0131ms\u0131z)<\/td>\n<td>Nil\u00fcfer Cohc Bursal\u0131o\u011flu<\/td>\n<\/tr>\n<tr>\n<td>Y\u00f6netim Kurulu \u00dcyesi (Ba\u011f\u0131ms\u0131z)<\/td>\n<td>Mehmet Fuat Beyaz\u0131t<\/td>\n<\/tr>\n<tr>\n<td><b>\u00dcst D\u00fczey Y\u00f6neticiler<\/b><\/td>\n<td>&nbsp;<\/td>\n<\/tr>\n<tr>\n<td>Genel M\u00fcd\u00fcr<\/td>\n<td>Zeyyad Derya Ak\u00e7er<\/td>\n<\/tr>\n<tr>\n<td>D\u00f6k\u00fcm Genel M\u00fcd\u00fcr Yard\u0131mc\u0131s\u0131<\/td>\n<td>Faruk K\u00f6ro\u011flu<\/td>\n<\/tr>\n<tr>\n<td>Mali \u0130\u015fler ve Yat\u0131r\u0131mc\u0131 \u0130li\u015fkileri M\u00fcd\u00fcr\u00fc<\/td>\n<td>Meryem G. At\u0131lgan<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>1.4. Ba\u011fl\u0131 Ortakl\u0131k<\/h3>\n<p>Topluluk, s\u0131nai vana \u00fcretimi ve ticareti alan\u0131nda faaliyet g\u00f6steren Bur\u00e7elik Vana Sanayi ve Ticaret A.\u015e.&#8217;nin %40,22 oran\u0131nda pay\u0131na sahiptir. Bu \u015firket de halka a\u00e7\u0131k olup Borsa \u0130stanbul&#8217;da i\u015flem g\u00f6rmektedir. Finansal tablolar, tam konsolidasyon y\u00f6ntemi ile Bur\u00e7elik A.\u015e. konsolide finansal tablolar\u0131na dahil edilmi\u015ftir.<\/p>\n<h2>2. Finansal Performans Analizi (1 Ocak &#8211; 30 Eyl\u00fcl D\u00f6nemi)<\/h2>\n<p>Toplulu\u011fun 2025 y\u0131l\u0131n\u0131n ilk dokuz ayl\u0131k performans\u0131, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemiyle kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda \u00f6nemli \u00f6l\u00e7\u00fcde zay\u0131flam\u0131\u015ft\u0131r.<\/p>\n<h3>2.1. Gelir Tablosu \u00d6nemli Kalemleri<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Finansal Kalem<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2025 (TL)<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2024 (TL)<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td>Has\u0131lat<\/td>\n<td>415.839.097<\/td>\n<td>1.182.078.283<\/td>\n<td>-64,8%<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar \/ (Zarar)<\/b><\/td>\n<td><b>72.165.830<\/b><\/td>\n<td><b>335.479.712<\/b><\/td>\n<td><b>-78,5%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Kar\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td><b>(113.926.536)<\/b><\/td>\n<td><b>161.333.626<\/b><\/td>\n<td><b>-%170,6<\/b><\/td>\n<\/tr>\n<tr>\n<td>S\u00fcrd\u00fcr\u00fclen Faaliyetler Vergi \u00d6ncesi Kar\u0131\/ (Zarar\u0131)<\/td>\n<td>(123.680.809)<\/td>\n<td>54.565.715<\/td>\n<td>-%326,7<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem Kar\u0131 \/ (Zarar\u0131) (Ana Ortakl\u0131k Pay\u0131)<\/b><\/td>\n<td><b>(87.331.201)<\/b><\/td>\n<td><b>6.200.886<\/b><\/td>\n<td><b>-%1508,3<\/b><\/td>\n<\/tr>\n<tr>\n<td>Pay Ba\u015f\u0131na Kazan\u00e7 \/ (Kay\u0131p)<\/td>\n<td>(0,010)<\/td>\n<td>0,007<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.2. Gider Analizi<\/h3>\n<p>Faaliyet kar\u0131ndaki d\u00fc\u015f\u00fc\u015f\u00fcn temel nedenlerinden biri, &#8220;Esas Faaliyetlerden Di\u011fer Giderler&#8221; kaleminde yer alan &#8220;\u00c7al\u0131\u015fmayan K\u0131s\u0131m Giderleri&#8221;ndeki art\u0131\u015ft\u0131r. Bu gider kalemi, 2024&#8217;\u00fcn ilk dokuz ay\u0131nda 15,5 milyon TL iken, 2025&#8217;in ayn\u0131 d\u00f6neminde 55,7 milyon TL&#8217;ye y\u00fckselmi\u015ftir. Bu art\u0131\u015f, \u00fcretim kapasitesinin verimli kullan\u0131lamad\u0131\u011f\u0131na i\u015faret etmektedir.<\/p>\n<h3>2.3. Finansman Giderleri ve Parasal Pozisyon<\/h3>\n<p>Finansman giderleri, artan bor\u00e7lanmaya ra\u011fmen kur fark\u0131 giderlerinin azalmas\u0131yla s\u0131n\u0131rl\u0131 bir art\u0131\u015f g\u00f6stererek 20,1 milyon TL&#8217;den 25,6 milyon TL&#8217;ye \u00e7\u0131km\u0131\u015ft\u0131r. TMS 29 uygulamas\u0131 kapsam\u0131nda, 2024&#8217;te kaydedilen 111,5 milyon TL&#8217;lik Net Parasal Pozisyon Kayb\u0131na kar\u015f\u0131l\u0131k, 2025&#8217;te 908 bin TL&#8217;lik bir kazan\u00e7 kaydedilmi\u015ftir.<\/p>\n<h2>3. Finansal Durum Analizi (30 Eyl\u00fcl 2025 vs. 31 Aral\u0131k 2024)<\/h2>\n<p>Toplulu\u011fun finansal durumu, artan bor\u00e7luluk ve azalan \u00f6zkaynaklar ile karakterize edilmektedir.<\/p>\n<h3>3.1. Bilan\u00e7o Genel Bak\u0131\u015f<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Bilan\u00e7o Kalemi<\/td>\n<td>30 Eyl\u00fcl 2025 (TL)<\/td>\n<td>31 Aral\u0131k 2024 (TL)<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td>Toplam D\u00f6nen Varl\u0131klar<\/td>\n<td>420.464.448<\/td>\n<td>515.194.074<\/td>\n<td>-18,4%<\/td>\n<\/tr>\n<tr>\n<td>Toplam Duran Varl\u0131klar<\/td>\n<td>1.342.362.790<\/td>\n<td>1.323.849.152<\/td>\n<td>+1,4%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>1.762.827.238<\/b><\/td>\n<td><b>1.839.043.226<\/b><\/td>\n<td><b>-4,1%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Toplam K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>353.686.698<\/td>\n<td>333.413.608<\/td>\n<td>+6,1%<\/td>\n<\/tr>\n<tr>\n<td>Toplam Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>263.945.699<\/td>\n<td>252.322.804<\/td>\n<td>+4,6%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>617.632.397<\/b><\/td>\n<td><b>585.736.412<\/b><\/td>\n<td><b>+5,4%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Toplam \u00d6zkaynaklar<\/b><\/td>\n<td><b>1.145.194.841<\/b><\/td>\n<td><b>1.253.306.814<\/b><\/td>\n<td><b>-8,6%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Kaynaklar<\/b><\/td>\n<td><b>1.762.827.238<\/b><\/td>\n<td><b>1.839.043.226<\/b><\/td>\n<td><b>-4,1%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>3.2. Varl\u0131k Yap\u0131s\u0131<\/h3>\n<p>D\u00f6nen varl\u0131klardaki d\u00fc\u015f\u00fc\u015f\u00fcn ana nedenleri, ticari alacaklar\u0131n 116,3 milyon TL&#8217;den 58,0 milyon TL&#8217;ye ve stoklar\u0131n 257,3 milyon TL&#8217;den 215,7 milyon TL&#8217;ye gerilemesidir. Bu durum, azalan sat\u0131\u015f hacmiyle tutarl\u0131d\u0131r. Nakit ve nakit benzerleri ise 85,1 milyon TL&#8217;den 92,3 milyon TL&#8217;ye y\u00fckselmi\u015ftir.<\/p>\n<h3>3.3. Y\u00fck\u00fcml\u00fcl\u00fck ve \u00d6zkaynak Yap\u0131s\u0131<\/h3>\n<p>Toplam y\u00fck\u00fcml\u00fcl\u00fcklerdeki art\u0131\u015f\u0131n temel kayna\u011f\u0131 finansal bor\u00e7lanmalard\u0131r.<\/p>\n<p><b>Banka Kredileri D\u00f6k\u00fcm\u00fc (TL)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kredi T\u00fcr\u00fc<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Banka Kredileri<\/td>\n<td>124.500.181<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Kredilerin K\u0131sa Vadeli K\u0131sm\u0131<\/td>\n<td>39.233.842<\/td>\n<td>9.760.614<\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Banka Kredileri<\/td>\n<td>33.212.443<\/td>\n<td>8.450.567<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Banka Kredileri<\/b><\/td>\n<td><b>196.946.466<\/b><\/td>\n<td><b>18.211.181<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u00d6zkaynaklardaki 108,1 milyon TL&#8217;lik d\u00fc\u015f\u00fc\u015f, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde d\u00f6nemde kaydedilen 87,3 milyon TL&#8217;lik net zarardan kaynaklanmaktad\u0131r.<\/p>\n<h2>4. Nakit Ak\u0131\u015f Analizi<\/h2>\n<p>Topluluk, operasyonlar\u0131ndan nakit \u00e7\u0131k\u0131\u015f\u0131 ya\u015farken, bu a\u00e7\u0131\u011f\u0131 ve yat\u0131r\u0131mlar\u0131n\u0131 yeni bor\u00e7lanma ile finanse etmi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Nakit Ak\u0131\u015f Kalemi<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2025 (TL)<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2024 (TL)<\/td>\n<\/tr>\n<tr>\n<td>\u0130\u015fletme Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131<\/td>\n<td>(83.564.890)<\/td>\n<td>38.713.117<\/td>\n<\/tr>\n<tr>\n<td>Yat\u0131r\u0131m Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131<\/td>\n<td>(49.532.310)<\/td>\n<td>(46.823.364)<\/td>\n<\/tr>\n<tr>\n<td>Finansman Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131<\/td>\n<td>174.189.225<\/td>\n<td>(22.179.920)<\/td>\n<\/tr>\n<tr>\n<td><b>Nakit ve Nakit Benzerlerindeki Net Art\u0131\u015f\/(Azal\u0131\u015f)<\/b><\/td>\n<td><b>42.139.727<\/b><\/td>\n<td><b>(28.645.644)<\/b><\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nem Ba\u015f\u0131 Nakit ve Nakit Benzerleri<\/td>\n<td>85.050.033<\/td>\n<td>237.201.537<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Sonu Nakit ve Nakit Benzerleri<\/b><\/td>\n<td><b>92.293.608<\/b><\/td>\n<td><b>98.729.016<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i>Not: Nakit ve Nakit Benzerlerindeki Net Art\u0131\u015f\/(Azal\u0131\u015f) rakam\u0131, yabanc\u0131 para \u00e7evrim farklar\u0131 ve enflasyon etkisini de i\u00e7ermektedir.<\/i><\/p>\n<h2>5. Raporlama D\u00f6nemi Sonras\u0131 \u00d6nemli Geli\u015fmeler<\/h2>\n<p>30 Eyl\u00fcl 2025 tarihinden sonra, Grup yurt i\u00e7indeki bir m\u00fc\u015fterisi ile 1.570.000,00 ABD Dolar\u0131 tutar\u0131nda, 2025-2026 y\u0131llar\u0131 aras\u0131nda teslim edilecek bir agrega k\u0131rma eleme tesisi imalat\u0131 konusunda anla\u015fma imzaland\u0131\u011f\u0131n\u0131 a\u00e7\u0131klam\u0131\u015ft\u0131r. Bu geli\u015fme, gelecekteki sat\u0131\u015flar ve has\u0131lat i\u00e7in olumlu bir g\u00f6stergedir.<\/p>\n<h2>6. Risk De\u011ferlendirmesi<\/h2>\n<h3>6.1. Sermaye Riski<\/h3>\n<p>Topluluk, sermaye yap\u0131s\u0131n\u0131 net borcun \u00f6zkaynaklara oran\u0131n\u0131 takip ederek y\u00f6netmektedir. Artan bor\u00e7lanma ile birlikte bu oran \u00f6nemli \u00f6l\u00e7\u00fcde de\u011fi\u015fmi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Metrik<\/td>\n<td>30 Eyl\u00fcl 2025 (TL)<\/td>\n<td>31 Aral\u0131k 2024 (TL)<\/td>\n<\/tr>\n<tr>\n<td>Toplam Bor\u00e7lar<\/td>\n<td>199.544.754<\/td>\n<td>21.376.601<\/td>\n<\/tr>\n<tr>\n<td>Eksi: Nakit ve Nakit Benzerleri<\/td>\n<td>(92.293.608)<\/td>\n<td>(85.050.033)<\/td>\n<\/tr>\n<tr>\n<td><b>Net Bor\u00e7<\/b><\/td>\n<td><b>107.251.146<\/b><\/td>\n<td><b>(63.673.432)<\/b><\/td>\n<\/tr>\n<tr>\n<td>\u00d6zkaynaklar<\/td>\n<td>1.145.194.841<\/td>\n<td>1.253.306.814<\/td>\n<\/tr>\n<tr>\n<td><b>Net Bor\u00e7 \/ \u00d6zkaynak Oran\u0131<\/b><\/td>\n<td><b>0,09365<\/b><\/td>\n<td><b>(0,05080)<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>6.2. Kur Riski<\/h3>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla Toplulu\u011fun 3,76 milyon TL tutar\u0131nda net yabanc\u0131 para pozisyonu (parasal kalemler) fazlas\u0131 bulunmaktad\u0131r. Yap\u0131lan duyarl\u0131l\u0131k analizine g\u00f6re, d\u00f6viz kurlar\u0131nda %10&#8217;luk bir de\u011fi\u015fim olmas\u0131 durumunda kar\/zarar \u00fczerinde 375.601 TL&#8217;lik bir etki olu\u015faca\u011f\u0131 \u00f6ng\u00f6r\u00fclmektedir. Bu, kur riskinin y\u00f6netilebilir seviyede oldu\u011funu g\u00f6stermektedir.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"490\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Bir Sanayi \u015eirketinin Finansal Raporundan \u00c7\u0131kan 4 Kritik Sinyal: Kriz mi, F\u0131rsat m\u0131? Giri\u015f: Rakamlar\u0131n \u00d6tesindeki Hikaye Finansal raporlar, ilk bak\u0131\u015fta yo\u011fun ve s\u0131k\u0131c\u0131 g\u00f6r\u00fcnebilir, ancak sat\u0131r aralar\u0131nda genellikle meydan okuma, strateji ve de\u011fi\u015fimin dramatik hikayelerini bar\u0131nd\u0131r\u0131r. Halka a\u00e7\u0131k bir&#8230; <\/p>\n","protected":false},"author":1,"featured_media":491,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[104],"class_list":["post-490","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-burce"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/490","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=490"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/490\/revisions"}],"predecessor-version":[{"id":492,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/490\/revisions\/492"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/491"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=490"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=490"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=490"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}