{"id":527,"date":"2025-12-25T22:31:44","date_gmt":"2025-12-25T19:31:44","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=527"},"modified":"2025-12-25T22:31:44","modified_gmt":"2025-12-25T19:31:44","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-ceoem-ceo-event-medya-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/527","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #CEOEM | CEO Event Medya 2025\/9 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #CEOEM | CEO Event Medya 2025\/9 Bilan\u00e7o Analizi\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/-nUdnxgIOok?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>B\u00fcy\u00fcme Her Zaman K\u00e2r Anlam\u0131na Gelmez: CEO Event Medya&#8217;n\u0131n Finansal Tablolar\u0131ndaki 3 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<h3><b>Giri\u015f: Rakamlar\u0131n Arkas\u0131ndaki Hikaye<\/b><\/h3>\n<p>\u0130\u015f d\u00fcnyas\u0131nda genel kabul g\u00f6ren bir ger\u00e7ek vard\u0131r: B\u00fcy\u00fcme iyidir. Bir \u015firketin gelirlerinin artt\u0131\u011f\u0131n\u0131 g\u00f6rd\u00fc\u011f\u00fcm\u00fczde, bunu genellikle ba\u015far\u0131n\u0131n ve sa\u011fl\u0131\u011f\u0131n bir i\u015fareti olarak yorumlar\u0131z. Artan sat\u0131\u015flar, geni\u015fleyen pazar pay\u0131 ve daha b\u00fcy\u00fck bir \u015firket profili, neredeyse her zaman olumlu bir tablo \u00e7izer. Ancak finansal tablolar\u0131n derinliklerine indi\u011fimizde, rakamlar\u0131n bazen \u00e7ok daha karma\u015f\u0131k ve \u015fa\u015f\u0131rt\u0131c\u0131 bir hikaye anlatt\u0131\u011f\u0131n\u0131 g\u00f6r\u00fcr\u00fcz. B\u00fcy\u00fcme, her zaman an\u0131nda k\u00e2rl\u0131l\u0131\u011fa d\u00f6n\u00fc\u015fmeyebilir; hatta bazen k\u0131sa vadede tam tersi bir etki yaratabilir.<\/p>\n<p>Bu yaz\u0131da, halka a\u00e7\u0131k bir \u015firket olan CEO Event Medya&#8217;n\u0131n 2025 y\u0131l\u0131 \u00fc\u00e7\u00fcnc\u00fc \u00e7eyrek finansal raporunu inceleyerek, b\u00fcy\u00fcme hakk\u0131ndaki basit varsay\u0131mlar\u0131m\u0131za meydan okuyan, ilk bak\u0131\u015fta \u00e7eli\u015fkili g\u00f6r\u00fcnen ger\u00e7ekleri ortaya \u00e7\u0131karaca\u011f\u0131z. Bu analiz, bir \u015firketin finansal sa\u011fl\u0131\u011f\u0131n\u0131 de\u011ferlendirirken man\u015fet rakamlar\u0131n \u00f6tesine bakman\u0131n neden bu kadar kritik oldu\u011funu g\u00f6sterecek ve b\u00fcy\u00fcmenin bedelini, risklerini ve potansiyel \u00f6d\u00fcllerini g\u00f6zler \u00f6n\u00fcne serecek.<\/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><b>1. Gelir Artarken K\u00e2r Nas\u0131l Eridi? B\u00fcy\u00fcmenin Bedeli Paradoksu<\/b><\/h3>\n<p>Bir \u015firketin gelirlerinin artmas\u0131, k\u00e2r\u0131n\u0131n da artaca\u011f\u0131 beklentisini do\u011furur. Ancak CEO Event Medya&#8217;n\u0131n tablosu bu beklentiyi bo\u015fa \u00e7\u0131kar\u0131yor. \u015eirketin 2025&#8217;in ilk dokuz ay\u0131ndaki has\u0131lat\u0131, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re 642,3 milyon TL&#8217;den 777,3 milyon TL&#8217;ye y\u00fckselerek sa\u011flam bir b\u00fcy\u00fcme kaydetti. Bu, ka\u011f\u0131t \u00fczerinde harika bir haber.<\/p>\n<p>Ancak ayn\u0131 tablonun en alt sat\u0131r\u0131na bakt\u0131\u011f\u0131m\u0131zda \u015fa\u015f\u0131rt\u0131c\u0131 bir ger\u00e7ekle kar\u015f\u0131la\u015f\u0131yoruz: \u015eirket, bir \u00f6nceki y\u0131l 33,3 milyon TL net k\u00e2r elde etmi\u015fken, bu y\u0131l 10,5 milyon TL net zarara ge\u00e7mi\u015f. Peki bu nas\u0131l m\u00fcmk\u00fcn olabilir? Cevap, gelirler ve maliyetler aras\u0131ndaki b\u00fcy\u00fcme h\u0131z\u0131nda sakl\u0131. Finansal raporda &#8220;Sat\u0131\u015flar\u0131n Maliyeti&#8221; kalemi, has\u0131lattan \u00e7ok daha h\u0131zl\u0131 bir \u015fekilde artm\u0131\u015f. Bu durum, \u015firketin Br\u00fct K\u00e2r\u0131n\u0131 bir \u00f6nceki y\u0131lki 76,2 milyon TL seviyesinden 48,2 milyon TL&#8217;ye d\u00fc\u015f\u00fcrm\u00fc\u015f. Daha net bir ifadeyle, \u015firketin br\u00fct k\u00e2r marj\u0131 2024&#8217;\u00fcn ilk dokuz ay\u0131nda %11,9 iken, 2025&#8217;in ayn\u0131 d\u00f6neminde neredeyse yar\u0131 yar\u0131ya azalarak %6,2&#8217;ye gerilemi\u015ftir. Bu, sat\u0131lan her 100 TL&#8217;lik hizmetten geriye kalan k\u00e2r\u0131n \u00f6nemli \u00f6l\u00e7\u00fcde d\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc g\u00f6stermektedir.<\/p>\n<p>Bu durum, bir ba\u015far\u0131s\u0131zl\u0131k i\u015fareti olmak zorunda de\u011fil. Aksine, \u015firketin pazar pay\u0131 kazanmak veya b\u00fcy\u00fck projeleri g\u00fcvence alt\u0131na almak i\u00e7in k\u00e2rl\u0131l\u0131ktan \u00f6d\u00fcn verdi\u011fi agresif bir b\u00fcy\u00fcme stratejisinin g\u00f6stergesi olabilir. \u015eirket, gelecekteki potansiyel i\u00e7in bug\u00fcn\u00fcn k\u00e2r marjlar\u0131ndan bilin\u00e7li olarak feragat ediyor olabilir.<\/p>\n<p>\u0130\u015fte bu, finans d\u00fcnyas\u0131nda &#8220;b\u00fcy\u00fcmenin bedeli&#8221; olarak adland\u0131rd\u0131\u011f\u0131m\u0131z klasik bir paradokstur: Ciro artarken k\u00e2r\u0131n erimesi.<\/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><b>2. Varl\u0131klar U\u00e7u\u015fta, Kasadaki Nakit Nereye Gitti? Alacaklar\u0131n Gizemli Y\u00fckseli\u015fi<\/b><\/h3>\n<p>Finansal tablolardaki ikinci \u015fa\u015f\u0131rt\u0131c\u0131 nokta, \u015firketin varl\u0131k yap\u0131s\u0131ndaki dramatik de\u011fi\u015fimde ortaya \u00e7\u0131k\u0131yor. CEO Event Medya&#8217;n\u0131n Toplam Varl\u0131klar\u0131, 2024 sonundaki 611,5 milyon TL&#8217;den Eyl\u00fcl 2025 itibar\u0131yla 902,1 milyon TL&#8217;ye f\u0131rlam\u0131\u015f durumda. Bu, \u015firketin bilan\u00e7osunun ciddi anlamda b\u00fcy\u00fcd\u00fc\u011f\u00fcn\u00fc g\u00f6steren etkileyici bir art\u0131\u015f.<\/p>\n<p>Ancak bu varl\u0131k patlamas\u0131na ra\u011fmen, sezgilerimize ayk\u0131r\u0131 bir \u015fekilde, \u015firketin kasas\u0131ndaki ve banka hesaplar\u0131ndaki &#8220;Nakit ve Nakit Benzerleri&#8221; ayn\u0131 d\u00f6nemde 445,3 milyon TL&#8217;den 388,3 milyon TL&#8217;ye gerilemi\u015f. Varl\u0131klar artarken kasadaki para nas\u0131l azal\u0131r? Bu gizemin cevab\u0131, bilan\u00e7onun ba\u015fka bir sat\u0131r\u0131nda yat\u0131yor: &#8220;Ticari Alacaklar&#8221;. \u015eirketin m\u00fc\u015fterilerinden olan alacaklar\u0131, 62,3 milyon TL gibi m\u00fctevaz\u0131 bir seviyeden 458,2 milyon TL gibi devasa bir rakama s\u0131\u00e7ram\u0131\u015f.<\/p>\n<p>Basit bir dille &#8220;Ticari Alacaklar&#8221;, \u015firketin hizmetini veya \u00fcr\u00fcn\u00fcn\u00fc teslim etti\u011fi ancak paras\u0131n\u0131 hen\u00fcz tahsil etmedi\u011fi faturalard\u0131r. Bu durum iki ucu keskin bir k\u0131l\u0131\u00e7 gibidir. Bir yandan, bu muazzam art\u0131\u015f \u015firketin \u00e7ok b\u00fcy\u00fck sat\u0131\u015flar yapt\u0131\u011f\u0131n\u0131 ve m\u00fc\u015fterilerine g\u00fcvenerek onlara vadeli \u00f6deme imkan\u0131 sundu\u011funu g\u00f6sterir. Di\u011fer yandan ise, bu alacaklar\u0131n zaman\u0131nda nakde d\u00f6n\u00fc\u015ft\u00fcr\u00fclememesi durumunda bir nakit ak\u0131\u015f\u0131 riski ta\u015f\u0131r. \u015eirket rekor d\u00fczeyde sat\u0131\u015f yapm\u0131\u015f, ancak bu sat\u0131\u015flar\u0131n paras\u0131 hen\u00fcz kasaya girmemi\u015ftir. Bu durum, varl\u0131klar\u0131n neden %47&#8217;lik bir art\u0131\u015fla 902,1 milyon TL&#8217;ye \u00e7\u0131kt\u0131\u011f\u0131n\u0131 a\u00e7\u0131klarken, kasadaki nakdin neden %13&#8217;l\u00fck bir d\u00fc\u015f\u00fc\u015fle 388,3 milyon TL&#8217;ye indi\u011fini de ayn\u0131 anda izah etmektedir.<\/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><b>3. Gelecek Sat\u0131ld\u0131 M\u0131? Bilan\u00e7o&#8217;daki Bin Katl\u0131k S\u0131\u00e7rama<\/b><\/h3>\n<p>Analizimizdeki en \u00e7arp\u0131c\u0131 ve belki de en olumlu s\u00fcrpriz, bilan\u00e7onun &#8220;Kaynaklar&#8221; b\u00f6l\u00fcm\u00fcnde, k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fckler alt\u0131nda gizleniyor. &#8220;Ertelenmi\u015f Gelirler&#8221; olarak adland\u0131r\u0131lan bu kalem, 2024 sonunda sadece 74.003 TL iken, Eyl\u00fcl 2025 itibar\u0131yla tam 74.382.435 TL&#8217;ye y\u00fckselmi\u015f. Bu, yakla\u015f\u0131k bin katl\u0131k inan\u0131lmaz bir art\u0131\u015f anlam\u0131na geliyor.<\/p>\n<p>Peki &#8220;Ertelenmi\u015f Gelirler&#8221; nedir ve neden bu kadar \u00f6nemlidir? Bu kalem, \u015firketin gelecekte d\u00fczenleyece\u011fi etkinlikler ve projeler i\u00e7in m\u00fc\u015fterilerinden pe\u015fin olarak ald\u0131\u011f\u0131 avanslar\u0131 ve \u00f6demeleri temsil eder. Yani, CEO Event Medya hen\u00fcz hizmet vermedi\u011fi i\u015fler i\u00e7in \u015fimdiden 74,4 milyon TL&#8217;lik bir tahsilat yapm\u0131\u015f.<\/p>\n<p>Bu rakam, ilk iki noktada bahsedilen net zarar ve azalan nakit tablosuna kar\u015f\u0131 g\u00fc\u00e7l\u00fc bir pozitif sinyal veriyor. \u015eirketin gelecekteki i\u015f ak\u0131\u015f\u0131n\u0131n ne kadar g\u00fc\u00e7l\u00fc oldu\u011funu ve m\u00fc\u015fterilerinin \u015firkete duydu\u011fu g\u00fcveni net bir \u015fekilde ortaya koyuyor. Bu, \u015firketin mevcut d\u00f6nemde k\u00e2rdan ve nakitten feragat ederken, asl\u0131nda gelecekteki gelirlerini garanti alt\u0131na ald\u0131\u011f\u0131n\u0131n en somut kan\u0131tlar\u0131ndan biridir.<\/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><b>Sonu\u00e7: B\u00fcy\u00fcme Sanc\u0131s\u0131 m\u0131, Gelece\u011fin Habercisi mi?<\/b><\/h3>\n<p>CEO Event Medya&#8217;n\u0131n finansal tablolar\u0131, y\u00fcksek risk ve y\u00fcksek potansiyel i\u00e7eren bir b\u00fcy\u00fcme d\u00f6nemindeki bir \u015firketin klasik bir foto\u011fraf\u0131n\u0131 sunuyor. \u0130lk bak\u0131\u015fta g\u00f6r\u00fcnen gelir art\u0131\u015f\u0131, daha derine inildi\u011finde azalan k\u00e2rl\u0131l\u0131k, kasadan \u00e7\u0131kan nakit, rekor seviyeye ula\u015fan alacaklar ve patlama yapan pe\u015fin tahsilatlar gibi bir dizi \u00e7eli\u015fkili ama birbiriyle ba\u011flant\u0131l\u0131 ger\u00e7e\u011fi bar\u0131nd\u0131r\u0131yor. \u015eirket, k\u0131sa vadeli k\u00e2r ve eldeki nakit pozisyonunu feda ederek, muazzam bir sat\u0131\u015f hacmine ve gelece\u011fi g\u00fcvence alt\u0131na alan g\u00fc\u00e7l\u00fc bir sipari\u015f defterine yat\u0131r\u0131m yap\u0131yor. Bu finansal hikaye, bize tek bir rakama veya orana bakarak bir \u015firketi yarg\u0131laman\u0131n ne kadar yan\u0131lt\u0131c\u0131 olabilece\u011fini g\u00f6steriyor.<\/p>\n<p>Sizce bu agresif b\u00fcy\u00fcme stratejisi, gelecekteki s\u00fcrd\u00fcr\u00fclebilir k\u00e2rl\u0131l\u0131\u011f\u0131n temellerini mi at\u0131yor, yoksa y\u00f6netilmesi zor bir risk mi yarat\u0131yor?<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">CEO Event Medya A.\u015e. 2025 \u00dc\u00e7\u00fcnc\u00fc \u00c7eyrek Finansal Durum Bilgilendirme Notu<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu bilgilendirme notu, CEO Event Medya A.\u015e. (&#8220;Grup&#8221;) ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n 30 Eyl\u00fcl 2025 tarihinde sona eren dokuz ayl\u0131k d\u00f6neme ait konsolide finansal sonu\u00e7lar\u0131n\u0131 analiz etmektedir. Rapor, \u015firketin finansal performans\u0131nda, bilan\u00e7osunda ve nakit ak\u0131\u015f\u0131nda ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re \u00f6nemli de\u011fi\u015fiklikler oldu\u011funu ortaya koymaktad\u0131r. Finansal tablolar, TMS 29 standard\u0131 uyar\u0131nca enflasyon muhasebesi uygulanarak 30 Eyl\u00fcl 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fcne g\u00f6re d\u00fczeltilmi\u015ftir.<\/p>\n<p><b>Temel Bulgular:<\/b><\/p>\n<ul>\n<li><b>K\u00e2rl\u0131l\u0131ktan Zarara Ge\u00e7i\u015f:<\/b> Grup, 2024 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda 33,3 milyon TL net k\u00e2r elde ederken, 2025&#8217;in ayn\u0131 d\u00f6neminde 10,5 milyon TL net zarar a\u00e7\u0131klam\u0131\u015ft\u0131r. Bu dramatik de\u011fi\u015fim, artan sat\u0131\u015f maliyetleri ve esas faaliyet giderlerinden kaynaklanmaktad\u0131r.<\/li>\n<li><b>Has\u0131lat Art\u0131\u015f\u0131 ve Marj Bask\u0131s\u0131:<\/b> Has\u0131lat, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %21 artarak 642,3 milyon TL&#8217;den 777,3 milyon TL&#8217;ye y\u00fckselmi\u015ftir. Ancak sat\u0131\u015flar\u0131n maliyeti %29&#8217;luk daha keskin bir art\u0131\u015f g\u00f6stermi\u015f, bu durum br\u00fct k\u00e2r marj\u0131n\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde bask\u0131layarak br\u00fct k\u00e2r\u0131n 76,2 milyon TL&#8217;den 48,2 milyon TL&#8217;ye gerilemesine neden olmu\u015ftur.<\/li>\n<li><b>\u0130\u015fletme Sermayesinde Dramatik B\u00fcy\u00fcme:<\/b> \u015eirketin bilan\u00e7osunda, \u00f6zellikle d\u00f6nen varl\u0131klar ve k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerde ola\u011fan\u00fcst\u00fc bir art\u0131\u015f g\u00f6zlenmektedir. Ticari alacaklar 62,3 milyon TL&#8217;den 458,2 milyon TL&#8217;ye, ticari bor\u00e7lar ise 172,1 milyon TL&#8217;den 399,3 milyon TL&#8217;ye f\u0131rlam\u0131\u015ft\u0131r. Bu durum, faaliyet hacmindeki b\u00fcy\u00fck bir geni\u015flemeye i\u015faret etmekle birlikte, \u00e7al\u0131\u015fma sermayesi y\u00f6netimi ve tahsilat riskleri a\u00e7\u0131s\u0131ndan dikkatli bir izleme gerektirmektedir.<\/li>\n<li><b>Nakit Pozisyonu ve Nakit Ak\u0131\u015f\u0131:<\/b> Faaliyetlerdeki b\u00fcy\u00fcmeye ra\u011fmen, Grubun nakit ve nakit benzerleri 445,3 milyon TL&#8217;den 388,3 milyon TL&#8217;ye gerilemi\u015ftir. \u0130\u015fletme faaliyetlerinden elde edilen nakit ak\u0131\u015f\u0131, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 329,3 milyon TL&#8217;den 40,5 milyon TL&#8217;ye d\u00fc\u015fm\u00fc\u015ft\u00fcr. Bu d\u00fc\u015f\u00fc\u015f, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde ticari alacaklardaki art\u0131\u015ftan kaynaklanmaktad\u0131r.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>1. Genel Bak\u0131\u015f ve Kurumsal Kimlik<\/h2>\n<p>CEO Event Medya A.\u015e. (&#8220;\u015eirket&#8221;), 2006 y\u0131l\u0131nda kurulmu\u015f olup, temel faaliyet konusu yurt i\u00e7i ve yurt d\u0131\u015f\u0131nda \u00f6zel ve resmi kurumlar i\u00e7in a\u00e7\u0131l\u0131\u015f, seminer, toplant\u0131, konser ve organizasyonlar d\u00fczenlemektir. \u015eirket, ba\u011fl\u0131 ortakl\u0131\u011f\u0131 olan CEF Fuarc\u0131l\u0131k A.\u015e. ile birlikte bir &#8220;Grup&#8221; olarak faaliyet g\u00f6stermektedir.<\/p>\n<ul>\n<li><b>Merkez:<\/b> \u0130stanbul, Be\u015fikta\u015f. Ankara&#8217;da bir \u015fubesi bulunmaktad\u0131r.<\/li>\n<li><b>Borsa Bilgileri:<\/b> Paylar\u0131, 31 May\u0131s 2019&#8217;dan itibaren Borsa \u0130stanbul&#8217;da (B\u0130ST) &#8220;CEOEM&#8221; kodu ile i\u015flem g\u00f6rmektedir. Sermayenin %50,66&#8217;s\u0131 halka arz edilmi\u015f olup &#8220;dola\u015f\u0131mda&#8221; kabul edilmektedir.<\/li>\n<li><b>Ortakl\u0131k Yap\u0131s\u0131:<\/b> \u015eirketin \u00f6denmi\u015f sermayesi 44.000.000 TL olup, ana hissedarlar Cevat Ol\u00e7ok, Yunus Emre Ol\u00e7ok, Fatih Ol\u00e7ok ve Yeni ve Eski Medya Reklam Ajans\u0131 A.\u015e.&#8217;dir.<\/li>\n<li><b>Personel Say\u0131s\u0131:<\/b> 30 Eyl\u00fcl 2025 itibar\u0131yla Grubun ortalama personel say\u0131s\u0131 30&#8217;dur (31 Aral\u0131k 2024: 28).<\/li>\n<\/ul>\n<h2>2. Finansal Performans Analizi (1 Ocak \u2013 30 Eyl\u00fcl D\u00f6nemi)<\/h2>\n<p>Grubun 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131ndaki performans\u0131, artan gelire ra\u011fmen k\u00e2rl\u0131l\u0131ktaki d\u00fc\u015f\u00fc\u015fle karakterize edilmektedir.<\/p>\n<h3>Has\u0131lat ve K\u00e2rl\u0131l\u0131k<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (TL)<\/td>\n<td>01 Ocak &#8211; 30 Eyl\u00fcl 2025<\/td>\n<td>01 Ocak &#8211; 30 Eyl\u00fcl 2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>777.267.501<\/td>\n<td>642.312.132<\/td>\n<td>+21,0%<\/td>\n<\/tr>\n<tr>\n<td><b>Sat\u0131\u015flar\u0131n Maliyeti (-)<\/b><\/td>\n<td>(729.052.592)<\/td>\n<td>(566.123.123)<\/td>\n<td>+28,8%<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td><b>48.214.909<\/b><\/td>\n<td><b>76.189.009<\/b><\/td>\n<td><b>-36,7%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet K\u00e2r\u0131 \/ Zarar\u0131<\/td>\n<td>1.137.106<\/td>\n<td>52.040.463<\/td>\n<td>-97,8%<\/td>\n<\/tr>\n<tr>\n<td>S\u00fcrd\u00fcr\u00fclen Faaliyetler Vergi \u00d6ncesi K\u00e2r\u0131\/Zarar\u0131<\/td>\n<td>15.011.758<\/td>\n<td>44.162.405<\/td>\n<td>-66,0%<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131 \/ Zarar\u0131<\/b><\/td>\n<td><b>(10.540.318)<\/b><\/td>\n<td><b>33.254.656<\/b><\/td>\n<td><b>-131,7%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Has\u0131lat B\u00fcy\u00fcmesi:<\/b> Grup, organizasyon gelirlerini bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %21 art\u0131rmay\u0131 ba\u015farm\u0131\u015ft\u0131r. Bu, faaliyet hacminin geni\u015fledi\u011finin bir g\u00f6stergesidir.<\/li>\n<li><b>Maliyet Art\u0131\u015f\u0131 ve Marj Erozyonu:<\/b> Sat\u0131\u015flar\u0131n maliyetindeki %29&#8217;luk art\u0131\u015f, has\u0131lat art\u0131\u015f\u0131n\u0131 geride b\u0131rakm\u0131\u015ft\u0131r. Bu durum, br\u00fct k\u00e2r\u0131n 76,2 milyon TL&#8217;den 48,2 milyon TL&#8217;ye d\u00fc\u015fmesine neden olmu\u015ftur. Maliyet yap\u0131s\u0131ndaki bu de\u011fi\u015fim, k\u00e2rl\u0131l\u0131k \u00fczerindeki temel bask\u0131 unsurudur.<\/li>\n<li><b>Net Sonu\u00e7:<\/b> Artan genel y\u00f6netim giderleri ve esas faaliyetlerden di\u011fer giderler, esas faaliyet k\u00e2r\u0131n\u0131 ciddi \u015fekilde d\u00fc\u015f\u00fcrm\u00fc\u015ft\u00fcr. Finansman gelirlerindeki d\u00fc\u015f\u00fc\u015f ve parasal kay\u0131plar\u0131n etkisiyle, Grup 33,3 milyon TL&#8217;lik k\u00e2rdan 10,5 milyon TL&#8217;lik zarara ge\u00e7mi\u015ftir. Hisse ba\u015f\u0131na kazan\u00e7, 0,756 TL&#8217;den (0,240) TL zarara d\u00f6nm\u00fc\u015ft\u00fcr.<\/li>\n<\/ul>\n<h2>3. Finansal Durum Tablosu Analizi (30 Eyl\u00fcl 2025 vs. 31 Aral\u0131k 2024)<\/h2>\n<p>Grubun bilan\u00e7osu, 2025 y\u0131l\u0131ndaki yo\u011fun faaliyet temposunu yans\u0131tan \u00f6nemli de\u011fi\u015fiklikler g\u00f6stermektedir. Toplam varl\u0131klar 611,5 milyon TL&#8217;den 902,1 milyon TL&#8217;ye y\u00fckselmi\u015ftir.<\/p>\n<h3>Varl\u0131klar<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Varl\u0131k Kalemi (TL)<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nen Varl\u0131klar<\/b><\/td>\n<td><b>882.466.252<\/b><\/td>\n<td><b>590.491.005<\/b><\/td>\n<td><b>+49,4%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Nakit ve Nakit Benzerleri<\/td>\n<td>388.259.031<\/td>\n<td>445.266.430<\/td>\n<td>-12,8%<\/td>\n<\/tr>\n<tr>\n<td>Ticari Alacaklar<\/td>\n<td>458.210.013<\/td>\n<td>62.278.446<\/td>\n<td>+635,7%<\/td>\n<\/tr>\n<tr>\n<td><b>Duran Varl\u0131klar<\/b><\/td>\n<td><b>19.674.801<\/b><\/td>\n<td><b>21.058.546<\/b><\/td>\n<td><b>-6,6%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM VARLIKLAR<\/b><\/td>\n<td><b>902.141.053<\/b><\/td>\n<td><b>611.549.551<\/b><\/td>\n<td><b>+47,5%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Ticari Alacaklar:<\/b> En dikkat \u00e7ekici de\u011fi\u015fim, ili\u015fkili olmayan taraflardan ticari alacaklardaki yedi katl\u0131k art\u0131\u015ft\u0131r. Bu, b\u00fcy\u00fck \u00f6l\u00e7ekli projelerin tamamland\u0131\u011f\u0131n\u0131 ancak tahsilatlar\u0131n\u0131n hen\u00fcz ger\u00e7ekle\u015fmedi\u011fini g\u00f6stermektedir.<\/li>\n<li><b>Nakit Pozisyonu:<\/b> Ticari alacaklardaki bu art\u0131\u015f, nakit pozisyonu \u00fczerinde bask\u0131 yaratm\u0131\u015f ve nakit ve nakit benzerlerinin 57 milyon TL azalmas\u0131na neden olmu\u015ftur.<\/li>\n<\/ul>\n<h3>Y\u00fck\u00fcml\u00fcl\u00fckler ve \u00d6zkaynaklar<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kaynak Kalemi (TL)<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>483.837.058<\/b><\/td>\n<td><b>181.317.897<\/b><\/td>\n<td><b>+166,8%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Ticari Bor\u00e7lar<\/td>\n<td>399.255.330<\/td>\n<td>172.127.302<\/td>\n<td>+132,0%<\/td>\n<\/tr>\n<tr>\n<td>Ertelenmi\u015f Gelirler<\/td>\n<td>74.382.435<\/td>\n<td>74.003<\/td>\n<td>+100.416,5%<\/td>\n<\/tr>\n<tr>\n<td><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>8.164.986<\/b><\/td>\n<td><b>8.341.761<\/b><\/td>\n<td><b>-2,1%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6ZKAYNAKLAR<\/b><\/td>\n<td><b>410.139.009<\/b><\/td>\n<td><b>421.889.893<\/b><\/td>\n<td><b>-2,8%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM KAYNAKLAR<\/b><\/td>\n<td><b>902.141.053<\/b><\/td>\n<td><b>611.549.551<\/b><\/td>\n<td><b>+47,5%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> Faaliyet hacmindeki art\u0131\u015f, ticari bor\u00e7larda ve ertelenmi\u015f gelirlerde b\u00fcy\u00fck bir art\u0131\u015fa yol a\u00e7m\u0131\u015ft\u0131r. Ertelenmi\u015f gelirlerdeki (al\u0131nan sipari\u015f avanslar\u0131) 74 milyon TL&#8217;lik art\u0131\u015f, gelecekte ger\u00e7ekle\u015ftirilecek projeler i\u00e7in \u00f6nemli avanslar al\u0131nd\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> \u00d6zkaynaklar, d\u00f6nem i\u00e7inde kaydedilen 10,5 milyon TL&#8217;lik net zarar ve di\u011fer kapsaml\u0131 gelirdeki 1,2 milyon TL&#8217;lik gider nedeniyle 421,9 milyon TL&#8217;den 410,1 milyon TL&#8217;ye gerilemi\u015ftir.<\/li>\n<\/ul>\n<h2>4. Nakit Ak\u0131\u015f Analizi<\/h2>\n<p>Nakit ak\u0131\u015f tablosu, Grubun i\u015fletme sermayesindeki de\u011fi\u015fikliklerin likidite \u00fczerindeki etkisini net bir \u015fekilde ortaya koymaktad\u0131r.<\/p>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> Grup, 2025&#8217;in ilk dokuz ay\u0131nda faaliyetlerinden 40,5 milyon TL nakit yaratm\u0131\u015ft\u0131r. Bu rakam, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 329,3 milyon TL&#8217;ye k\u0131yasla \u00f6nemli bir d\u00fc\u015f\u00fc\u015f\u00fc temsil etmektedir. D\u00fc\u015f\u00fc\u015f\u00fcn ana nedeni, ticari alacaklardaki 478,7 milyon TL&#8217;lik art\u0131\u015ft\u0131r. Bu art\u0131\u015f, yarat\u0131lan nakdin b\u00fcy\u00fck bir k\u0131sm\u0131n\u0131n alacaklara ba\u011flanmas\u0131na neden olmu\u015ftur.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetleri:<\/b> Grup, maddi duran varl\u0131k al\u0131mlar\u0131 i\u00e7in 4,7 milyon TL nakit \u00e7\u0131k\u0131\u015f\u0131 ger\u00e7ekle\u015ftirmi\u015ftir.<\/li>\n<li><b>Finansman Faaliyetleri:<\/b> Finansman faaliyetlerinden 562 bin TL&#8217;lik s\u0131n\u0131rl\u0131 bir nakit giri\u015fi sa\u011flanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Net Nakit De\u011fi\u015fimi:<\/b> T\u00fcm faaliyetler ve enflasyonun parasal kay\u0131p etkisi sonucunda, d\u00f6nem ba\u015f\u0131ndaki 445,3 milyon TL&#8217;lik nakit mevcudu, d\u00f6nem sonunda 388,3 milyon TL&#8217;ye d\u00fc\u015fm\u00fc\u015ft\u00fcr.<\/li>\n<\/ul>\n<h2>5. \u00d6nemli Dipnot Bulgular\u0131<\/h2>\n<ul>\n<li><b>Enflasyon Muhasebesi (TMS 29):<\/b> Finansal tablolar, KGK&#8217;n\u0131n ilgili kararlar\u0131 uyar\u0131nca enflasyon etkisine g\u00f6re d\u00fczeltilmi\u015ftir. T\u00fcm tutarlar, 30 Eyl\u00fcl 2025 tarihindeki TL&#8217;nin sat\u0131n alma g\u00fcc\u00fc cinsinden ifade edilmektedir. Kar\u015f\u0131la\u015ft\u0131rmal\u0131 d\u00f6nemler de ayn\u0131 \u00f6l\u00e7\u00fc birimine getirilmi\u015ftir.<\/li>\n<li><b>\u0130li\u015fkili Taraf \u0130\u015flemleri:<\/b> Grup, d\u00f6nem i\u00e7inde ili\u015fkili taraflarla \u00f6nemli ticari i\u015flemler ger\u00e7ekle\u015ftirmi\u015ftir.\n<ul>\n<li><b>Al\u0131mlar:<\/b> Arter Reklam, Ce Medya Planlama gibi \u015firketlerden 23,7 milyon TL&#8217;lik organizasyon hizmeti ve 1,5 milyon TL&#8217;lik kira al\u0131m\u0131 yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Sat\u0131\u015flar:<\/b> Yeni ve Eski Medya Reklam Ajans\u0131, Do A\u00e7\u0131khava Reklam gibi ili\u015fkili taraflara 8,5 milyon TL organizasyon hizmeti ve 1,3 milyon TL kira sat\u0131\u015f\u0131 ger\u00e7ekle\u015ftirilmi\u015ftir.<\/li>\n<li><b>Alacak Bakiyesi:<\/b> CEO Event LLC QFC&#8217;den 3,2 milyon TL di\u011fer alacak bulunmaktad\u0131r.<\/li>\n<\/ul>\n<\/li>\n<li><b>Kilit Y\u00f6netici Personele Sa\u011flanan Faydalar:<\/b> \u00dcst d\u00fczey y\u00f6neticilere sa\u011flanan maa\u015f ve \u00fccretler, 2024&#8217;\u00fcn ilk dokuz ay\u0131ndaki 6 milyon TL&#8217;den 2025&#8217;in ayn\u0131 d\u00f6neminde 9,2 milyon TL&#8217;ye y\u00fckselmi\u015ftir.<\/li>\n<li><b>\u00d6zkaynak Y\u00f6ntemiyle De\u011ferlenen Yat\u0131r\u0131mlar:<\/b> Grup, Katar&#8217;da kurulu &#8220;CEO Event LLC&#8221; unvanl\u0131 \u015firkete %40 oran\u0131nda i\u015ftirak etmektedir. Bu yat\u0131r\u0131m\u0131n defter de\u011feri 1,98 milyon TL&#8217;dir.<\/li>\n<li><b>Kur Riski:<\/b> Grup, yabanc\u0131 para cinsinden varl\u0131k ve y\u00fck\u00fcml\u00fcl\u00fckleri nedeniyle kur riskine maruz kalmaktad\u0131r. 30 Eyl\u00fcl 2025 itibar\u0131yla 131,7 milyon TL&#8217;lik net yabanc\u0131 para varl\u0131k pozisyonu bulunmaktad\u0131r. Bu pozisyon, d\u00f6viz kurlar\u0131ndaki %10&#8217;luk bir art\u0131\u015f\u0131n vergi \u00f6ncesi k\u00e2r\u0131 yakla\u015f\u0131k 12,9 milyon TL art\u0131raca\u011f\u0131n\u0131 g\u00f6stermektedir.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"527\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>B\u00fcy\u00fcme Her Zaman K\u00e2r Anlam\u0131na Gelmez: CEO Event Medya&#8217;n\u0131n Finansal Tablolar\u0131ndaki 3 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek Giri\u015f: Rakamlar\u0131n Arkas\u0131ndaki Hikaye \u0130\u015f d\u00fcnyas\u0131nda genel kabul g\u00f6ren bir ger\u00e7ek vard\u0131r: B\u00fcy\u00fcme iyidir. Bir \u015firketin gelirlerinin artt\u0131\u011f\u0131n\u0131 g\u00f6rd\u00fc\u011f\u00fcm\u00fczde, bunu genellikle ba\u015far\u0131n\u0131n ve sa\u011fl\u0131\u011f\u0131n bir i\u015fareti&#8230; <\/p>\n","protected":false},"author":1,"featured_media":528,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[116],"class_list":["post-527","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-ceoem"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/527","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=527"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/527\/revisions"}],"predecessor-version":[{"id":529,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/527\/revisions\/529"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/528"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=527"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=527"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=527"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}