{"id":573,"date":"2025-12-26T21:25:12","date_gmt":"2025-12-26T18:25:12","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=573"},"modified":"2025-12-26T22:16:50","modified_gmt":"2025-12-26T19:16:50","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-mekmd-meksa-yatirim-menkul-degerler-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/573","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #MEKMD | Meksa Yat\u0131r\u0131m Menkul De\u011ferler 2025\/9 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"MEKMD\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/5AjO_wHd1Es?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>Meksa Yat\u0131r\u0131m&#8217;\u0131n Bilan\u00e7osu Ne Anlat\u0131yor? G\u00f6zden Ka\u00e7an 5 Kritik Detay<\/h1>\n<h3>Giri\u015f: Rakamlar\u0131n Arkas\u0131ndaki Hikaye<\/h3>\n<p>Finansal raporlar, y\u00fczlerce sat\u0131r ve karma\u015f\u0131k terimlerle dolu olduklar\u0131 i\u00e7in genellikle s\u0131k\u0131c\u0131 ve anla\u015f\u0131lmaz g\u00f6r\u00fcnebilir. Ancak bu rakamlar\u0131n arkas\u0131nda, bir \u015firketin finansal sa\u011fl\u0131\u011f\u0131, performans\u0131 ve gelecekteki potansiyeli hakk\u0131nda kritik hikayeler gizlidir. Bu hikayeyi okuyabilmek, yat\u0131r\u0131mc\u0131lar ve payda\u015flar i\u00e7in paha bi\u00e7ilmez bir yetenektir.<\/p>\n<p>Bu yaz\u0131da, MEKSA YATIRIM MENKUL DE\u011eERLER A.\u015e.&#8217;nin 30 Eyl\u00fcl 2025 tarihli konsolide finansal raporunu bir vaka \u00e7al\u0131\u015fmas\u0131 olarak ele alaca\u011f\u0131z. Rakamlar\u0131n y\u00fczeyinin alt\u0131na inerek, ilk bak\u0131\u015fta g\u00f6zden ka\u00e7abilecek ancak \u015firketin gelece\u011fine dair alarm veren be\u015f kritik sinyali de\u015fifre edece\u011fiz.<\/p>\n<h3>1. Yar\u0131 Yar\u0131ya D\u00fc\u015fen Has\u0131lat: Alarm Zilleri \u00c7al\u0131yor<\/h3>\n<p>Bir \u015firketin finansal sa\u011fl\u0131\u011f\u0131n\u0131 g\u00f6steren en temel metriklerden biri has\u0131lat, yani gelirleridir. MEKSA Yat\u0131r\u0131m&#8217;\u0131n raporunda dikkat \u00e7eken ilk ve en \u00f6nemli detay, has\u0131lat\u0131ndaki dramatik d\u00fc\u015f\u00fc\u015ft\u00fcr. Rakamlar durumu net bir \u015fekilde ortaya koyuyor:<\/p>\n<ul>\n<li><b>1 Ocak \u2013 30 Eyl\u00fcl 2025 Has\u0131lat:<\/b> 542.318.079 TL<\/li>\n<li><b>1 Ocak \u2013 30 Eyl\u00fcl 2024 Has\u0131lat:<\/b> 1.111.059.025 TL<\/li>\n<\/ul>\n<p>Basit bir hesaplamayla, \u015firketin 2025&#8217;in ilk dokuz ay\u0131ndaki gelirlerinin, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %50&#8217;den fazla azald\u0131\u011f\u0131 g\u00f6r\u00fcl\u00fcyor. Raporun 16 numaral\u0131 dipnotu, bu yakla\u015f\u0131k 570 milyon TL&#8217;lik \u00e7\u00f6k\u00fc\u015f\u00fcn ard\u0131ndaki nedenleri a\u00e7\u0131k\u00e7a ortaya koyuyor. D\u00fc\u015f\u00fc\u015f, spek\u00fclasyonun \u00f6tesinde, \u015firketin iki ana gelir damar\u0131ndaki kanamadan kaynaklan\u0131yor: &#8220;Hisse senetleri&#8221; al\u0131m-sat\u0131m k\u00e2rlar\u0131 522,8 milyon TL&#8217;den 106,1 milyon TL&#8217;ye gerilerken, &#8220;Kald\u0131ra\u00e7l\u0131 al\u0131m sat\u0131m komisyonu&#8221; gelirleri 52,1 milyon TL&#8217;den sadece 6,5 milyon TL&#8217;ye \u00e7ak\u0131lm\u0131\u015ft\u0131r. Bu durum, \u015firketin ana faaliyet alanlar\u0131 olan hisse senedi ve kald\u0131ra\u00e7l\u0131 i\u015flemlerdeki ciddi bir daralmay\u0131 yans\u0131tmaktad\u0131r.<\/p>\n<h3>2. B\u00fcy\u00fcyen Zarar: K\u00e2rl\u0131l\u0131k Bask\u0131 Alt\u0131nda<\/h3>\n<p>Has\u0131latta ya\u015fanan bu serbest d\u00fc\u015f\u00fc\u015f, k\u00e2rl\u0131l\u0131k \u00fczerinde ka\u00e7\u0131n\u0131lmaz ve a\u011f\u0131r bir bask\u0131 yarat\u0131yor. Rapor, MEKSA Yat\u0131r\u0131m&#8217;\u0131n sadece zarar etmekle kalmad\u0131\u011f\u0131n\u0131, ayn\u0131 zamanda zarar\u0131n\u0131n bir \u00f6nceki y\u0131la k\u0131yasla \u00f6nemli \u00f6l\u00e7\u00fcde artt\u0131\u011f\u0131n\u0131 g\u00f6steriyor:<\/p>\n<ul>\n<li><b>1 Ocak \u2013 30 Eyl\u00fcl 2025 Net D\u00f6nem Zarar\u0131:<\/b> (129.544.266) TL<\/li>\n<li><b>1 Ocak \u2013 30 Eyl\u00fcl 2024 Net D\u00f6nem Zarar\u0131:<\/b> (83.474.168) TL<\/li>\n<\/ul>\n<p>Zarar\u0131n temelinde yatan dinamik, gelirlerdeki erimeye ra\u011fmen sabit kalan y\u00fcksek gider yap\u0131s\u0131d\u0131r. \u015eirket, 2025&#8217;in ilk dokuz ay\u0131nda <b>436.190.257 TL<\/b> br\u00fct k\u00e2r elde etmi\u015f, ancak ayn\u0131 d\u00f6nemde tek ba\u015f\u0131na genel y\u00f6netim giderleri <b>481.803.091 TL<\/b>&#8216;ye ula\u015farak br\u00fct k\u00e2r\u0131n tamam\u0131n\u0131 t\u00fcketmi\u015ftir. Raporun 17 numaral\u0131 dipnotuna daha yak\u0131ndan bak\u0131ld\u0131\u011f\u0131nda, bu giderlerin aslan pay\u0131n\u0131 <b>341,6 milyon TL<\/b> ile &#8220;Personel maa\u015f, prim di\u011fer ve k\u0131dem tazminat\u0131 giderleri&#8221; olu\u015fturdu\u011fu g\u00f6r\u00fclmektedir. Tek ba\u015f\u0131na personel maliyetlerinin, toplam genel y\u00f6netim giderlerinin %70&#8217;inden fazlas\u0131n\u0131 olu\u015fturmas\u0131, \u015firketin operasyonel verimlili\u011fi \u00fczerindeki en b\u00fcy\u00fck y\u00fck\u00fcn kayna\u011f\u0131n\u0131 i\u015faret etmektedir.<\/p>\n<h3>3. Nakit Ak\u0131\u015f\u0131nda Tehlikeli D\u00f6n\u00fc\u015f: Kasadan Para \u00c7\u0131k\u0131yor<\/h3>\n<p>Operasyonel zarar, ka\u00e7\u0131n\u0131lmaz olarak \u015firketin nakit pozisyonunu da olumsuz etkiliyor. Bir \u015firketin k\u00e2r etmesi \u00f6nemlidir, ancak hayatta kalmas\u0131 i\u00e7in daha da \u00f6nemli olan bir \u015fey varsa o da nakit ak\u0131\u015f\u0131d\u0131r. K\u00e2r muhasebesel bir kavramken, nakit bir \u015firketin faturalar\u0131n\u0131 \u00f6demesini ve operasyonlar\u0131n\u0131 s\u00fcrd\u00fcrmesini sa\u011flayan &#8220;kand\u0131r&#8221;. MEKSA Yat\u0131r\u0131m&#8217;\u0131n nakit ak\u0131\u015f tablosu bu alanda tehlikeli bir d\u00f6n\u00fc\u015fe i\u015faret ediyor.<\/p>\n<ul>\n<li><b>1 Ocak \u2013 30 Eyl\u00fcl 2025 (\u0130\u015fletme Faaliyetlerinden Nakit Ak\u0131\u015f\u0131):<\/b> (197.698.943) TL (Nakit \u00e7\u0131k\u0131\u015f\u0131)<\/li>\n<li><b>1 Ocak \u2013 30 Eyl\u00fcl 2024 (\u0130\u015fletme Faaliyetlerinden Nakit Ak\u0131\u015f\u0131):<\/b> 143.845.329 TL (Nakit giri\u015fi)<\/li>\n<\/ul>\n<p>Ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6neminde kasas\u0131na 143 milyon TL&#8217;den fazla nakit koyan \u015firket, bu y\u0131l ana faaliyetlerinden yakla\u015f\u0131k 198 milyon TL nakit kaybetmi\u015ftir. Nakit ak\u0131\u015f tablosunun &#8220;\u0130\u015fletme Sermayesinde Ger\u00e7ekle\u015fen De\u011fi\u015fimler&#8221; b\u00f6l\u00fcm\u00fc incelendi\u011finde, bu negatif ak\u0131\u015f\u0131n temel nedenlerinden birinin &#8220;Ticari Bor\u00e7lar&#8221; kaleminde ya\u015fanan <b>349,5 milyon TL<\/b>&#8216;lik nakit \u00e7\u0131k\u0131\u015f\u0131 (bor\u00e7 \u00f6demesi) oldu\u011fu g\u00f6r\u00fclmektedir. Bu seviyedeki operasyonel nakit yak\u0131m\u0131, \u015firketin likiditesi ve k\u0131sa vadeli finansal istikrar\u0131 i\u00e7in do\u011frudan bir tehdit olu\u015fturmaktad\u0131r.<\/p>\n<h3>4. Enflasyonun Gizli Maliyeti: Parasal Pozisyon Kayb\u0131<\/h3>\n<p>MEKSA Yat\u0131r\u0131m&#8217;\u0131n finansal raporu, T\u00fcrkiye&#8217;deki y\u00fcksek enflasyon ortam\u0131 nedeniyle TMS 29 standard\u0131na g\u00f6re haz\u0131rlanm\u0131\u015ft\u0131r. Bu, basit\u00e7e, finansal verilerin enflasyonun yan\u0131lt\u0131c\u0131 etkisinden ar\u0131nd\u0131r\u0131larak raporland\u0131\u011f\u0131 anlam\u0131na gelir. Bu muhasebe tekni\u011fi, raporda genellikle g\u00f6zden ka\u00e7an ancak \u00e7ok \u00f6nemli bir kalemi ortaya \u00e7\u0131kar\u0131r: Net Parasal Kazan\u00e7lar\/Kay\u0131plar.<\/p>\n<ul>\n<li><b>1 Ocak \u2013 30 Eyl\u00fcl 2025 Net Parasal Kay\u0131plar:<\/b> (74.439.412) TL<\/li>\n<\/ul>\n<p>Bu rakam, \u015firketin operasyonel performans\u0131ndan tamamen ba\u011f\u0131ms\u0131z bir zarar\u0131 ifade eder. Anlam\u0131 \u015fudur: \u015eirketin elinde tuttu\u011fu nakit, banka mevduatlar\u0131 ve alacaklar gibi parasal varl\u0131klar, y\u00fcksek enflasyon kar\u015f\u0131s\u0131nda sat\u0131n alma g\u00fcc\u00fcn\u00fc yitirmi\u015f ve bu durum 74 milyon TL&#8217;den fazla bir kayba neden olmu\u015ftur. Bu, \u015firketin sadece operasyonel zorluklarla de\u011fil, ayn\u0131 zamanda zorlu ekonomik ko\u015fullar\u0131n yaratt\u0131\u011f\u0131 gizli bir maliyetle de m\u00fccadele etti\u011fini g\u00f6stermektedir.<\/p>\n<h3>5. Eriyen \u00d6zkaynaklar: \u015eirketin De\u011feri Azal\u0131yor<\/h3>\n<p>\u00d6zkaynaklar, bir \u015firketin varl\u0131klar\u0131ndan t\u00fcm bor\u00e7lar\u0131 \u00e7\u0131kar\u0131ld\u0131ktan sonra geriye kalan net de\u011feri, yani &#8220;defter de\u011ferini&#8221; temsil eder. Bu, \u015firketin finansal dayan\u0131kl\u0131l\u0131\u011f\u0131n\u0131n ve birikimli de\u011ferinin en \u00f6nemli g\u00f6stergesidir. MEKSA Yat\u0131r\u0131m&#8217;\u0131n bilan\u00e7osu, \u00f6zkaynaklarda endi\u015fe verici bir erime oldu\u011funu ortaya koyuyor.<\/p>\n<ul>\n<li><b>30 Eyl\u00fcl 2025 Toplam \u00d6zkaynaklar:<\/b> 352.492.086 TL<\/li>\n<li><b>31 Aral\u0131k 2024 Toplam \u00d6zkaynaklar:<\/b> 485.819.448 TL<\/li>\n<\/ul>\n<p>Sadece dokuz ayl\u0131k k\u0131sa bir s\u00fcrede \u015firketin \u00f6zkaynaklar\u0131 yakla\u015f\u0131k 133 milyon TL azalm\u0131\u015ft\u0131r. \u00d6zkaynaklar De\u011fi\u015fim Tablosu, bu d\u00fc\u015f\u00fc\u015f\u00fcn kayna\u011f\u0131n\u0131 net bir \u015fekilde g\u00f6steriyor: D\u00f6nem i\u00e7in kaydedilen <b>133.327.362 TL<\/b>&#8216;lik &#8220;Toplam Kapsaml\u0131 Gider&#8221;, do\u011frudan hissedar sermayesini eritmi\u015ftir. Bu, dokuz ayl\u0131k faaliyet zarar\u0131n\u0131n, \u015firketin net varl\u0131\u011f\u0131ndan birebir ayn\u0131 miktarda bir de\u011feri sildi\u011fini ve finansal esnekli\u011fini zay\u0131flatt\u0131\u011f\u0131n\u0131 g\u00f6steren kritik bir geli\u015fmedir.<\/p>\n<h3>Sonu\u00e7: Ufukta Ne Var?<\/h3>\n<p>MEKSA Yat\u0131r\u0131m&#8217;\u0131n 30 Eyl\u00fcl 2025 tarihli finansal raporu, birden fazla cephede zorluklarla m\u00fccadele eden bir \u015firket tablosu \u00e7iziyor. Ana gelir kalemlerindeki \u00e7\u00f6k\u00fc\u015f, artan operasyonel zarar, negatife d\u00f6nen nakit ak\u0131\u015f\u0131, enflasyonun yaratt\u0131\u011f\u0131 parasal kay\u0131p ve bu zararlar\u0131n do\u011frudan eritti\u011fi \u00f6zkaynaklar, dikkatle izlenmesi gereken \u00f6nemli sinyallerdir.<\/p>\n<p>Bu finansal tablo, MEKSA Yat\u0131r\u0131m i\u00e7in ge\u00e7ici bir f\u0131rt\u0131nay\u0131 m\u0131, yoksa sekt\u00f6rde veya \u015firketin stratejisinde daha k\u00f6kl\u00fc bir de\u011fi\u015fimin habercisini mi i\u015faret ediyor? Bu sorunun cevab\u0131n\u0131 zaman ve \u015firketin ataca\u011f\u0131 ad\u0131mlar g\u00f6sterecek.<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">MEKSA Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e. 30 Eyl\u00fcl 2025 Finansal Durum Bilgilendirme Notu<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu bilgilendirme notu, MEKSA Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e. ve ba\u011fl\u0131 ortakl\u0131\u011f\u0131n\u0131n (&#8220;Grup&#8221;) 30 Eyl\u00fcl 2025 tarihinde sona eren ara hesap d\u00f6nemine ait konsolide finansal sonu\u00e7lar\u0131n\u0131 \u00f6zetlemektedir. Finansal tablolar, T\u00fcrkiye Muhasebe Standard\u0131 29 (TMS 29) uyar\u0131nca y\u00fcksek enflasyon d\u00f6nemleri i\u00e7in d\u00fczeltilmi\u015f olup, t\u00fcm tutarlar 30 Eyl\u00fcl 2025 tarihindeki T\u00fcrk Liras\u0131&#8217;n\u0131n sat\u0131n alma g\u00fcc\u00fc cinsinden ifade edilmi\u015ftir.<\/p>\n<p>D\u00f6nemin en kritik finansal sonu\u00e7lar\u0131 a\u015fa\u011f\u0131daki gibidir:<\/p>\n<ul>\n<li><b>Net Zarar:<\/b> Grup, 1 Ocak \u2013 30 Eyl\u00fcl 2025 d\u00f6neminde <b>129.544.266 TL net zarar<\/b> a\u00e7\u0131klam\u0131\u015ft\u0131r. Bu, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6neminde kaydedilen 83.474.168 TL&#8217;lik net zarara g\u00f6re \u00f6nemli bir art\u0131\u015f\u0131 temsil etmektedir.<\/li>\n<li><b>Has\u0131lat D\u00fc\u015f\u00fc\u015f\u00fc:<\/b> 2025&#8217;in ilk dokuz ay\u0131nda has\u0131lat, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %51 oran\u0131nda azalarak 1,11 milyar TL&#8217;den <b>542,3 milyon TL&#8217;ye<\/b> gerilemi\u015ftir.<\/li>\n<li><b>Faaliyet Zarar\u0131:<\/b> Grup, 2024&#8217;\u00fcn ayn\u0131 d\u00f6neminde 49,7 milyon TL esas faaliyet kar\u0131 elde ederken, 2025&#8217;in ayn\u0131 d\u00f6neminde <b>52,8 milyon TL esas faaliyet zarar\u0131<\/b> kaydetmi\u015ftir. Bu olumsuz d\u00f6n\u00fc\u015f\u00fcmde, azalan has\u0131lat\u0131n yan\u0131 s\u0131ra y\u00fcksek seyreden genel y\u00f6netim giderleri etkili olmu\u015ftur.<\/li>\n<li><b>\u00d6zkaynaklarda Azalma:<\/b> D\u00f6nem zarar\u0131 ve di\u011fer kapsaml\u0131 giderlerin etkisiyle, Grubun toplam \u00f6zkaynaklar\u0131 31 Aral\u0131k 2024&#8217;teki 485,8 milyon TL seviyesinden, 30 Eyl\u00fcl 2025 itibar\u0131yla <b>352,5 milyon TL&#8217;ye<\/b> d\u00fc\u015fm\u00fc\u015ft\u00fcr.<\/li>\n<li><b>Nakit Ak\u0131\u015flar\u0131:<\/b> \u0130\u015fletme faaliyetlerinden kaynaklanan nakit ak\u0131\u015flar\u0131, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 143,8 milyon TL&#8217;lik pozitif ak\u0131\u015fa kar\u015f\u0131n, bu d\u00f6nemde <b>197,7 milyon TL negatif<\/b> olarak ger\u00e7ekle\u015fmi\u015ftir. Bu durum, operasyonel nakit yaratma kabiliyetinde \u00f6nemli bir bozulmaya i\u015faret etmektedir.<\/li>\n<li><b>Varl\u0131k ve Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> Toplam varl\u0131klar, 31 Aral\u0131k 2024&#8217;e k\u0131yasla 3,14 milyar TL&#8217;den <b>2,76 milyar TL&#8217;ye<\/b> gerilemi\u015ftir. Benzer \u015fekilde, toplam y\u00fck\u00fcml\u00fcl\u00fckler de 2,66 milyar TL&#8217;den 2,41 milyar TL&#8217;ye d\u00fc\u015fm\u00fc\u015ft\u00fcr.<\/li>\n<\/ul>\n<p>Sonu\u00e7 olarak, 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131, MEKSA Yat\u0131r\u0131m i\u00e7in azalan gelirler, artan net zarar ve operasyonel nakit ak\u0131\u015flar\u0131ndaki bozulma ile karakterize edilen zorlu bir d\u00f6nem olmu\u015ftur.<\/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>\u015eirkete Genel Bak\u0131\u015f<\/h2>\n<ul>\n<li><b>Kurulu\u015f ve Faaliyet Alan\u0131:<\/b> 28 Haziran 1990&#8217;da kurulan \u015firket, 1998 y\u0131l\u0131nda MEKSA Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e. unvan\u0131n\u0131 alm\u0131\u015ft\u0131r. Borsa \u0130stanbul&#8217;da faaliyet g\u00f6steren Grup, T\u00fcrkiye genelindeki 5 \u015fube (Adana, Ankara, \u0130zmir, \u015ea\u015fk\u0131nbakkal-\u0130stanbul, Erenk\u00f6y-\u0130stanbul) ve 3 irtibat b\u00fcrosu (Bursa, \u00c7anakkale, Amasya) arac\u0131l\u0131\u011f\u0131yla bireysel ve kurumsal m\u00fc\u015fterilere sermaye piyasalar\u0131 arac\u0131l\u0131k hizmetleri sunmaktad\u0131r.<\/li>\n<li><b>Yetki Belgesi:<\/b> \u015eirket, Sermaye Piyasas\u0131 Kurulu&#8217;ndan (SPK) 08.12.2015 tarihli Geni\u015f Arac\u0131 Kurum Yetki Belgesi&#8217;ne sahiptir.<\/li>\n<li><b>Ba\u011fl\u0131 Ortakl\u0131k:<\/b> Grup, %100 i\u015ftirak etti\u011fi <b>Meksa Portf\u00f6y Y\u00f6netimi Anonim \u015eirketi<\/b>&#8216;ni tam konsolidasyon y\u00f6ntemiyle finansal tablolar\u0131na dahil etmektedir. Meksa Portf\u00f6y, portf\u00f6y y\u00f6neticili\u011fi faaliyetlerinde bulunmaktad\u0131r.<\/li>\n<li><b>Personel Say\u0131s\u0131:<\/b> 30 Eyl\u00fcl 2025 itibar\u0131yla Grubun \u00e7al\u0131\u015fan say\u0131s\u0131 188&#8217;dir. Bu say\u0131, 31 Aral\u0131k 2024&#8217;te 174 olarak kaydedilmi\u015ftir.<\/li>\n<\/ul>\n<h2>Detayl\u0131 Finansal Analiz<\/h2>\n<h3>1. Finansal Durum Tablosu (Bilan\u00e7o)<\/h3>\n<p>Grup&#8217;un finansal durumu, 31 Aral\u0131k 2024 ile kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda hem varl\u0131k hem de kaynak taraf\u0131nda bir daralmaya i\u015faret etmektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Varl\u0131klar ve Kaynaklar (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>2.625.624.697<\/td>\n<td>2.990.722.798<\/td>\n<td>(365.098.101)<\/td>\n<\/tr>\n<tr>\n<td><i>Nakit ve Nakit Benzerleri<\/i><\/td>\n<td>757.170.023<\/td>\n<td>1.076.041.809<\/td>\n<td>(318.871.786)<\/td>\n<\/tr>\n<tr>\n<td><i>Ticari Alacaklar<\/i><\/td>\n<td>1.752.898.133<\/td>\n<td>1.818.515.578<\/td>\n<td>(65.617.445)<\/td>\n<\/tr>\n<tr>\n<td><b>Duran Varl\u0131klar<\/b><\/td>\n<td>136.393.279<\/td>\n<td>152.465.642<\/td>\n<td>(16.072.363)<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM VARLIKLAR<\/b><\/td>\n<td><b>2.762.017.976<\/b><\/td>\n<td><b>3.143.188.440<\/b><\/td>\n<td><b>(381.170.464)<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>2.376.866.213<\/td>\n<td>2.623.393.053<\/td>\n<td>(246.526.840)<\/td>\n<\/tr>\n<tr>\n<td><i>K\u0131sa Vadeli Bor\u00e7lanmalar<\/i><\/td>\n<td>191.838.895<\/td>\n<td>81.530.061<\/td>\n<td>110.308.834<\/td>\n<\/tr>\n<tr>\n<td><i>Ticari Bor\u00e7lar<\/i><\/td>\n<td>2.105.664.105<\/td>\n<td>2.455.132.346<\/td>\n<td>(349.468.241)<\/td>\n<\/tr>\n<tr>\n<td><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>32.659.677<\/td>\n<td>33.975.939<\/td>\n<td>(1.316.262)<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td><b>352.492.086<\/b><\/td>\n<td><b>485.819.448<\/b><\/td>\n<td><b>(133.327.362)<\/b><\/td>\n<\/tr>\n<tr>\n<td><i>\u00d6denmi\u015f Sermaye<\/i><\/td>\n<td>150.000.000<\/td>\n<td>150.000.000<\/td>\n<td>0<\/td>\n<\/tr>\n<tr>\n<td><i>Ge\u00e7mi\u015f Y\u0131llar Zararlar\u0131<\/i><\/td>\n<td>(446.919.795)<\/td>\n<td>(324.402.616)<\/td>\n<td>(122.517.179)<\/td>\n<\/tr>\n<tr>\n<td><i>Net D\u00f6nem Zarar\u0131<\/i><\/td>\n<td>(129.544.266)<\/td>\n<td>(122.517.179)<\/td>\n<td>(7.027.087)<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM KAYNAKLAR<\/b><\/td>\n<td><b>2.762.017.976<\/b><\/td>\n<td><b>3.143.188.440<\/b><\/td>\n<td><b>(381.170.464)<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Varl\u0131klar:<\/b> Toplam varl\u0131klardaki 381 milyon TL&#8217;lik d\u00fc\u015f\u00fc\u015f\u00fcn ana kayna\u011f\u0131, Nakit ve Nakit Benzerleri ile Ticari Alacaklar&#8217;daki azalmad\u0131r.<\/li>\n<li><b>Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> Ticari Bor\u00e7lar&#8217;daki 349 milyon TL&#8217;lik d\u00fc\u015f\u00fc\u015f, y\u00fck\u00fcml\u00fcl\u00fcklerdeki genel azalman\u0131n temel nedenidir. Buna kar\u015f\u0131n, K\u0131sa Vadeli Bor\u00e7lanmalar 110 milyon TL artm\u0131\u015ft\u0131r.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> \u00d6zkaynaklardaki 133 milyon TL&#8217;lik erime, do\u011frudan d\u00f6nemin toplam kapsaml\u0131 giderinden (zarar\u0131ndan) kaynaklanmaktad\u0131r. Birikmi\u015f zararlar\u0131n (Ge\u00e7mi\u015f Y\u0131llar Zararlar\u0131 + Net D\u00f6nem Zarar\u0131) toplam\u0131 576 milyon TL&#8217;yi a\u015fm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>2. K\u00e2r veya Zarar Tablosu<\/h3>\n<p>Grup&#8217;un 2025&#8217;in ilk dokuz ay\u0131ndaki performans\u0131, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re belirgin bir bozulma g\u00f6stermektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kar veya Zarar Kalemleri (TL)<\/td>\n<td>1 Ocak \u2013 30 Eyl\u00fcl 2025<\/td>\n<td>1 Ocak \u2013 30 Eyl\u00fcl 2024<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>542.318.079<\/td>\n<td>1.111.059.025<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015flar\u0131n Maliyeti (-)<\/td>\n<td>(106.127.822)<\/td>\n<td>(530.607.586)<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar<\/b><\/td>\n<td><b>436.190.257<\/b><\/td>\n<td><b>580.451.439<\/b><\/td>\n<\/tr>\n<tr>\n<td>Genel Y\u00f6netim Giderleri (-)<\/td>\n<td>(481.803.091)<\/td>\n<td>(526.867.048)<\/td>\n<\/tr>\n<tr>\n<td>Pazarlama Giderleri (-)<\/td>\n<td>(34.071.222)<\/td>\n<td>(45.356.428)<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Kar\u0131 \/ Zarar\u0131<\/b><\/td>\n<td><b>(52.775.706)<\/b><\/td>\n<td><b>49.707.910<\/b><\/td>\n<\/tr>\n<tr>\n<td>Finansman Gelirleri<\/td>\n<td>46.378.358<\/td>\n<td>112.258.578<\/td>\n<\/tr>\n<tr>\n<td>Finansman Giderleri (-)<\/td>\n<td>(36.878.197)<\/td>\n<td>(57.677.082)<\/td>\n<\/tr>\n<tr>\n<td>Net Parasal Kay\u0131plar<\/td>\n<td>(74.439.412)<\/td>\n<td>(158.830.648)<\/td>\n<\/tr>\n<tr>\n<td><b>Vergi \u00d6ncesi Zarar<\/b><\/td>\n<td><b>(117.656.726)<\/b><\/td>\n<td><b>(52.974.266)<\/b><\/td>\n<\/tr>\n<tr>\n<td>Vergi Gideri<\/td>\n<td>(11.887.540)<\/td>\n<td>(30.499.902)<\/td>\n<\/tr>\n<tr>\n<td><b>NET D\u00d6NEM ZARARI<\/b><\/td>\n<td><b>(129.544.266)<\/b><\/td>\n<td><b>(83.474.168)<\/b><\/td>\n<\/tr>\n<tr>\n<td>Pay Ba\u015f\u0131na Kay\u0131p<\/td>\n<td>(0,864)<\/td>\n<td>(0,556)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Has\u0131lat ve Br\u00fct Kar:<\/b> Has\u0131latta %51&#8217;lik keskin bir d\u00fc\u015f\u00fc\u015f ya\u015fanm\u0131\u015ft\u0131r. Bu d\u00fc\u015f\u00fc\u015f\u00fcn b\u00fcy\u00fck k\u0131sm\u0131, &#8220;Hisse Senetleri&#8221; gelirlerindeki azalmadan ve &#8220;Sat\u0131lan Hisse Senedi Maliyetleri&#8221;ndeki d\u00fc\u015f\u00fc\u015ften kaynaklanmaktad\u0131r. Hizmet gelirleri ise 588 milyon TL&#8217;den 436 milyon TL&#8217;ye gerilemi\u015ftir.<\/li>\n<li><b>Faaliyet Giderleri:<\/b> Genel y\u00f6netim giderleri (341,7 milyon TL&#8217;si personel gideri) y\u00fcksek seviyesini korumaktad\u0131r. Bu durum, azalan br\u00fct kar ile birle\u015fti\u011finde \u015firketi faaliyet zarar\u0131na s\u00fcr\u00fcklemi\u015ftir.<\/li>\n<li><b>Finansman ve Parasal Kay\u0131plar:<\/b> Finansman gelirleri bir \u00f6nceki y\u0131la g\u00f6re yar\u0131dan fazla azalm\u0131\u015ft\u0131r. Enflasyon muhasebesi kaynakl\u0131 Net Parasal Kay\u0131plar, zarar\u0131 derinle\u015ftiren \u00f6nemli bir fakt\u00f6r olmaya devam etmektedir.<\/li>\n<\/ul>\n<h3>3. Nakit Ak\u0131\u015f Tablosu<\/h3>\n<p>Nakit ak\u0131\u015flar\u0131, Grubun operasyonel olarak nakit \u00fcretmekte zorland\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Nakit Ak\u0131\u015f Kalemleri (TL)<\/td>\n<td>1 Ocak \u2013 30 Eyl\u00fcl 2025<\/td>\n<td>1 Ocak \u2013 30 Eyl\u00fcl 2024<\/td>\n<\/tr>\n<tr>\n<td><b>\u0130\u015fletme Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131<\/b><\/td>\n<td><b>(197.698.943)<\/b><\/td>\n<td><b>143.845.329<\/b><\/td>\n<\/tr>\n<tr>\n<td>Yat\u0131r\u0131m Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131<\/td>\n<td>(4.179.788)<\/td>\n<td>(15.006.923)<\/td>\n<\/tr>\n<tr>\n<td>Finansman Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131<\/td>\n<td>104.878.489<\/td>\n<td>47.723.901<\/td>\n<\/tr>\n<tr>\n<td><b>Nakit ve Nakit Benzerlerindeki Net Azal\u0131\u015f<\/b><\/td>\n<td><b>(97.000.242)<\/b><\/td>\n<td><b>176.562.307<\/b><\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nem Ba\u015f\u0131 Nakit ve Nakit Benzerleri<\/td>\n<td>1.076.041.809<\/td>\n<td>1.205.442.291<\/td>\n<\/tr>\n<tr>\n<td>Enflasyon Etkisi<\/td>\n<td>(221.871.544)<\/td>\n<td>(318.174.302)<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Sonu Nakit ve Nakit Benzerleri<\/b><\/td>\n<td><b>757.170.023<\/b><\/td>\n<td><b>1.063.830.296<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u0130\u015fletme faaliyetlerinden elde edilen nakit ak\u0131\u015f\u0131n\u0131n 341 milyon TL&#8217;den fazla negatif bir de\u011fi\u015fim g\u00f6stermesi, ticari alacak ve bor\u00e7lardaki de\u011fi\u015fimler ile d\u00f6nem zarar\u0131 kaynakl\u0131d\u0131r. Finansman faaliyetlerinden sa\u011flanan 104,9 milyon TL&#8217;lik nakit giri\u015fi, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde bor\u00e7lanmadaki art\u0131\u015ftan kaynaklanmaktad\u0131r.<\/p>\n<h2>\u00d6nemli Dipnot Bilgileri<\/h2>\n<h3>Enflasyon Muhasebesi (TMS 29)<\/h3>\n<p>Finansal tablolar, KGK ve SPK kararlar\u0131 uyar\u0131nca, 31 Aral\u0131k 2023&#8217;ten itibaren TMS 29 kapsam\u0131nda enflasyona g\u00f6re d\u00fczeltilmektedir. Bu uygulama i\u00e7in temel al\u0131nan g\u00f6stergelerden biri, \u00fc\u00e7 y\u0131ll\u0131k k\u00fcm\u00fclatif enflasyon oran\u0131n\u0131n %100&#8217;\u00fc a\u015fmas\u0131d\u0131r. 30 Eyl\u00fcl 2025 itibar\u0131yla bu oran <b>%222<\/b> olarak hesaplanm\u0131\u015ft\u0131r (31 Aral\u0131k 2024: %291). D\u00fczeltmeler, T\u00dc\u0130K taraf\u0131ndan yay\u0131mlanan T\u00fcketici Fiyat Endeksi (T\u00dcFE) kullan\u0131larak yap\u0131lm\u0131\u015ft\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>D\u00f6nem<\/td>\n<td>Endeks<\/td>\n<\/tr>\n<tr>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>3.367,22<\/td>\n<\/tr>\n<tr>\n<td>31 Aral\u0131k 2024<\/td>\n<td>2.684,55<\/td>\n<\/tr>\n<tr>\n<td>30 Eyl\u00fcl 2024<\/td>\n<td>2.526,16<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>\u0130li\u015fkili Taraf \u0130\u015flemleri<\/h3>\n<p>Grup, ortaklar\u0131 ve ili\u015fkili \u015firketleri ile \u00e7e\u015fitli ticari i\u015flemler ger\u00e7ekle\u015ftirmektedir. 30 Eyl\u00fcl 2025 itibar\u0131yla \u00f6ne \u00e7\u0131kan bakiyeler:<\/p>\n<ul>\n<li><b>\u0130li\u015fkili Taraflardan Ticari Alacaklar:<\/b> 5.839.394 TL (A\u011f\u0131rl\u0131kl\u0131 olarak fon y\u00f6netim \u00fccretlerinden kaynaklanmaktad\u0131r).<\/li>\n<li><b>\u0130li\u015fkili Taraflara Ticari Bor\u00e7lar:<\/b> 568.240.683 TL (B\u00fcy\u00fck k\u0131sm\u0131, \u00e7e\u015fitli fonlar\u0131n Viop teminatlar\u0131ndan olu\u015fmaktad\u0131r: 524.222.979 TL).<\/li>\n<\/ul>\n<p>D\u00f6nem i\u00e7inde \u00fcst d\u00fczey y\u00f6neticilere sa\u011flanan \u00fccret ve di\u011fer k\u0131sa vadeli faydalar\u0131n toplam\u0131 <b>113.547.563 TL<\/b> olarak kaydedilmi\u015ftir (\u00d6nceki y\u0131l ayn\u0131 d\u00f6nem: 138.625.680 TL).<\/p>\n<h3>Kur Riski<\/h3>\n<p>Grup, yabanc\u0131 para cinsinden varl\u0131k ve y\u00fck\u00fcml\u00fcl\u00fckleri nedeniyle kur riskine maruz kalmaktad\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>30 Eyl\u00fcl 2025 (TL Kar\u015f\u0131l\u0131\u011f\u0131)<\/td>\n<td>Net Pozisyon<\/td>\n<\/tr>\n<tr>\n<td>ABD Dolar\u0131<\/td>\n<td>261.208.230<\/td>\n<\/tr>\n<tr>\n<td>Avro<\/td>\n<td>(2.274.511)<\/td>\n<\/tr>\n<tr>\n<td>GBP<\/td>\n<td>(43)<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Net Yabanc\u0131 Para Varl\u0131k Pozisyonu<\/b><\/td>\n<td><b>258.933.676<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Kur Riskine Duyarl\u0131l\u0131k Analizi:<\/b> Yabanc\u0131 para kurlar\u0131n\u0131n TL kar\u015f\u0131s\u0131nda %10 de\u011fer kazanmas\u0131 durumunda, Grubun kar veya zarar\u0131 <b>25.893.368 TL<\/b> artacakt\u0131r. Tersi durumda ise ayn\u0131 tutarda azalacakt\u0131r. Bu etki, a\u011f\u0131rl\u0131kl\u0131 olarak ABD Dolar\u0131 pozisyonundan kaynaklanmaktad\u0131r.<\/p>\n<h3>Raporlama D\u00f6neminden Sonraki Olaylar<\/h3>\n<p>8 Ekim 2025 tarihinde, Grubun ba\u011fl\u0131 ortakl\u0131\u011f\u0131 olan Meksa Portf\u00f6y Y\u00f6netimi A.\u015e.&#8217;nin sermayesinin, 13.100.000 TL&#8217;si Sermaye Avanslar\u0131 Hesab\u0131ndan kar\u015f\u0131lanmak \u00fczere 66.900.000 TL&#8217;den <b>80.000.000 TL&#8217;ye<\/b> \u00e7\u0131kar\u0131lmas\u0131na karar verilmi\u015ftir.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"573\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Bu belgeler, **Meksa Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e.** ve ba\u011fl\u0131 ortakl\u0131\u011f\u0131n\u0131n **30 Eyl\u00fcl 2025** tarihi itibar\u0131yla sona eren ara hesap d\u00f6nemine ait **konsolide finansal tablolar\u0131n\u0131** ve ayr\u0131nt\u0131l\u0131 dipnotlar\u0131n\u0131 i\u00e7ermektedir. \u015eirketin mali durumunu g\u00f6steren \u00f6zet bilan\u00e7olar, k\u00e2r-zarar tablolar\u0131 ve nakit ak\u0131\u015f raporlar\u0131, **enflasyon muhasebesi** ilkelerine uygun \u015fekilde ve T\u00fcrk Liras\u0131&#8217;n\u0131n sat\u0131n alma g\u00fcc\u00fc baz al\u0131narak sunulmu\u015ftur. Raporlarda kurumun **sermaye yap\u0131s\u0131**, operasyonel giderleri, ticari alacak-bor\u00e7 dengesi ve **vergi y\u00fck\u00fcml\u00fcl\u00fckleri** gibi kritik veriler kar\u015f\u0131la\u015ft\u0131rmal\u0131 olarak analiz edilmektedir. Ayr\u0131ca, geni\u015f yetkili arac\u0131 kurum olarak faaliyet g\u00f6steren grubun personeli, **ba\u011fl\u0131 ortakl\u0131klar\u0131** ve \u00fcst d\u00fczey y\u00f6netici tazminatlar\u0131 hakk\u0131nda da kapsaml\u0131 bilgiler sa\u011flanmaktad\u0131r. Son olarak, ilgili d\u00f6nemde ya\u015fanan **net d\u00f6nem zarar\u0131** ve \u00f6zkaynaklardaki de\u011fi\u015fimler, \u015feffaf bir raporlama anlay\u0131\u015f\u0131yla finansal verilere yans\u0131t\u0131lm\u0131\u015ft\u0131r.<\/p>\n","protected":false},"author":1,"featured_media":601,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[128],"class_list":["post-573","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-mekmd"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/573","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=573"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/573\/revisions"}],"predecessor-version":[{"id":602,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/573\/revisions\/602"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/601"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=573"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=573"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=573"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}