{"id":692,"date":"2025-12-28T14:28:24","date_gmt":"2025-12-28T11:28:24","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=692"},"modified":"2025-12-31T01:08:33","modified_gmt":"2025-12-30T22:08:33","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-brmen-birlik-mensucat-ticaret-ve-sanayi-isletmesi-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/692","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #BRMEN | Birlik Mensucat Ticaret ve Sanayi \u0130\u015fletmesi 2025\/9 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"BRMEN\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/zuwoBe0HKn8?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 Tekstil \u015eirketinin Finansal Raporundan \u00c7\u0131kan ve Ezber Bozan 5 Ger\u00e7ek<\/h1>\n<h3>Giri\u015f: Rakamlar\u0131n \u00d6tesindeki Hikaye<\/h3>\n<p>\u0130\u015f d\u00fcnyas\u0131nda s\u0131k\u00e7a d\u00fc\u015f\u00fclen bir yan\u0131lg\u0131 vard\u0131r: Sat\u0131\u015flar art\u0131yorsa, \u015firket ba\u015far\u0131l\u0131d\u0131r. Ancak rakamlar\u0131n derinine inildi\u011finde, bu varsay\u0131m\u0131n ne kadar yan\u0131lt\u0131c\u0131 olabilece\u011fi ortaya \u00e7\u0131kar. T\u00fcrkiye&#8217;nin k\u00f6kl\u00fc tekstil markalar\u0131ndan Birlik Mensucat&#8217;\u0131n 30 Eyl\u00fcl 2025 tarihli finansal raporlar\u0131, tam da bu ezberi bozan, \u015fa\u015f\u0131rt\u0131c\u0131 ger\u00e7eklerle dolu bir vaka \u00e7al\u0131\u015fmas\u0131 sunuyor. Bu rapor, y\u00fczeyde parlayan sat\u0131\u015f rakamlar\u0131n\u0131n ard\u0131nda yatan katmanlar\u0131 tek tek aralad\u0131\u011f\u0131m\u0131zda, \u00e7ok daha karma\u015f\u0131k ve kritik bir finansal krizi g\u00f6zler \u00f6n\u00fcne seren bir ara\u015ft\u0131rmaya d\u00f6n\u00fc\u015f\u00fcyor.<\/p>\n<h3>1. Sat\u0131\u015flar Art\u0131yor, Ancak Zarar Daha da B\u00fcy\u00fcyor<\/h3>\n<p>Birlik Mensucat&#8217;\u0131n raporundaki ilk ve en bariz k\u0131rm\u0131z\u0131 bayrak, sat\u0131\u015f b\u00fcy\u00fcmesi ile k\u00e2rl\u0131l\u0131k aras\u0131ndaki tehlikeli ayr\u0131\u015fmad\u0131r. \u015eirketin net sat\u0131\u015flar\u0131, 2025&#8217;in ilk dokuz ay\u0131nda bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re 100,1 milyon TL&#8217;den etkileyici bir \u015fekilde 137,7 milyon TL&#8217;ye f\u0131rlarken, bu ba\u015far\u0131 bilan\u00e7onun en alt sat\u0131r\u0131nda tamamen anlams\u0131zla\u015fmaktad\u0131r. Ayn\u0131 d\u00f6nemde \u015firketin net zarar\u0131 20,8 milyon TL&#8217;den 26,3 milyon TL&#8217;ye y\u00fckselerek daha da derinle\u015fmi\u015ftir.<\/p>\n<p>Peki, bu nas\u0131l m\u00fcmk\u00fcn olabilir? Cevap, gider kalemlerinde sakl\u0131. \u015eirketin elde etti\u011fi 55,1 milyon TL&#8217;lik br\u00fct k\u00e2r, devasa pazarlama ve finansman giderleri taraf\u0131ndan adeta yutulmu\u015f. Basit bir hesapla, Birlik Mensucat satt\u0131\u011f\u0131 her 100 TL&#8217;lik \u00fcr\u00fcnden yakla\u015f\u0131k 40 TL br\u00fct k\u00e2r elde etti. Ancak bu sat\u0131\u015f\u0131 yapabilmek i\u00e7in sadece pazarlamaya 45 TL&#8217;den fazla harcad\u0131. \u015eirket, tek bir idari maa\u015f veya bir lira faiz \u00f6demeden \u00f6nce bile, temel b\u00fcy\u00fcme stratejisi nedeniyle para kaybediyordu. Bu durum, &#8220;b\u00fcy\u00fcmenin her zaman k\u00e2rl\u0131 olmad\u0131\u011f\u0131na&#8221; dair sert bir ders niteli\u011findedir.<\/p>\n<h3>2. \u00d6zkaynaklar Tamamen Eridi: \u015eirketin Defter De\u011feri Negatife D\u00fc\u015ft\u00fc<\/h3>\n<p>B\u00fcy\u00fcyen bu zarar sadece bir gelir tablosu sorunu de\u011fil; y\u0131k\u0131c\u0131 etkisi \u015firketin temelinde, yani bilan\u00e7osunda a\u00e7\u0131k\u00e7a g\u00f6r\u00fcl\u00fcyor. Bir \u015firketin finansal sa\u011fl\u0131\u011f\u0131n\u0131n en temel g\u00f6stergesi olan \u00f6zkaynaklar, Birlik Mensucat i\u00e7in alarm veriyor. Finansal Durum Tablosu&#8217;na g\u00f6re, \u015firketin toplam \u00f6zkaynaklar\u0131 31 Aral\u0131k 2024&#8217;te 20,2 milyon TL pozitif bir de\u011ferdeyken, sadece dokuz ay sonra, 30 Eyl\u00fcl 2025&#8217;te (6,1) milyon TL negatife d\u00fc\u015fm\u00fc\u015f durumda.<\/p>\n<p>Negatif \u00f6zkayna\u011f\u0131n anlam\u0131 olduk\u00e7a basittir: &#8220;\u015eirketin toplam bor\u00e7lar\u0131, toplam varl\u0131klar\u0131n\u0131 a\u015fm\u0131\u015f durumda.&#8221; Bu, \u015firketin teknik olarak zor bir finansal durumda oldu\u011funun en net g\u00f6stergesidir ve finansal raporun dipnotlar\u0131nda yer alan &#8220;\u0130\u015fletmenin S\u00fcreklili\u011fi&#8221; ba\u015fl\u0131\u011f\u0131 alt\u0131nda da bu kritik duruma \u00f6zellikle dikkat \u00e7ekilmi\u015ftir.<\/p>\n<h3>3. 72 Y\u0131ll\u0131k &#8216;Sanayici&#8217; Asl\u0131nda \u00dcretim Yapm\u0131yor<\/h3>\n<p>1953 y\u0131l\u0131nda kurulmu\u015f ve ad\u0131nda &#8220;Ticaret ve Sanayi \u0130\u015fletmesi&#8221; ibaresi ge\u00e7en bir \u015firketten beklenti, g\u00fc\u00e7l\u00fc bir \u00fcretim altyap\u0131s\u0131na sahip olmas\u0131d\u0131r. Ancak Faaliyet Raporu&#8217;nda yer alan tek ve net bir c\u00fcmle, bu beklentiyi tamamen y\u0131k\u0131yor:<\/p>\n<p><b>&#8220;\u015eirketimizin \u00fcretim faaliyeti yoktur.&#8221;<\/b><\/p>\n<p>Bu, raporun en \u015fa\u015f\u0131rt\u0131c\u0131 ger\u00e7eklerinden biri. \u015eirketin i\u015f modeli, &#8220;SOLEY&#8221; markal\u0131 \u00fcr\u00fcnleri fason (s\u00f6zle\u015fmeli) imalat yoluyla tedarik edip pazarlamaya ve satmaya odaklanm\u0131\u015f durumda. Bu stratejik tercih, Birlik Mensucat&#8217;\u0131n bir \u00fcretim devinden ziyade, operasyonel y\u00fcklerini d\u0131\u015f kaynaklara devretmi\u015f bir marka ve pazarlama organizasyonuna d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc g\u00f6steriyor.<\/p>\n<h3>4. Nakit Rezervleri Alarm Veriyor: Kasadaki Yang\u0131n<\/h3>\n<p>Peki, bu k\u00e2rs\u0131z b\u00fcy\u00fcme stratejisinin en somut sonucu ne? Cevap, \u015firketin can damar\u0131 olan kasas\u0131nda yat\u0131yor. Agresif pazarlama stratejisi, \u015firketin operasyonel devaml\u0131l\u0131\u011f\u0131n\u0131 tehdit eden nakit t\u00fckeni\u015finin ana motoru haline gelmi\u015f. \u015eirketin nakit ve nakit benzerleri, 31 Aral\u0131k 2024&#8217;te 15,1 milyon TL iken, dokuz ay sonra 30 Eyl\u00fcl 2025&#8217;te sadece 682.906 TL&#8217;ye d\u00fc\u015fm\u00fc\u015f.<\/p>\n<p>Bu, dokuz ayda 14,4 milyon TL&#8217;den fazla nakit t\u00fcketildi\u011fi, yani <b>ayl\u0131k ortalama 1,6 milyon TL&#8217;lik<\/b> bir nakit yakma oran\u0131na i\u015faret ediyor. Durumu daha da netle\u015ftiren bir di\u011fer veri ise, Nakit Ak\u0131\u015f Tablosu&#8217;nda i\u015fletme faaliyetlerinden kaynaklanan nakit ak\u0131\u015f\u0131n\u0131n (10,7) milyon TL negatif olmas\u0131d\u0131r. Bu, \u015firketin ana faaliyetlerinin nakit \u00fcretemedi\u011fini, aksine h\u0131zla nakit t\u00fcketti\u011fini kan\u0131tlamaktad\u0131r. Likidite oranlar\u0131ndan Cari Oran&#8217;\u0131n 1,02&#8217;den 0,73&#8217;e d\u00fc\u015fmesi de bu s\u0131k\u0131nt\u0131y\u0131 teyit eden bir ba\u015fka finansal g\u00f6stergedir.<\/p>\n<h3>5. Kurtulu\u015f Re\u00e7etesi: Y\u00fcksek Faizli Patron Kredisi ve Dev Sermaye Art\u0131\u015f\u0131 Plan\u0131<\/h3>\n<p>Bu zorlu tablodan \u00e7\u0131k\u0131\u015f i\u00e7in \u015firket, hayatta kalma ad\u0131na umutsuz bir iki a\u015famal\u0131 stratejiye ba\u015fvurmu\u015f g\u00f6r\u00fcn\u00fcyor. Rapor, bu &#8220;ya tamam ya devam&#8221; an\u0131n\u0131n merkezindeki iki kritik hamleyi ortaya koyuyor:<\/p>\n<ol>\n<li><b>Ana Ortak Deste\u011fi (ve Y\u00fcksek Maliyeti):<\/b> \u015eirketin ana orta\u011f\u0131 Ya\u015far K\u00fc\u00e7\u00fck\u00e7al\u0131k, \u015firketin bor\u00e7lar\u0131n\u0131 \u00f6deyebilmesi i\u00e7in devreye girmi\u015f ve 30 Eyl\u00fcl 2025 itibar\u0131yla \u015firkete <b>54,2 milyon TL<\/b> tutar\u0131nda bor\u00e7 vermi\u015ftir. Ancak bu destekte ezber bozan bir detay gizli: Faaliyet Raporu&#8217;na g\u00f6re bu borcun faiz oran\u0131 <b>%45,25<\/b> gibi \u015fa\u015f\u0131rt\u0131c\u0131 derecede y\u00fcksek bir seviyede. Bu durum, anl\u0131k likidite sa\u011flarken \u015firketi ayn\u0131 zamanda son derece pahal\u0131 bir bor\u00e7 y\u00fck\u00fc alt\u0131na sokarak 1. maddede tespit edilen y\u00fcksek finansman giderleri sorununu daha da a\u011f\u0131rla\u015ft\u0131rmaktad\u0131r.<\/li>\n<li><b>Sermaye Art\u0131\u015f\u0131 Umudu:<\/b> \u015eirket, bu finansal darbo\u011fazdan \u00e7\u0131kmak amac\u0131yla %348,15 oran\u0131nda bedelli sermaye art\u0131r\u0131m\u0131 yaparak <b>155,3 milyon TL<\/b>&#8216;lik ek fon yaratmak i\u00e7in 25 Aral\u0131k 2024&#8217;te Sermaye Piyasas\u0131 Kurulu&#8217;na (SPK) ba\u015fvurmu\u015ftur. Rapor tarihi itibar\u0131yla bu kritik can simidi i\u00e7in dokuz ayd\u0131r SPK&#8217;dan onay bekleniyordu; bu da belirsizli\u011fi ve gerilimi art\u0131ran bir di\u011fer unsurdur.<\/li>\n<\/ol>\n<h3>Sonu\u00e7: Rakamlar\u0131n Ard\u0131ndaki Stratejik Kararlar<\/h3>\n<p>Birlik Mensucat \u00f6rne\u011fi, finansal raporlar\u0131 okurken sadece gelir tablosunun \u00fcst sat\u0131rlar\u0131na bakman\u0131n ne kadar yan\u0131lt\u0131c\u0131 olabilece\u011fini g\u00f6steren g\u00fc\u00e7l\u00fc bir kan\u0131tt\u0131r. Bu, ne pahas\u0131na olursa olsun b\u00fcy\u00fcme stratejisinin tehlikelerini ortaya koyan klasik bir vaka \u00e7al\u0131\u015fmas\u0131d\u0131r. Fason \u00fcretim modeli ve y\u00fcksek pazarlama harcamalar\u0131 gibi stratejik kararlar\u0131n sadece rakamlardan ibaret olmay\u0131p, bir \u015firketi nas\u0131l finansal u\u00e7urumun kenar\u0131na getirebilece\u011fini net bir \u015fekilde g\u00f6stermektedir.<\/p>\n<p>\u015eimdi ak\u0131llardaki can al\u0131c\u0131 soru \u015fu: Peki, planlanan sermaye art\u0131\u015f\u0131, \u015firketin derin operasyonel zararlar\u0131n\u0131 ve y\u00fcksek maliyetli bu i\u00e7 borcun y\u00fck\u00fcn\u00fc a\u015farak 72 y\u0131ll\u0131k markay\u0131 kurtarmaya yetecek mi? Cevab\u0131 zaman ve stratejik disiplin g\u00f6sterecek.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Birlik Mensucat Ticaret ve Sanayi \u0130\u015fletmesi A.\u015e. &#8211; 30 Eyl\u00fcl 2025 D\u00f6nemi Finansal ve Operasyonel Durum Raporu<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Birlik Mensucat Ticaret ve Sanayi \u0130\u015fletmesi A.\u015e. ve ba\u011fl\u0131 ortakl\u0131\u011f\u0131n\u0131n (&#8220;Grup&#8221;) 30 Eyl\u00fcl 2025 itibar\u0131yla sunulan konsolide finansal tablolar\u0131, \u015firketin ciddi bir finansal zorluk i\u00e7inde oldu\u011funu g\u00f6stermektedir. D\u00f6nem sonunda \u00f6zkaynaklar -6,1 milyon TL&#8217;ye gerileyerek negatife d\u00f6nm\u00fc\u015f ve 1 Ocak &#8211; 30 Eyl\u00fcl 2025 d\u00f6neminde 26,3 milyon TL net zarar kaydedilmi\u015ftir. Grubun k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fckleri, d\u00f6nen varl\u0131klar\u0131n\u0131 25,9 milyon TL a\u015farak kritik bir likidite s\u0131k\u0131nt\u0131s\u0131na ve i\u015fletme sermayesi a\u00e7\u0131\u011f\u0131na i\u015faret etmektedir.<\/p>\n<p>Bu finansal bask\u0131y\u0131 hafifletmek amac\u0131yla Grup, ana hissedar\u0131 Ya\u015far K\u00fc\u00e7\u00fck\u00e7al\u0131k&#8217;tan 54,2 milyon TL tutar\u0131nda ticari olmayan bor\u00e7 alm\u0131\u015ft\u0131r. Ancak \u015firketin s\u00fcrd\u00fcr\u00fclebilirli\u011fi i\u00e7in en kritik ad\u0131m, 25 Aral\u0131k 2024&#8217;te Sermaye Piyasas\u0131 Kurulu&#8217;na (SPK) ba\u015fvurusu yap\u0131lan bedelli sermaye art\u0131r\u0131m\u0131d\u0131r. Bu plan kapsam\u0131nda, \u00e7\u0131kar\u0131lm\u0131\u015f sermayenin %348,16 oran\u0131nda art\u0131r\u0131larak 155,4 milyon TL ek fon sa\u011flanmas\u0131 hedeflenmektedir. Bu sermaye art\u0131r\u0131m\u0131n\u0131n ba\u015far\u0131yla tamamlanmas\u0131, \u015firketin &#8220;i\u015fletmenin s\u00fcreklili\u011fi&#8221; varsay\u0131m\u0131 \u00fczerindeki temel riski ortadan kald\u0131rmak i\u00e7in hayati \u00f6nem ta\u015f\u0131maktad\u0131r.<\/p>\n<p>Operasyonel olarak, Grubun has\u0131lat\u0131 bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %37,5 art\u0131\u015fla 137,7 milyon TL&#8217;ye y\u00fckselmi\u015f olsa da, artan pazarlama ve finansman giderleri nedeniyle faaliyet zarar\u0131 ve net zarar derinle\u015fmi\u015ftir. Pazarlama giderleri 62,3 milyon TL&#8217;ye, finansman giderleri ise 19,6 milyon TL&#8217;ye ula\u015farak karl\u0131l\u0131\u011f\u0131 olumsuz etkilemi\u015ftir. Grubun k\u0131sa vadeli gelece\u011fi, tamamen \u00f6nerilen sermaye art\u0131r\u0131m\u0131n\u0131n ba\u015far\u0131s\u0131na ve y\u00fcksek bor\u00e7luluk ile operasyonel maliyetleri y\u00f6netme kabiliyetine ba\u011fl\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<h2>1. Finansal Performans Analizi<\/h2>\n<h3>1.1. Konsolide Gelir Tablosu<\/h3>\n<p>Grubun 2025 y\u0131l\u0131n\u0131n ilk dokuz ayl\u0131k d\u00f6nemindeki gelir tablosu, artan sat\u0131\u015flara ra\u011fmen derinle\u015fen zararlar\u0131 ortaya koymaktad\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (bin TL)<\/td>\n<td>01.01 &#8211; 30.09.2025<\/td>\n<td>01.01 &#8211; 30.09.2024<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>137.667.833<\/td>\n<td>100.093.819<\/td>\n<td>+37,5%<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar<\/b><\/td>\n<td>55.096.602<\/td>\n<td>45.771.375<\/td>\n<td>+20,4%<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Kar\u0131\/Zarar\u0131<\/b><\/td>\n<td>(13.713.248)<\/td>\n<td>(9.498.139)<\/td>\n<td>+44,4%<\/td>\n<\/tr>\n<tr>\n<td><b>Finansman Giderleri<\/b><\/td>\n<td>(19.596.254)<\/td>\n<td>(6.581.014)<\/td>\n<td>+197,8%<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem Zarar\u0131<\/b><\/td>\n<td>(26.266.159)<\/td>\n<td>(20.801.795)<\/td>\n<td>+26,3%<\/td>\n<\/tr>\n<tr>\n<td><b>Pay Ba\u015f\u0131na Kay\u0131p (TL)<\/b><\/td>\n<td>(0,59)<\/td>\n<td>(0,47)<\/td>\n<td>+25,5%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Has\u0131lat ve Br\u00fct Karl\u0131l\u0131k:<\/b> Has\u0131lat, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %37,5&#8217;lik \u00f6nemli bir art\u0131\u015f g\u00f6stermi\u015ftir. Br\u00fct kar da %20,4 artm\u0131\u015f, ancak br\u00fct kar marj\u0131 has\u0131lattaki art\u0131\u015f\u0131n gerisinde kalm\u0131\u015ft\u0131r.<\/li>\n<li><b>Faaliyet Giderleri:<\/b> Faaliyet zarar\u0131ndaki art\u0131\u015f\u0131n ana nedeni, 46,1 milyon TL&#8217;den 62,3 milyon TL&#8217;ye y\u00fckselen pazarlama giderleridir. Bu giderler, br\u00fct kar\u0131n tamam\u0131n\u0131 t\u00fcketerek 13,7 milyon TL&#8217;lik esas faaliyet zarar\u0131na yol a\u00e7m\u0131\u015ft\u0131r.<\/li>\n<li><b>Finansman Giderleri:<\/b> Finansman giderleri, bir \u00f6nceki y\u0131la g\u00f6re yakla\u015f\u0131k \u00fc\u00e7 kat artarak 19,6 milyon TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. Bu art\u0131\u015f, \u015firketin bor\u00e7 y\u00fck\u00fcn\u00fc ve y\u00fcksek faiz maliyetlerini yans\u0131tmaktad\u0131r.<\/li>\n<li><b>Net Zarar:<\/b> Artan faaliyet ve finansman giderleri sonucunda, Grubun net d\u00f6nem zarar\u0131 %26,3 artarak 26,3 milyon TL&#8217;ye y\u00fckselmi\u015ftir. Bu durum, pay ba\u015f\u0131na kayb\u0131 da -0,47 TL&#8217;den -0,59 TL&#8217;ye \u00e7\u0131karm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>1.2. Konsolide Finansal Durum Tablosu (Bilan\u00e7o)<\/h3>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla bilan\u00e7o, \u015firketin mali yap\u0131s\u0131ndaki ciddi bozulmay\u0131 g\u00f6zler \u00f6n\u00fcne sermektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (bin TL)<\/td>\n<td>30.09.2025<\/td>\n<td>31.12.2024<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td>Toplam D\u00f6nen Varl\u0131klar<\/td>\n<td>68.414.290<\/td>\n<td>89.803.963<\/td>\n<td>-23,8%<\/td>\n<\/tr>\n<tr>\n<td>Toplam Duran Varl\u0131klar<\/td>\n<td>20.837.739<\/td>\n<td>20.009.557<\/td>\n<td>+4,1%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>89.252.029<\/b><\/td>\n<td><b>109.813.520<\/b><\/td>\n<td><b>-18,7%<\/b><\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>94.337.622<\/td>\n<td>88.353.057<\/td>\n<td>+6,8%<\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>968.356<\/td>\n<td>1.284.012<\/td>\n<td>-24,6%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>95.305.978<\/b><\/td>\n<td><b>89.637.069<\/b><\/td>\n<td><b>+6,3%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Toplam \u00d6zkaynaklar<\/b><\/td>\n<td><b>(6.053.949)<\/b><\/td>\n<td><b>20.176.451<\/b><\/td>\n<td><b>-130,0%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Varl\u0131klar:<\/b> Toplam varl\u0131klar, 2024 y\u0131l sonuna g\u00f6re %18,7 azalm\u0131\u015ft\u0131r. Bu d\u00fc\u015f\u00fc\u015f\u00fcn temel nedenleri, nakit ve nakit benzerlerinin 15,1 milyon TL&#8217;den 683 bin TL&#8217;ye gerilemesi ve stoklar\u0131n 53,2 milyon TL&#8217;den 40,1 milyon TL&#8217;ye d\u00fc\u015fmesidir.<\/li>\n<li><b>Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> Toplam y\u00fck\u00fcml\u00fcl\u00fckler art\u0131\u015f g\u00f6stermi\u015ftir. \u00d6zellikle ili\u015fkili taraflara olan bor\u00e7lardaki art\u0131\u015fla birlikte k\u0131sa vadeli &#8220;Di\u011fer Bor\u00e7lar&#8221; kalemi 41 milyon TL&#8217;den 54,5 milyon TL&#8217;ye y\u00fckselmi\u015ftir.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> En kritik geli\u015fme, \u00f6zkaynaklar\u0131n pozitife d\u00f6nmesidir. 2024 sonunda 20,2 milyon TL olan \u00f6zkaynaklar, 26,3 milyon TL&#8217;lik d\u00f6nem zarar\u0131 nedeniyle tamamen erimi\u015f ve -6,1 milyon TL&#8217;ye d\u00fc\u015fm\u00fc\u015ft\u00fcr.<\/li>\n<\/ul>\n<h3>1.3. Nakit Ak\u0131\u015f\u0131 ve Likidite<\/h3>\n<p>Grubun nakit pozisyonu 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda ciddi \u015fekilde zay\u0131flam\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li>D\u00f6nem ba\u015f\u0131ndaki 15,1 milyon TL&#8217;lik nakit ve nakit benzerleri, d\u00f6nem sonunda 683 bin TL&#8217;ye gerilemi\u015ftir. Bu durum, 14,5 milyon TL&#8217;lik net nakit \u00e7\u0131k\u0131\u015f\u0131n\u0131 g\u00f6stermektedir.<\/li>\n<li>\u0130\u015fletme faaliyetlerinden kaynaklanan nakit ak\u0131\u015f\u0131 -10,7 milyon TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li>Finansman faaliyetleri, ili\u015fkili taraflardan sa\u011flanan 13,7 milyon TL&#8217;lik borca ra\u011fmen, 16,4 milyon TL&#8217;lik faiz \u00f6demesi nedeniyle net olarak 3,1 milyon TL&#8217;lik nakit \u00e7\u0131k\u0131\u015f\u0131na neden olmu\u015ftur.<\/li>\n<\/ul>\n<h3>1.4. Temel Finansal Rasyolar<\/h3>\n<p>Faaliyet raporunda sunulan temel rasyolar, \u015firketin mali yap\u0131s\u0131ndaki bozulmay\u0131 teyit etmektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Rasyo<\/td>\n<td>30.09.2025<\/td>\n<td>31.12.2024<\/td>\n<\/tr>\n<tr>\n<td>Cari Oran<\/td>\n<td>0,73<\/td>\n<td>1,02<\/td>\n<\/tr>\n<tr>\n<td>Likidite Oran\u0131<\/td>\n<td>0,30<\/td>\n<td>0,41<\/td>\n<\/tr>\n<tr>\n<td>Toplam Bor\u00e7lar\u0131n Toplam Aktiflere Oran\u0131<\/td>\n<td>1,07<\/td>\n<td>0,82<\/td>\n<\/tr>\n<tr>\n<td>Bor\u00e7lar \/ \u00d6zkaynaklar<\/td>\n<td>-15,74<\/td>\n<td>4,44<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Bu oranlar, \u015firketin k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerini kar\u015f\u0131lama kapasitesinin zay\u0131flad\u0131\u011f\u0131n\u0131 (Cari Oran &lt; 1), bor\u00e7lar\u0131n\u0131n toplam varl\u0131klar\u0131n\u0131 a\u015ft\u0131\u011f\u0131n\u0131 ve \u00f6zkaynaklar\u0131n\u0131n negatife d\u00f6nmesiyle sermaye yap\u0131s\u0131n\u0131n tamamen bozuldu\u011funu g\u00f6stermektedir.<\/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>2. Operasyonel Faaliyetler ve Kurumsal Yap\u0131<\/h2>\n<h3>2.1. Faaliyet Konusu ve \u0130\u015f Modeli<\/h3>\n<ul>\n<li><b>Ana Faaliyet:<\/b> Grup, mamul bez, &#8220;SOLEY&#8221; markal\u0131 havlu, ev tekstili ve yatak \u00fcr\u00fcnlerinin sat\u0131\u015f\u0131n\u0131 ve pazarlamas\u0131n\u0131 yapmaktad\u0131r.<\/li>\n<li><b>\u0130\u015f Modeli:<\/b> \u015eirketin kendi \u00fcretim faaliyeti bulunmamaktad\u0131r. \u00dcr\u00fcnler, fason imalat ve ticari mal \u015feklinde tedarik edilmektedir.<\/li>\n<li><b>Merkez D\u0131\u015f\u0131 \u00d6rg\u00fct:<\/b> \u015eirketin Denizli&#8217;de bir adet deposu bulunmaktad\u0131r.<\/li>\n<\/ul>\n<h3>2.2. Sat\u0131\u015f Performans\u0131<\/h3>\n<p>01 Ocak &#8211; 30 Eyl\u00fcl 2025 d\u00f6nemi sat\u0131\u015flar\u0131 a\u011f\u0131rl\u0131kl\u0131 olarak yurt i\u00e7i pazarda ger\u00e7ekle\u015fmi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Sat\u0131\u015f Kategorisi<\/td>\n<td>Tutar (TL)<\/td>\n<\/tr>\n<tr>\n<td><b>Yurt \u0130\u00e7i Sat\u0131\u015flar<\/b><\/td>\n<td><b>126.233.337<\/b><\/td>\n<\/tr>\n<tr>\n<td>Ev Tekstili<\/td>\n<td>87.315.180<\/td>\n<\/tr>\n<tr>\n<td>Havlu Grubu<\/td>\n<td>35.790.524<\/td>\n<\/tr>\n<tr>\n<td>Yatak Grubu<\/td>\n<td>2.492.386<\/td>\n<\/tr>\n<tr>\n<td>Di\u011fer Sat\u0131\u015flar<\/td>\n<td>133.202<\/td>\n<\/tr>\n<tr>\n<td><b>Yurt D\u0131\u015f\u0131 Sat\u0131\u015flar<\/b><\/td>\n<td><b>3.724.248<\/b><\/td>\n<\/tr>\n<tr>\n<td>Ev Tekstili<\/td>\n<td>2.088.334<\/td>\n<\/tr>\n<tr>\n<td>Havlu Grubu<\/td>\n<td>1.635.915<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.3. Yat\u0131r\u0131m ve Ar-Ge Faaliyetleri<\/h3>\n<p>D\u00f6nem i\u00e7inde yap\u0131lan yat\u0131r\u0131mlar olduk\u00e7a s\u0131n\u0131rl\u0131d\u0131r ve operasyonel verimlili\u011fe y\u00f6nelik k\u00fc\u00e7\u00fck harcamalardan olu\u015fmaktad\u0131r. Ara\u015ft\u0131rma ve geli\u015ftirme (Ar-Ge) faaliyeti i\u00e7in herhangi bir harcama yap\u0131lmam\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li>Depo Raf Sistemi: 578.639 TL<\/li>\n<li>Barkod Yaz\u0131c\u0131s\u0131: 35.477 TL<\/li>\n<li>Bilgisayar: 26.546 TL<\/li>\n<\/ul>\n<h3>2.4. Ortakl\u0131k ve Y\u00f6netim Yap\u0131s\u0131<\/h3>\n<ul>\n<li><b>Ortakl\u0131k Yap\u0131s\u0131:<\/b> \u015eirketin \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi 44.627.021 TL&#8217;dir. Hisselerin %34,17&#8217;si Ya\u015far K\u00fc\u00e7\u00fck\u00e7al\u0131k&#8217;a, %65,83&#8217;\u00fc ise &#8220;Di\u011fer&#8221; (halka a\u00e7\u0131k) olarak s\u0131n\u0131fland\u0131r\u0131lan hissedarlara aittir.<\/li>\n<li><b>Ba\u011fl\u0131 Ortakl\u0131k:<\/b> Grubun, gayri faal durumda olan Birlik Denim Sanayi ve Ticaret A.\u015e.&#8217;de %99,50 oran\u0131nda pay\u0131 bulunmaktad\u0131r.<\/li>\n<li><b>Y\u00f6netim Kurulu:<\/b> Y\u00f6netim Kurulu, ikisi ba\u011f\u0131ms\u0131z olmak \u00fczere be\u015f \u00fcyeden olu\u015fmaktad\u0131r: Ya\u015far K\u00fc\u00e7\u00fck\u00e7al\u0131k (\u00dcye), Ahmet Ali K\u00fc\u00e7\u00fck\u00e7al\u0131k (\u00dcye), Ali R\u0131za Haso\u011flu (\u00dcye), Mustafa Biresselio\u011flu (Ba\u011f\u0131ms\u0131z \u00dcye), \u0130hsan Murat \u00d6zvardar (Ba\u011f\u0131ms\u0131z \u00dcye).<\/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>3. Riskler ve De\u011ferlendirmeler<\/h2>\n<h3>3.1. \u0130\u015fletmenin S\u00fcreklili\u011fi (Going Concern) Riski<\/h3>\n<p>Finansal raporlarda, \u015firketin faaliyetlerini s\u00fcrd\u00fcrme kabiliyeti hakk\u0131nda ciddi \u015f\u00fcpheler uyand\u0131ran \u00f6nemli belirsizliklere dikkat \u00e7ekilmektedir. Bu riskin temel dayanaklar\u0131 \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>Negatif \u00d6zkaynak:<\/b> Grubun \u00f6zkaynaklar\u0131 30 Eyl\u00fcl 2025 itibar\u0131yla -6,1 milyon TL&#8217;dir.<\/li>\n<li><b>Likidite A\u00e7\u0131\u011f\u0131:<\/b> K\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fckler (94,3 milyon TL), d\u00f6nen varl\u0131klar\u0131 (68,4 milyon TL) 25,9 milyon TL a\u015fmaktad\u0131r.<\/li>\n<li><b>D\u00f6nem Zarar\u0131:<\/b> Grup, ilgili dokuz ayl\u0131k d\u00f6nemde 26,3 milyon TL net zarar etmi\u015ftir.<\/li>\n<\/ul>\n<p>Bu riskleri bertaraf etmek amac\u0131yla y\u00f6netim, 200.000.000 TL&#8217;lik kay\u0131tl\u0131 sermaye tavan\u0131 i\u00e7inde, \u00e7\u0131kar\u0131lm\u0131\u015f sermayeyi 155.372.978,68 TL art\u0131rarak 200.000.000 TL&#8217;ye \u00e7\u0131karma karar\u0131 alm\u0131\u015ft\u0131r. Tamam\u0131 nakden (bedelli) kar\u015f\u0131lanacak bu sermaye art\u0131r\u0131m\u0131 i\u00e7in SPK&#8217;ya 25 Aral\u0131k 2024&#8217;te ba\u015fvuru yap\u0131lm\u0131\u015ft\u0131r. \u015eirketin faaliyetlerine devam edebilmesi, bu ba\u015fvurunun olumlu sonu\u00e7lanmas\u0131na ve sermaye art\u0131r\u0131m\u0131n\u0131n ba\u015far\u0131yla ger\u00e7ekle\u015ftirilmesine kritik d\u00fczeyde ba\u011fl\u0131d\u0131r.<\/p>\n<h3>3.2. \u0130li\u015fkili Taraf \u0130\u015flemleri ve Finansal Ba\u011f\u0131ml\u0131l\u0131k<\/h3>\n<p>Grubun finansal yap\u0131s\u0131, ana ortak Ya\u015far K\u00fc\u00e7\u00fck\u00e7al\u0131k&#8217;a \u00f6nemli \u00f6l\u00e7\u00fcde ba\u011f\u0131ml\u0131d\u0131r.<\/p>\n<ul>\n<li>30 Eyl\u00fcl 2025 itibar\u0131yla Ya\u015far K\u00fc\u00e7\u00fck\u00e7al\u0131k&#8217;a olan bor\u00e7 54.210.822 TL&#8217;dir.<\/li>\n<li>Faaliyet raporuna g\u00f6re bu bor\u00e7, Grubun vadesi gelen kredi bor\u00e7lar\u0131n\u0131 \u00f6demek amac\u0131yla al\u0131nm\u0131\u015ft\u0131r ve y\u0131ll\u0131k faiz oran\u0131 %45,25 olarak belirtilmi\u015ftir.<\/li>\n<li>Bu durum, \u015firketin d\u0131\u015f finansman kaynaklar\u0131na eri\u015fimde zorland\u0131\u011f\u0131n\u0131 ve operasyonlar\u0131n\u0131 s\u00fcrd\u00fcrmek i\u00e7in ana hissedar\u0131n\u0131n finansal deste\u011fine ihtiya\u00e7 duydu\u011funu g\u00f6stermektedir.<\/li>\n<\/ul>\n<h3>3.3. Sermaye Riski ve Y\u00fcksek Bor\u00e7luluk<\/h3>\n<p>Grubun sermaye yap\u0131s\u0131, negatif \u00f6zkaynaklar nedeniyle tamamen bozulmu\u015f durumdad\u0131r.<\/p>\n<ul>\n<li>30 Eyl\u00fcl 2025 itibar\u0131yla Toplam Bor\u00e7lar\u0131n Toplam Aktiflere Oran\u0131 1,07&#8217;dir, bu da \u015firketin bor\u00e7lar\u0131n\u0131n varl\u0131klar\u0131n\u0131 a\u015ft\u0131\u011f\u0131 anlam\u0131na gelmektedir.<\/li>\n<li>Net finansal bor\u00e7 953 bin TL seviyesindedir (31.12.2024: -13,2 milyon TL net nakit). Bu bozulma, d\u00f6nem i\u00e7indeki y\u00fcksek nakit \u00e7\u0131k\u0131\u015f\u0131n\u0131 yans\u0131tmaktad\u0131r.<\/li>\n<li>\u00dcst y\u00f6netim, bor\u00e7 ve \u00f6zkaynak dengesini en verimli \u015fekilde kullanarak karl\u0131l\u0131\u011f\u0131 art\u0131rmay\u0131 hedeflese de, mevcut finansal durum bu hedefe ula\u015fman\u0131n \u00f6n\u00fcnde b\u00fcy\u00fck bir engel te\u015fkil etmektedir.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"692\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Bu kaynaklar, Kayseri merkezli **Birlik Mensucat Ticaret ve Sanayi \u0130\u015fletmesi A.\u015e.** ve ba\u011fl\u0131 ortakl\u0131\u011f\u0131n\u0131n **30 Eyl\u00fcl 2025** tarihi itibar\u0131yla sona eren dokuz ayl\u0131k d\u00f6neme ait **ara d\u00f6nem \u00f6zet konsolide finansal raporlar\u0131n\u0131** i\u00e7ermektedir. \u015eirketin mali durumunu ve faaliyet sonu\u00e7lar\u0131n\u0131 yans\u0131tan belgeler, **y\u00fcksek enflasyon d\u00fczeltmesi** (TMS 29) uygulanarak haz\u0131rlanan bilan\u00e7olar\u0131, k\u00e2r-zarar tablolar\u0131n\u0131 ve nakit ak\u0131\u015f bilgilerini detayland\u0131rmaktad\u0131r. Metinlerde i\u015fletmenin **ev tekstili** alan\u0131ndaki fason \u00fcretim ve ticaret faaliyetleri ile sermaye yap\u0131s\u0131 ve SPK d\u00fczenlemelerine uyum s\u00fcre\u00e7leri a\u00e7\u0131klanmaktad\u0131r. Finansal verilerde grubun **net d\u00f6nem zarar\u0131** ve \u00f6zkaynak de\u011fi\u015fimleri \u00f6n plana \u00e7\u0131karken, sermaye art\u0131r\u0131m\u0131 yoluyla finansal yap\u0131y\u0131 g\u00fc\u00e7lendirme planlar\u0131na yer verilmektedir. Ayr\u0131ca, \u00e7al\u0131\u015fan haklar\u0131na y\u00f6nelik kar\u015f\u0131l\u0131klar, ili\u015fkili taraf bor\u00e7lar\u0131 ve uygulanan **muhasebe politikalar\u0131** hakk\u0131nda dipnotlar sunulmaktad\u0131r. Toplam **18 personeli** bulunan kurumun mali performans\u0131n\u0131n d\u00f6nemsel kar\u015f\u0131la\u015ft\u0131rmalar\u0131 da bu tablolarda bold olarak vurgulanan kalemler \u00fczerinden takip edilebilmektedir.<\/p>\n","protected":false},"author":1,"featured_media":783,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[166],"class_list":["post-692","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-brmen"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/692","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=692"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/692\/revisions"}],"predecessor-version":[{"id":784,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/692\/revisions\/784"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/783"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=692"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=692"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=692"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}