{"id":696,"date":"2025-12-28T14:38:27","date_gmt":"2025-12-28T11:38:27","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=696"},"modified":"2025-12-31T00:50:43","modified_gmt":"2025-12-30T21:50:43","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-denge-denge-yatirim-holding-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/696","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #DENGE | Denge Yat\u0131r\u0131m Holding 2025\/9 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"DENGE\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/EKCkizlKZmY?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>Zarar Eden \u015eirket Neden Sermayesini \u0130kiye Katlad\u0131? Denge Holding Raporundan 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<h3>Giri\u015f: Rakamlar\u0131n \u00d6tesindeki Hikaye<\/h3>\n<p>Finansal raporlar, ilk bak\u0131\u015fta karma\u015f\u0131k ve rakamlarla dolu g\u00f6r\u00fcnebilir. Ancak derinine inildi\u011finde, bir \u015firketin stratejisini, kar\u015f\u0131la\u015ft\u0131\u011f\u0131 zorluklar\u0131 ve gelecek planlar\u0131n\u0131 anlatan ilgi \u00e7ekici bir hikaye sunarlar. Denge Yat\u0131r\u0131m Holding&#8217;in 30 Eyl\u00fcl 2025&#8217;te sona eren 9 ayl\u0131k d\u00f6nemine ait son finansal raporunu analiz ettik ve y\u00fczeysel rakamlar\u0131n \u00f6tesine ge\u00e7en, hem \u015fa\u015f\u0131rt\u0131c\u0131 hem de etkili birka\u00e7 \u00f6nemli noktay\u0131 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. K\u00e2rdan Rekor Zarara: 500 Milyon Liray\u0131 A\u015fan Sert D\u00fc\u015f\u00fc\u015f<\/h3>\n<p>K\u00e2r veya zarar tablosundaki en \u00e7arp\u0131c\u0131 bulgu, \u015firketin performans\u0131ndaki keskin d\u00f6n\u00fc\u015f oldu. 2025 y\u0131l\u0131n\u0131n ilk 9 ay\u0131nda, ana ortakl\u0131k pay sahipleri <b>408.587.277 TL<\/b> net d\u00f6nem zarar\u0131 kaydetti.<\/p>\n<p>Bu rakam, \u015firketin 2024&#8217;\u00fcn ayn\u0131 d\u00f6neminde elde etti\u011fi <b>115.458.655 TL<\/b>&#8216;lik net k\u00e2r ile tam bir tezat olu\u015fturuyor. Bu durum, sadece bir y\u0131l i\u00e7inde yar\u0131m milyar T\u00fcrk Liras\u0131&#8217;n\u0131 a\u015fan negatif bir de\u011fi\u015fime i\u015faret ediyor. Bu sert d\u00fc\u015f\u00fc\u015f, \u015firketin \u015fu anda kar\u015f\u0131 kar\u015f\u0131ya oldu\u011fu temel zorlu\u011fu a\u00e7\u0131k\u00e7a 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>2. Kriz An\u0131nda Cesur Hamle: Sermayesini Neden \u0130kiye Katlad\u0131?<\/h3>\n<p>Bu rekor zarara ra\u011fmen, y\u00f6netimin att\u0131\u011f\u0131 bir sonraki ad\u0131m daha da \u015fa\u015f\u0131rt\u0131c\u0131yd\u0131: \u015firketin sermayesini ikiye katlamak. Bilan\u00e7o ve Dipnot 21&#8217;deki verilere g\u00f6re, 2024 sonunda <b>300.000.000 TL<\/b> olan \u00f6denmi\u015f sermaye, 30 Eyl\u00fcl 2025 itibar\u0131yla <b>600.000.000 TL<\/b>&#8216;ye y\u00fckseltildi.<\/p>\n<p>Bu hamlenin sadece bir muhasebe kayd\u0131 olmad\u0131\u011f\u0131n\u0131, nakit ak\u0131\u015f tablosundaki <b>326.942.074 TL<\/b>&#8216;lik &#8220;Pay ihrac\u0131ndan veya sermaye art\u0131r\u0131m\u0131ndan kaynaklanan nakit giri\u015fleri&#8221; kalemi do\u011fruluyor. Bir \u015firketin operasyonel olarak zorland\u0131\u011f\u0131 bir d\u00f6nemde sermaye art\u0131rmas\u0131, genellikle mali yap\u0131s\u0131n\u0131 g\u00fc\u00e7lendirmek, yeni giri\u015fimleri finanse etmek ve bor\u00e7lar\u0131n\u0131 y\u00f6netmek i\u00e7in at\u0131lm\u0131\u015f stratejik bir ad\u0131m olarak yorumlan\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>3. Nakit Ak\u0131\u015f\u0131 \u0130\u00e7in Gayrimenkul Sat\u0131\u015f\u0131: Ama Neden Zarar\u0131na?<\/h3>\n<p>D\u00f6nem zarar\u0131n\u0131n arkas\u0131ndaki ana etkenlerden biri, yat\u0131r\u0131m faaliyetlerinden kaynakland\u0131. \u00d6zellikle Dipnot 25, 2025&#8217;in ilk 9 ay\u0131nda yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkul sat\u0131\u015f\u0131ndan kaynaklanan <b>114.280.579 TL<\/b> gibi devasa bir zarar (&#8220;Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkul Sat\u0131\u015f Zarar\u0131&#8221;) oldu\u011funu g\u00f6steriyor.<\/p>\n<p>Bu zarar\u0131, Dipnot 13&#8217;teki <b>139.653.303 TL<\/b> tutar\u0131ndaki toplam yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkul \u00e7\u0131k\u0131\u015f\u0131yla (&#8220;\u00c7\u0131k\u0131\u015flar&#8221;) birlikte de\u011ferlendirdi\u011fimizde, daha da \u00e7arp\u0131c\u0131 bir tablo ortaya \u00e7\u0131k\u0131yor. Bu rakamlar, defter de\u011feri yakla\u015f\u0131k 140 milyon TL olan varl\u0131klar\u0131n, yakla\u015f\u0131k 25 milyon TL gibi bir bedelle, yani de\u011ferinin %80&#8217;inden fazlas\u0131n\u0131 kaybederek sat\u0131ld\u0131\u011f\u0131n\u0131 ima ediyor. Bu, acil bir likidite ihtiyac\u0131n\u0131n veya stratejik bir ka\u00e7\u0131\u015f\u0131n en net g\u00f6stergesidir.<\/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. Bir Kap\u0131 Kapan\u0131rken Di\u011ferleri A\u00e7\u0131l\u0131yor: Yerel \u00c7ekilme, Uluslararas\u0131 Geni\u015fleme<\/h3>\n<p>Rapor, \u015firketin stratejik bir eksen kaymas\u0131 ya\u015fad\u0131\u011f\u0131n\u0131 da g\u00f6zler \u00f6n\u00fcne seriyor. Bu hamleler, Denge Holding&#8217;in aktif bir portf\u00f6y y\u00f6netimi stratejisi izledi\u011fini g\u00f6steriyor: Art\u0131k stratejik fayda sa\u011flamayan veya nakit t\u00fcketen yerel varl\u0131klar kararl\u0131l\u0131kla tasfiye edilirken, sermaye, gelecekteki b\u00fcy\u00fcme motorlar\u0131 olarak g\u00f6r\u00fclen uluslararas\u0131 alanlara y\u00f6nlendiriliyor.<\/p>\n<p>Bir yandan, Dipnot 1&#8217;e g\u00f6re Grup, &#8220;devam etmesinde fayda g\u00f6r\u00fclmedi\u011finden&#8221; i\u015ftiraki olan &#8220;Denge Film Prod\u00fcksiyon E\u011flence A.\u015e.&#8221;yi Eyl\u00fcl 2025&#8217;te tasfiye etme karar\u0131 ald\u0131.<\/p>\n<p>Di\u011fer yandan ise, Dipnot 6&#8217;da listelenen ve Dipnot 1&#8217;de detayland\u0131r\u0131lan iki yeni uluslararas\u0131 ad\u0131m dikkat \u00e7ekiyor:<\/p>\n<ul>\n<li>Mart 2025&#8217;te, gelecekteki uluslararas\u0131 fon yap\u0131lar\u0131nda kullan\u0131lmak \u00fczere \u0130ngiltere Guernsey&#8217;de <b>Brightone Capital Limited<\/b> \u015firketi sat\u0131n al\u0131nd\u0131.<\/li>\n<li>\u015eubat 2025&#8217;te, hen\u00fcz faaliyete ge\u00e7memi\u015f olsa da denizcilik gibi yeni bir sekt\u00f6re giri\u015fi i\u015faret eden <b>Seven Sea Shipping Inc<\/b> kuruldu.<\/li>\n<\/ul>\n<p>Bu ikili strateji, sermayenin, hen\u00fcz operasyonel olmasa da daha y\u00fcksek potansiyelli uluslararas\u0131 alanlara (denizcilik ve fon y\u00f6netimi) y\u00f6nlendirildi\u011fini a\u00e7\u0131k\u00e7a 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>5. Ciro D\u00fc\u015ferken Maliyetler Y\u00fcksek Kal\u0131yor: Ana Faaliyetlerdeki Bask\u0131<\/h3>\n<p>Di\u011fer stratejik hamlelerin ard\u0131ndaki nedeni anlamak i\u00e7in \u015firketin ana faaliyetlerindeki bask\u0131ya bakmak gerekiyor. 2024&#8217;\u00fcn ilk dokuz ay\u0131nda <b>521.543.091 TL<\/b> olan \u015firketin has\u0131lat\u0131, 2025&#8217;in ayn\u0131 d\u00f6neminde <b>445.726.113 TL<\/b>&#8216;ye d\u00fc\u015ft\u00fc.<\/p>\n<p>Daha da \u00f6nemlisi, ciro d\u00fc\u015ferken sat\u0131\u015flar\u0131n maliyeti \u00e7ok y\u00fcksek kalmaya devam etti. Bu durum, \u015firketin br\u00fct k\u00e2r\u0131n\u0131n 2024&#8217;te <b>42.758.636 TL<\/b> iken 2025&#8217;te sadece <b>5.314.924 TL<\/b>&#8216;ye \u00e7\u00f6kmesine neden oldu. Basit bir dille ifade etmek gerekirse, bu &#8220;k\u00e2r marj\u0131 s\u0131k\u0131\u015fmas\u0131&#8221;, \u015firketin ana operasyonlar\u0131n\u0131n k\u00e2rl\u0131l\u0131k \u00fcretmekte zorland\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Ana faaliyetlerdeki bu k\u00e2rl\u0131l\u0131k erozyonu, \u015firketin neden nakit yaratmak i\u00e7in gayrimenkul sat\u0131\u015f\u0131 gibi daha sert \u00f6nlemlere ba\u015fvurdu\u011funu da a\u00e7\u0131kl\u0131yor.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>Sonu\u00e7: F\u0131rt\u0131nada Rota De\u011fi\u015fikli\u011fi<\/h3>\n<p>Denge Holding&#8217;in finansal raporu, operasyonel zorluklar\u0131n neden oldu\u011fu bir f\u0131rt\u0131nan\u0131n ortas\u0131nda rota de\u011fi\u015ftiren bir \u015firketin hikayesini anlat\u0131yor. Ana faaliyetlerdeki k\u00e2rl\u0131l\u0131k bask\u0131s\u0131 (madde 5), \u015firketi yar\u0131m milyar liray\u0131 a\u015fan rekor bir zarara (madde 1) s\u00fcr\u00fcklemi\u015f durumda.<\/p>\n<p>Ancak bu zorluklara yan\u0131t olarak y\u00f6netim, cesur ve kararl\u0131 ad\u0131mlar at\u0131yor: devasa bir sermaye enjeksiyonu ile mali yap\u0131s\u0131n\u0131 g\u00fc\u00e7lendiriyor (madde 2), acil likidite i\u00e7in zarar etme pahas\u0131na varl\u0131k portf\u00f6y\u00fcn\u00fc yeniden yap\u0131land\u0131r\u0131yor (madde 3) ve verimsiz yurt i\u00e7i birimleri kapat\u0131rken stratejisini yeni uluslararas\u0131 giri\u015fimlere y\u00f6nlendirerek aktif bir portf\u00f6y y\u00f6netimi sergiliyor (madde 4).<\/p>\n<p>Peki, Denge Holding&#8217;in bu cesur ve riskli hamleleri, \u015firketi gelecekteki f\u0131rt\u0131nalardan koruyup yeniden b\u00fcy\u00fcme rotas\u0131na sokabilecek mi?<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Denge Yat\u0131r\u0131m Holding A.\u015e. 2025 Dokuz Ayl\u0131k Finansal Durum De\u011ferlendirmesi<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Denge Yat\u0131r\u0131m Holding A.\u015e. ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (&#8220;Grup&#8221;) 30 Eyl\u00fcl 2025&#8217;te sona eren dokuz ayl\u0131k d\u00f6neme ait konsolide finansal sonu\u00e7lar\u0131, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine k\u0131yasla \u00f6nemli bir finansal gerileme g\u00f6stermektedir. Grup, 2024&#8217;\u00fcn ayn\u0131 d\u00f6neminde elde etti\u011fi 115,5 milyon TL&#8217;lik ana ortakl\u0131k k\u00e2r\u0131na kar\u015f\u0131l\u0131k, 2025&#8217;in ilk dokuz ay\u0131nda <b>408,6 milyon TL net zarar<\/b> a\u00e7\u0131klam\u0131\u015ft\u0131r. Bu olumsuz d\u00f6n\u00fc\u015f\u00fcm\u00fcn arkas\u0131ndaki ana fakt\u00f6rler; azalan has\u0131lat, br\u00fct k\u00e2rl\u0131l\u0131kta ya\u015fanan keskin d\u00fc\u015f\u00fc\u015f, yat\u0131r\u0131m faaliyetlerinden kaynaklanan y\u00fcksek tutarl\u0131 zararlar, artan finansman giderleri ve ertelenmi\u015f vergi kalemindeki negatif y\u00f6nl\u00fc de\u011fi\u015fimdir.<\/p>\n<p>Finansal durum tablosunda da bir daralma g\u00f6zlenmektedir. Grubun toplam varl\u0131klar\u0131 2024 y\u0131l sonuna g\u00f6re %14,5 azalarak 1,81 milyar TL&#8217;ye gerilemi\u015ftir. Bu d\u00fc\u015f\u00fc\u015f\u00fcn en \u00f6nemli nedeni, en b\u00fcy\u00fck varl\u0131k kalemi olan yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkullerdeki azal\u0131\u015ft\u0131r. Y\u00fck\u00fcml\u00fcl\u00fcklerde de benzer bir d\u00fc\u015f\u00fc\u015f ya\u015fanm\u0131\u015f, toplam y\u00fck\u00fcml\u00fcl\u00fckler %28,2 azalarak 490,5 milyon TL&#8217;ye inmi\u015ftir.<\/p>\n<p>Bu zorlu finansal tabloya kar\u015f\u0131n Grup, Temmuz 2025&#8217;te <b>300 milyon TL&#8217;lik ba\u015far\u0131l\u0131 bir sermaye art\u0131r\u0131m\u0131<\/b> ger\u00e7ekle\u015ftirerek \u00f6zkaynak yap\u0131s\u0131n\u0131 g\u00fc\u00e7lendirmi\u015ftir. Ancak, i\u015fletme faaliyetleri bu d\u00f6nemde 382,9 milyon TL gibi \u00f6nemli bir nakit \u00e7\u0131k\u0131\u015f\u0131na neden olmu\u015ftur. Sermaye art\u0131r\u0131m\u0131ndan gelen nakit giri\u015fi, operasyonel nakit a\u00e7\u0131\u011f\u0131n\u0131 ve finansal bor\u00e7 \u00f6demelerini kar\u015f\u0131larken, d\u00f6nemin sonunda nakit ve nakit benzerleri mevcudunda s\u0131n\u0131rl\u0131 bir d\u00fc\u015f\u00fc\u015f ya\u015fanm\u0131\u015ft\u0131r. Rapor d\u00f6nemi, Grubun operasyonel verimlilik sorunlar\u0131 ya\u015fad\u0131\u011f\u0131n\u0131 ve varl\u0131k portf\u00f6y\u00fcnde \u00f6nemli yeniden yap\u0131land\u0131rma i\u015flemleri ger\u00e7ekle\u015ftirdi\u011fini ortaya koymaktad\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. Grup Yap\u0131s\u0131 ve Faaliyet Alanlar\u0131<\/h2>\n<p>Denge Yat\u0131r\u0131m Holding A.\u015e., kurulmu\u015f veya kurulacak \u015firketlerin sermaye ve y\u00f6netimine kat\u0131larak yat\u0131r\u0131m, finansman ve organizasyon gibi konularda sinerji yaratmay\u0131 ama\u00e7layan bir holding \u015firketidir. 30 Eyl\u00fcl 2025 itibar\u0131yla Erdal K\u0131l\u0131\u00e7, %12,45&#8217;lik pay ile h\u00e2kim ortak konumundad\u0131r; paylar\u0131n %87,55&#8217;i ise halka a\u00e7\u0131kt\u0131r.<\/p>\n<p>Grubun konsolidasyona dahil edilen ana ba\u011fl\u0131 ortakl\u0131klar\u0131 ve faaliyet alanlar\u0131 \u015funlard\u0131r:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ba\u011fl\u0131 Ortakl\u0131k<\/td>\n<td>Faaliyet Alan\u0131<\/td>\n<td>Grubun Pay Oran\u0131 (30.09.2025)<\/td>\n<td>\u00d6nemli Notlar<\/td>\n<\/tr>\n<tr>\n<td><b>Site Lojistik A.\u015e.<\/b><\/td>\n<td>Lojistik Hizmetleri<\/td>\n<td>%75,00<\/td>\n<td>Liman entegre lojistik, d\u00f6kme y\u00fck, tar\u0131m lojisti\u011fi gibi alanlarda faaliyet g\u00f6sterir.<\/td>\n<\/tr>\n<tr>\n<td><b>Metrobil Teknoloji A.\u015e.<\/b><\/td>\n<td>\u0130leti\u015fim ve Bili\u015fim Hiz.<\/td>\n<td>%75,00<\/td>\n<td>Telekom\u00fcnikasyon altyap\u0131 proje ve uygulama hizmetleri sunmaktad\u0131r. Azerbaycan&#8217;da Metrobil AZ ad\u0131yla i\u015ftiraki bulunmaktad\u0131r.<\/td>\n<\/tr>\n<tr>\n<td><b>Denge Investment Gayrimenkul Gel. A.\u015e.<\/b><\/td>\n<td>Gayrimenkul<\/td>\n<td>%100,00<\/td>\n<td>\u0130n\u015faat, proje geli\u015ftirme, konut ve i\u015f merkezi \u00fcretimi alanlar\u0131nda faaliyet g\u00f6sterir. Grubun pay\u0131 %53,85&#8217;ten %100&#8217;e \u00e7\u0131kar\u0131lm\u0131\u015ft\u0131r.<\/td>\n<\/tr>\n<tr>\n<td><b>Tasfiye Halinde Denge Film Prod\u00fcksiyon E\u011flence A.\u015e.<\/b><\/td>\n<td>Bilgi, \u0130leti\u015fim ve Medya<\/td>\n<td>%100,00<\/td>\n<td>Eyl\u00fcl 2025&#8217;te al\u0131nan kararla tasfiye s\u00fcrecine girmi\u015ftir.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>2. Finansal Performans Analizi (1 Ocak &#8211; 30 Eyl\u00fcl 2025)<\/h2>\n<p>Grubun 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131ndaki performans\u0131, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re belirgin bir bozulma sergilemektedir.<\/p>\n<h3>Has\u0131lat ve K\u00e2rl\u0131l\u0131k<\/h3>\n<p>Grup, 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda 445,7 milyon TL net sat\u0131\u015f has\u0131lat\u0131 elde etmi\u015ftir. Bu rakam, 2024&#8217;\u00fcn ayn\u0131 d\u00f6nemindeki 521,5 milyon TL&#8217;ye k\u0131yasla %14,5&#8217;lik bir d\u00fc\u015f\u00fc\u015f\u00fc ifade etmektedir. Sat\u0131\u015flar\u0131n maliyetinin has\u0131lata oranla daha y\u00fcksek kalmas\u0131, br\u00fct k\u00e2rl\u0131l\u0131\u011f\u0131 ciddi \u015fekilde etkilemi\u015ftir.<\/p>\n<p><b>K\u00e2rl\u0131l\u0131k Metrikleri Kar\u015f\u0131la\u015ft\u0131rmas\u0131 (milyon TL)<\/b> | Kalem | 01.01-30.09.2025 | 01.01-30.09.2024 | De\u011fi\u015fim | | :&#8212; | :&#8212; | :&#8212; | :&#8212; | | Has\u0131lat | 445,7 | 521,5 | \u25bc %14,5 | | Sat\u0131\u015flar\u0131n Maliyeti | (440,4) | (478,8) | \u25bc %8,0 | | <b>Br\u00fct K\u00e2r<\/b> | <b>5,3<\/b> | <b>42,8<\/b> | <b>\u25bc %87,6<\/b> | | Esas Faaliyet K\u00e2r\u0131 \/ (Zarar\u0131) | (79,0) | (42,6) | \u25bc %85,4 (Zarar Art\u0131\u015f\u0131) | | <b>D\u00f6nem Net K\u00e2r\u0131 \/ (Zarar\u0131) (Ana Ortakl\u0131k)<\/b> | <b>(408,6)<\/b> | <b>115,5<\/b> | <b>Negatife D\u00f6n\u00fc\u015f<\/b> |<\/p>\n<p>Br\u00fct k\u00e2r, 2024&#8217;\u00fcn ayn\u0131 d\u00f6nemindeki 42,8 milyon TL&#8217;den <b>%87,6&#8217;l\u0131k \u015fok bir d\u00fc\u015f\u00fc\u015fle 5,3 milyon TL&#8217;ye gerilemi\u015ftir.<\/b> Bu durum, operasyonel k\u00e2rl\u0131l\u0131\u011f\u0131n temelinde ciddi bir erozyon ya\u015fand\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/p>\n<h3>Faaliyet D\u0131\u015f\u0131 Gelir ve Giderler<\/h3>\n<p>Grubun net zarar\u0131n\u0131 derinle\u015ftiren en \u00f6nemli unsurlar faaliyet d\u0131\u015f\u0131 kalemlerdeki olumsuz geli\u015fmeler olmu\u015ftur:<\/p>\n<ul>\n<li><b>Yat\u0131r\u0131m Faaliyetlerinden Giderler:<\/b> Bu kalemde net <b>97,9 milyon TL gider<\/b> kaydedilmi\u015ftir. Bunun en b\u00fcy\u00fck bile\u015feni, <b>114,3 milyon TL tutar\u0131ndaki &#8220;Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkul Sat\u0131\u015f Zarar\u0131&#8221;<\/b> olmu\u015ftur.<\/li>\n<li><b>Finansman Giderleri:<\/b> Finansman giderleri, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re yakla\u015f\u0131k d\u00f6rt kat artarak 49,5 milyon TL&#8217;den <b>187,4 milyon TL&#8217;ye<\/b> y\u00fckselmi\u015ftir.<\/li>\n<li><b>Ertelenmi\u015f Vergi:<\/b> 2024&#8217;\u00fcn ayn\u0131 d\u00f6neminde 161,5 milyon TL&#8217;lik ertelenmi\u015f vergi geliri kaydedilirken, 2025 d\u00f6neminde <b>127,8 milyon TL ertelenmi\u015f vergi gideri<\/b> yaz\u0131larak net k\u00e2r \u00fczerinde yakla\u015f\u0131k 289 milyon TL&#8217;lik negatif bir etki yaratm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>Net Sonu\u00e7 ve Pay Ba\u015f\u0131na Kazan\u00e7<\/h3>\n<p>T\u00fcm bu olumsuz geli\u015fmeler sonucunda Grup, 2024&#8217;\u00fcn ilk dokuz ay\u0131ndaki 115,5 milyon TL&#8217;lik net k\u00e2r\u0131n aksine, 2025&#8217;in ayn\u0131 d\u00f6neminde <b>408,6 milyon TL ana ortakl\u0131k pay\u0131na d\u00fc\u015fen net zarar<\/b> a\u00e7\u0131klam\u0131\u015ft\u0131r. Bu durum, pay ba\u015f\u0131na kazanc\u0131n da ciddi \u015fekilde negatif etkilenmesine neden olmu\u015ftur.<\/p>\n<ul>\n<li><b>Pay Ba\u015f\u0131na Kazan\u00e7 (Kay\u0131p):<\/b> 2024&#8217;\u00fcn ayn\u0131 d\u00f6nemindeki 0,35 TL&#8217;den, 2025&#8217;te <b>-0,75 TL&#8217;ye<\/b> gerilemi\u015ftir.<\/li>\n<\/ul>\n<h2>3. Finansal Durum Analizi (30 Eyl\u00fcl 2025 itibar\u0131yla)<\/h2>\n<p>Grubun bilan\u00e7osu, 31 Aral\u0131k 2024 tarihine g\u00f6re k\u00fc\u00e7\u00fclme g\u00f6stermi\u015ftir.<\/p>\n<h3>Varl\u0131klar<\/h3>\n<p>Toplam varl\u0131klar, 2,12 milyar TL&#8217;den <b>1,81 milyar TL&#8217;ye<\/b> gerilemi\u015ftir.<\/p>\n<p><b>Varl\u0131k Da\u011f\u0131l\u0131m\u0131 (milyon TL)<\/b> | Varl\u0131k Kalemi | 30 Eyl\u00fcl 2025 | 31 Aral\u0131k 2024 | De\u011fi\u015fim | | :&#8212; | :&#8212; | :&#8212; | :&#8212; | | D\u00f6nen Varl\u0131klar | 361,7 | 513,1 | \u25bc %29,5 | | Nakit ve Nakit Benzerleri | 12,9 | 15,8 | \u25bc %18,5 | | Ticari Alacaklar | 188,6 | 122,9 | \u25b2 %53,4 | | Di\u011fer Alacaklar | 67,0 | 266,7 | \u25bc %74,9 | | Duran Varl\u0131klar | 1.448,3 | 1.604,6 | \u25bc %9,7 | | Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller | 1.086,0 | 1.211,6 | \u25bc %10,4 | | \u015eerefiye | 135,3 | 135,3 | &#8211; | | <b>Toplam Varl\u0131klar<\/b> | <b>1.810,1<\/b> | <b>2.117,7<\/b> | <b>\u25bc %14,5<\/b> |<\/p>\n<ul>\n<li><b>Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller:<\/b> Grubun en b\u00fcy\u00fck varl\u0131k kalemi olan yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkuller, d\u00f6nem i\u00e7indeki sat\u0131\u015flar nedeniyle 125,6 milyon TL azalm\u0131\u015ft\u0131r.<\/li>\n<li><b>Alacaklar:<\/b> K\u0131sa vadeli ticari alacaklar artarken, ili\u015fkili taraflardan olanlar da dahil olmak \u00fczere k\u0131sa vadeli di\u011fer alacaklarda ciddi bir d\u00fc\u015f\u00fc\u015f ya\u015fanm\u0131\u015ft\u0131r. Buna kar\u015f\u0131l\u0131k, ili\u015fkili taraflardan uzun vadeli di\u011fer alacaklarda \u00f6nemli bir art\u0131\u015f g\u00f6r\u00fclmektedir.<\/li>\n<\/ul>\n<h3>Y\u00fck\u00fcml\u00fcl\u00fckler ve \u00d6zkaynaklar<\/h3>\n<p>Toplam y\u00fck\u00fcml\u00fcl\u00fckler, 683,6 milyon TL&#8217;den <b>490,5 milyon TL&#8217;ye<\/b> gerileyerek \u00f6nemli \u00f6l\u00e7\u00fcde azalm\u0131\u015ft\u0131r. Bu d\u00fc\u015f\u00fc\u015f b\u00fcy\u00fck oranda k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerdeki azalmadan kaynaklanmaktad\u0131r.<\/p>\n<p><b>Y\u00fck\u00fcml\u00fcl\u00fck Da\u011f\u0131l\u0131m\u0131 (milyon TL)<\/b> | Y\u00fck\u00fcml\u00fcl\u00fck Kalemi | 30 Eyl\u00fcl 2025 | 31 Aral\u0131k 2024 | De\u011fi\u015fim | | :&#8212; | :&#8212; | :&#8212; | :&#8212; | | K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler | 371,4 | 561,2 | \u25bc %33,8 | | Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler | 119,1 | 122,4 | \u25bc %2,7 | | <b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/b> | <b>490,5<\/b> | <b>683,6<\/b> | <b>\u25bc %28,2<\/b> | | <b>Toplam \u00d6zkaynaklar<\/b> | <b>1.319,6<\/b> | <b>1.434,1<\/b> | <b>\u25bc %8,0<\/b> |<\/p>\n<p>\u00d6zkaynaklar, d\u00f6nem zarar\u0131n\u0131n etkisiyle 1,43 milyar TL&#8217;den <b>1,32 milyar TL&#8217;ye<\/b> gerilemi\u015ftir. Ancak bu d\u00fc\u015f\u00fc\u015f, d\u00f6nem i\u00e7inde yap\u0131lan sermaye art\u0131r\u0131m\u0131 ile s\u0131n\u0131rland\u0131r\u0131lm\u0131\u015ft\u0131r.<\/p>\n<p><b>\u00d6zkaynak De\u011fi\u015fimi (milyon TL)<\/b> | Kalem | De\u011fer | A\u00e7\u0131klama | | :&#8212; | :&#8212; | :&#8212; | | <b>01 Ocak 2025 Bakiye<\/b> | <b>1.434,1<\/b> | D\u00f6nem ba\u015f\u0131 \u00f6zkaynak | | Sermaye Art\u0131r\u0131m\u0131 | +326,9 | 300 milyon TL&#8217;lik nominal art\u0131\u015f ve primler. | | D\u00f6nem Net Zarar\u0131 | (408,6) | Ana ortakl\u0131k pay\u0131na d\u00fc\u015fen zarar. | | Di\u011fer Kapsaml\u0131 Gelir | +2,6 | A\u011f\u0131rl\u0131kl\u0131 olarak akt\u00fceryal kazan\u00e7lardan. | | <b>30 Eyl\u00fcl 2025 Bakiye<\/b> | <b>1.319,6<\/b> | D\u00f6nem sonu \u00f6zkaynak |<\/p>\n<h2>4. Nakit Ak\u0131\u015f Analizi<\/h2>\n<p>Nakit ak\u0131\u015f tablosu, Grubun likidite y\u00f6netiminde sermaye art\u0131r\u0131m\u0131n\u0131n kritik rol\u00fcn\u00fc ortaya koymaktad\u0131r.<\/p>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> Grubun ana faaliyetleri, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 157,2 milyon TL&#8217;lik \u00e7\u0131k\u0131\u015fa k\u0131yasla \u00e7ok daha y\u00fcksek, <b>-382,9 milyon TL&#8217;lik bir nakit \u00e7\u0131k\u0131\u015f\u0131<\/b> yaratm\u0131\u015ft\u0131r. Bu durum, operasyonel verimsizli\u011fin ve i\u015fletme sermayesi y\u00f6netimindeki zorluklar\u0131n bir g\u00f6stergesidir.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> Maddi ve maddi olmayan duran varl\u0131k sat\u0131\u015flar\u0131ndan elde edilen 151,3 milyon TL&#8217;lik gelir sayesinde bu kalemden net <b>136,1 milyon TL nakit giri\u015fi<\/b> sa\u011flanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Finansman Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> Pay ihrac\u0131 ve sermaye art\u0131r\u0131m\u0131ndan kaynaklanan <b>326,9 milyon TL&#8217;lik nakit giri\u015fi<\/b>, bu b\u00f6l\u00fcmden toplam <b>252,3 milyon TL nakit giri\u015fi<\/b> sa\u011flanmas\u0131n\u0131 sa\u011flam\u0131\u015ft\u0131r. Bu giri\u015f, operasyonlardan kaynaklanan b\u00fcy\u00fck nakit a\u00e7\u0131\u011f\u0131n\u0131 dengelemi\u015ftir.<\/li>\n<\/ul>\n<p>Sonu\u00e7 olarak, nakit ve nakit benzerleri d\u00f6nem ba\u015f\u0131nda 15,8 milyon TL iken, d\u00f6nem sonunda <b>12,9 milyon TL&#8217;ye<\/b> gerilemi\u015ftir.<\/p>\n<h2>5. \u00d6nemli Kurumsal Geli\u015fmeler ve \u0130\u015flemler<\/h2>\n<ul>\n<li><b>Sermaye Art\u0131r\u0131m\u0131:<\/b> \u015eirket, 19 Haziran 2025 tarihli y\u00f6netim kurulu karar\u0131yla \u00f6denmi\u015f sermayesini 300.000.000 TL&#8217;den <b>600.000.000 TL&#8217;ye<\/b> \u00e7\u0131karma karar\u0131 alm\u0131\u015f ve bu art\u0131\u015f 9 Temmuz 2025&#8217;te tescil edilmi\u015ftir.<\/li>\n<li><b>Denge Film&#8217;in Tasfiyesi:<\/b> Grup, 3 Eyl\u00fcl 2025 tarihli genel kurul karar\u0131yla ba\u011fl\u0131 ortakl\u0131\u011f\u0131 Denge Film Prod\u00fcksiyon A.\u015e.&#8217;nin tasfiye edilmesine karar vermi\u015ftir.<\/li>\n<li><b>Gayrimenkul Portf\u00f6y\u00fcn\u00fcn Yeniden Yap\u0131land\u0131r\u0131lmas\u0131:<\/b> 2024 sonunda Grup, Fer Gayrimenkul Geli\u015ftirme ve \u0130n\u015faat A.\u015e.&#8217;deki paylar\u0131n\u0131 satm\u0131\u015f ve Ramadan Kumova&#8217;n\u0131n Denge Investment Gayrimenkul Geli\u015ftirme A.\u015e.&#8217;deki paylar\u0131n\u0131 sat\u0131n alm\u0131\u015ft\u0131r. Bu i\u015flem sonucunda Denge Investment&#8217;taki pay\u0131 %100&#8217;e y\u00fckselmi\u015f ve di\u011fer gayrimenkul \u015firketlerinden \u00e7\u0131km\u0131\u015ft\u0131r.<\/li>\n<li><b>\u0130\u015ftirak Sat\u0131\u015f\u0131:<\/b> Grup, 5 Ocak 2025&#8217;te Vepa Ki\u015fisel Bak\u0131m ve Kozmetik \u00dcretim Ticaret A.\u015e.&#8217;deki %50&#8217;lik pay\u0131n\u0131 15 milyon TL bedelle satm\u0131\u015ft\u0131r.<\/li>\n<li><b>Yeni Yat\u0131r\u0131mlar:<\/b> Grup, gelecek d\u00f6nemlerde uluslararas\u0131 fon yap\u0131lar\u0131nda kullan\u0131lmak \u00fczere Mart 2025&#8217;te \u0130ngiltere&#8217;de kurulu Brightone Capital Limited&#8217;\u0131 ve \u015eubat 2025&#8217;te Seven Sea Shipping Inc.&#8217;i kurmu\u015ftur. Bu \u015firketler hen\u00fcz faaliyete ba\u015flamam\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>6. B\u00f6l\u00fcmlere G\u00f6re Performans<\/h2>\n<p>Grubun faaliyetleri temel olarak Lojistik (Site Lojistik), \u0130leti\u015fim (Metrobil) ve Gayrimenkul (Denge Investment) segmentlerinde yo\u011funla\u015fmaktad\u0131r.<\/p>\n<p><b>Segment Performans\u0131 (1 Ocak &#8211; 30 Eyl\u00fcl 2025, milyon TL)<\/b> | Segment | Has\u0131lat | Br\u00fct K\u00e2r\/(Zarar) | Esas Faaliyet K\u00e2r\u0131\/(Zarar\u0131) | | :&#8212; | :&#8212; | :&#8212; | :&#8212; | | <b>Site Lojistik<\/b> | 377,6 | (2,1) | (41,0) | | <b>Metrobil<\/b> | 42,8 | (17,9) | (20,8) | | <b>Denge Investment<\/b> | 24,9 | 24,9 | 4,4 | | <b>Denge Holding (Y\u00f6netim)<\/b> | 9,0 | 9,0 | (20,1) | | <i>Eliminasyon<\/i> | <i>(8,6)<\/i> | <i>(8,6)<\/i> | <i>(1,4)<\/i> | | <b>Toplam<\/b> | <b>445,7<\/b> | <b>5,3<\/b> | <b>(79,0)<\/b> |<\/p>\n<ul>\n<li>En y\u00fcksek has\u0131lat <b>377,6 milyon TL<\/b> ile Site Lojistik segmentinden elde edilmi\u015ftir. Ancak bu segment, y\u00fcksek maliyetler nedeniyle br\u00fct ve esas faaliyet zarar\u0131 a\u00e7\u0131klam\u0131\u015ft\u0131r.<\/li>\n<li>Metrobil segmenti de benzer \u015fekilde has\u0131lat\u0131na ra\u011fmen zarar kaydetmi\u015ftir.<\/li>\n<li>Denge Investment, esas faaliyet k\u00e2r\u0131 a\u00e7\u0131klayan tek segment olmas\u0131na ra\u011fmen, toplam performans\u0131 yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkul sat\u0131\u015f zararlar\u0131ndan olumsuz etkilenmi\u015ftir.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"696\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Bu belgeler, **Denge Yat\u0131r\u0131m Holding**&#8217;in 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131na ait **finansal performans\u0131n\u0131** ve kurumsal faaliyetlerini detayland\u0131ran resmi raporlard\u0131r. Payla\u015f\u0131lan metinler, \u015firketin **lojistik, teknoloji ve gayrimenkul** gibi farkl\u0131 sekt\u00f6rlerdeki i\u015ftirak yap\u0131s\u0131n\u0131, y\u00f6netim kurulu kadrosunu ve g\u00fcncel ortakl\u0131k de\u011fi\u015fimlerini kapsaml\u0131 bir \u015fekilde sunmaktad\u0131r. Finansal veriler incelendi\u011finde, holdingin **\u00f6zkaynak durumu**, d\u00f6nem i\u00e7indeki k\u00e2r-zarar tablolar\u0131 ve konsolide varl\u0131k toplamlar\u0131 hakk\u0131nda teknik bilgiler payla\u015f\u0131ld\u0131\u011f\u0131 g\u00f6r\u00fclmektedir. Ayr\u0131ca raporlar, \u015firketin **stratejik yat\u0131r\u0131m hedeflerini**, tasfiye s\u00fcre\u00e7lerini ve sermaye tavan\u0131 art\u0131r\u0131m\u0131 gibi \u00f6nemli kurumsal kararlar\u0131 kamuoyuna duyurmaktad\u0131r. Son olarak, \u015feffafl\u0131k ilkeleri gere\u011fi **kurumsal y\u00f6netim uyum raporlar\u0131** ile risk y\u00f6netimi komitelerinin \u00e7al\u0131\u015fma esaslar\u0131na dair bilgilendirmeler de metinde yer almaktad\u0131r.<\/p>\n","protected":false},"author":1,"featured_media":777,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[168],"class_list":["post-696","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-denge"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/696","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=696"}],"version-history":[{"count":3,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/696\/revisions"}],"predecessor-version":[{"id":778,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/696\/revisions\/778"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/777"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=696"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=696"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=696"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}