{"id":990,"date":"2026-02-08T03:26:29","date_gmt":"2026-02-08T00:26:29","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=990"},"modified":"2026-02-08T03:26:29","modified_gmt":"2026-02-08T00:26:29","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-vbtyz-vbt-yazilim-2025-12-bilanco-analizi-satislari-duserken-kar-nasil-patladi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/990","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #VBTYZ | VBT Yaz\u0131l\u0131m 2025\/12 Bilan\u00e7o Analizi &#8211; Sat\u0131\u015flar\u0131 D\u00fc\u015ferken K\u00e2r Nas\u0131l Patlad\u0131"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/creators.spotify.com\/pod\/profile\/market-risk-tr\/embed\/episodes\/VBTYZ--VBT-Yazlm-202512-Bilano-Analizi---Satlar-Derken-Kr-Nasl-Patlad-e3epjes\/a-acf8rmu\" height=\"102px\" width=\"400px\" frameborder=\"0\" scrolling=\"no\"><\/iframe><br \/>\n<span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>2025 Finansal Raporlar\u0131ndan \u00d6ne \u00c7\u0131kan Ba\u015fl\u0131klar <\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\">VBT Yaz\u0131l\u0131m A.\u015e.&#8217;nin 2025 y\u0131l\u0131 finansal tablolar\u0131 ve faaliyet raporu, \u015firketin operasyonel karl\u0131l\u0131\u011f\u0131nda ve teknolojik yat\u0131r\u0131mlar\u0131nda \u00f6nemli bir ivme kazand\u0131\u011f\u0131n\u0131 g\u00f6stermektedir:\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>G\u00fc\u00e7l\u00fc Karl\u0131l\u0131k Art\u0131\u015f\u0131:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> \u015eirketin <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>net d\u00f6nem kar\u0131<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\">, 2024 y\u0131l\u0131ndaki 45,6 milyon TL seviyesinden <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>178,3 milyon TL&#8217;nin \u00fczerine \u00e7\u0131karak yakla\u015f\u0131k 4 kat art\u0131\u015f<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> g\u00f6stermi\u015ftir.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Has\u0131lat ve Br\u00fct Kar:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> 2025 y\u0131l\u0131 has\u0131lat\u0131 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>2,42 milyar TL<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> olarak ger\u00e7ekle\u015firken, etkin maliyet y\u00f6netimi sayesinde <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>br\u00fct kar marj\u0131 %22,8&#8217;den %31,1&#8217;e y\u00fckselmi\u015ftir<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\">.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Ar-Ge ve \u0130novasyon Oda\u011f\u0131:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> \u015eirket; Yapay Zeka (AI), Makine \u00d6\u011frenmesi ve enerji verimlili\u011fi sa\u011flayan <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>&#8220;GreenCode&#8221;<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> gibi projelerle Ar-Ge \u00e7al\u0131\u015fmalar\u0131na a\u011f\u0131rl\u0131k vermeye devam etmi\u015ftir.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Stratejik \u0130\u015f Ortakl\u0131klar\u0131 ve \u0130haleler:<\/strong><\/span><\/span> <span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>SGK Medula ve Sigorta Veritabanlar\u0131<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> lisans g\u00fcncelleme ihalesi <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>207,4 milyon TL<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> bedelle kazan\u0131lm\u0131\u015f; ayr\u0131ca IBM ve BMC Software ile stratejik i\u015f birlikleri s\u00fcrd\u00fcr\u00fclm\u00fc\u015ft\u00fcr.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>B\u00fcy\u00fcyen Kadro:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> \u015eirketin \u00e7al\u0131\u015fan say\u0131s\u0131 bir \u00f6nceki y\u0131la g\u00f6re artarak <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>370 ki\u015fiye<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> ula\u015fm\u0131\u015ft\u0131r.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Finansal Yap\u0131:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> Toplam varl\u0131klar <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>2,49 milyar TL<\/strong><\/span><\/span><span data-slate-node=\"text\" data-slate-fragment=\"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\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> olarak ger\u00e7ekle\u015fmi\u015f, \u015firketin likidite durumu (Cari Oran: 1,37) y\u00f6netilebilir seviyede kalm\u0131\u015ft\u0131r. <\/span><\/span><\/p>\n<h1>VBT Yaz\u0131l\u0131m\u2019\u0131n 2025 Finansal Karnesi: K\u00fcresel Geni\u015fleme ve Enflasyon \u00c7a\u011f\u0131nda Stratejik B\u00fcy\u00fcme<\/h1>\n<h2>1. Giri\u015f: Teknoloji Devinin Finansal Labirentinde Yolculuk<\/h2>\n<p>Y\u00fcksek enflasyonist bask\u0131lar\u0131n h\u00fck\u00fcm s\u00fcrd\u00fc\u011f\u00fc bir makroekonomik iklimde teknoloji vizyonunu korumak, sadece operasyonel bir ba\u015far\u0131 de\u011fil, ayn\u0131 zamanda sofistike bir finansal m\u00fchendislik gerektirir. VBT Yaz\u0131l\u0131m\u2019\u0131n 2025 y\u0131l\u0131 konsolide finansal raporlar\u0131, rakamlar\u0131n \u00f6tesine ge\u00e7erek k\u00fcresel bir b\u00fcy\u00fcme hikayesinin teknik anatomisini sunuyor. &#8220;Ger\u00e7e\u011fe uygun sunum&#8221; ilkesi do\u011frultusunda haz\u0131rlanan bu veriler, \u015firketin sadece yerel bir oyuncu de\u011fil, k\u0131talararas\u0131 bir teknoloji distrib\u00fct\u00f6r\u00fc ve \u00e7\u00f6z\u00fcm orta\u011f\u0131 olma yolundaki kararl\u0131l\u0131\u011f\u0131n\u0131 belgeliyor. Bu analizde, enflasyonist etkilerden ar\u0131nd\u0131r\u0131lm\u0131\u015f reel performans\u0131 ve stratejik hamlelerin bilan\u00e7oya yans\u0131yan iz d\u00fc\u015f\u00fcmlerini inceleyece\u011fiz.<\/p>\n<h2>2. K\u00fcresel Bir A\u011f \u00d6rmek: \u0130stanbul\u2019dan Dubai ve New York\u2019a<\/h2>\n<p>VBT Yaz\u0131l\u0131m, organizasyonel yap\u0131s\u0131n\u0131 geleneksel s\u0131n\u0131rlar\u0131n \u00f6tesine ta\u015f\u0131yarak yaz\u0131l\u0131m sekt\u00f6r\u00fcnde nadir g\u00f6r\u00fclen bir \u00f6l\u00e7eklenebilirlik h\u0131z\u0131 sergilemi\u015ftir. Fiziksel sanayinin aksine yaz\u0131l\u0131m\u0131n d\u00fc\u015f\u00fck sermaye yo\u011funluklu ve y\u00fcksek marjl\u0131 do\u011fas\u0131, Grubun \u0130svi\u00e7re&#8217;den ABD&#8217;ye kadar uzanan yelpazede &#8220;s\u00fcrpriz bir h\u0131zla&#8221; geni\u015flemesine olanak tan\u0131m\u0131\u015ft\u0131r. \u00d6zellikle VBT Akademi gibi e\u011fitim kollar\u0131n\u0131n bu yap\u0131ya entegre edilmesi, insan kayna\u011f\u0131 s\u00fcrd\u00fcr\u00fclebilirli\u011fi a\u00e7\u0131s\u0131ndan stratejik bir derinlik katmaktad\u0131r.<\/p>\n<p><b>Grup&#8217;un k\u00fcresel organizasyon a\u011f\u0131:<\/b><\/p>\n<ul>\n<li><b>VBT Europe AG (\u0130svi\u00e7re):<\/b> Yaz\u0131l\u0131m ve proje geli\u015ftirme merkezi.<\/li>\n<li><b>VBT Software UK Limited (\u0130ngiltere):<\/b> BT dan\u0131\u015fmanl\u0131\u011f\u0131 ve veri i\u015fleme operasyonlar\u0131.<\/li>\n<li><b>VBT Software DE GmbH (Almanya):<\/b> Avrupa pazar\u0131n\u0131n ana da\u011f\u0131t\u0131m \u00fcss\u00fc.<\/li>\n<li><b>VBT Software INC (ABD):<\/b> New Jersey merkezli Ar-Ge ve proje geli\u015ftirme.<\/li>\n<li><b>VBT Software Austria GmbH (Avusturya):<\/b> Viyana odakl\u0131 teknolojik \u00e7\u00f6z\u00fcmler.<\/li>\n<li><b>VBT MEA Computer Software Trading LLC (BAE):<\/b> Ortado\u011fu ve Afrika operasyonlar\u0131n\u0131n finansal ve operasyonel y\u00f6netim merkezi.<\/li>\n<li><b>Disnet Teknoloji A.\u015e. (T\u00fcrkiye):<\/b> Uygulama yaz\u0131l\u0131mlar\u0131 geli\u015ftirme ve kritik distrib\u00fct\u00f6rl\u00fck y\u00f6netimi.<\/li>\n<li><b>VBT Akademi E\u011fitim A.\u015e. (T\u00fcrkiye):<\/b> E\u011fitim ve dan\u0131\u015fmanl\u0131k hizmetleri ile Grubun nitelikli i\u015f g\u00fcc\u00fc kapasitesini destekleyen stratejik i\u015ftirak.<\/li>\n<\/ul>\n<h2>3. 929 Milyon TL&#8217;lik B\u00fcy\u00fck Hamle: BMC Yaz\u0131l\u0131m Distrib\u00fct\u00f6rl\u00fc\u011f\u00fc<\/h2>\n<p>VBT\u2019nin 2025 y\u0131l\u0131ndaki en kritik stratejik d\u00f6n\u00fc\u015f\u00fcm\u00fc, maddi olmayan duran varl\u0131klar kaleminde g\u00f6r\u00fclen 929 milyon TL (26,5 milyon USD) de\u011ferindeki devasa yat\u0131r\u0131md\u0131r. Dubai merkezli VBT MEA i\u015ftiraki \u00fczerinden yap\u0131land\u0131r\u0131lan BMC Software distrib\u00fct\u00f6rl\u00fck anla\u015fmas\u0131, \u015firketin sadece bir hizmet sa\u011flay\u0131c\u0131 olmaktan \u00e7\u0131k\u0131p k\u00fcresel bir \u00e7\u00f6z\u00fcm orta\u011f\u0131na d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc tescillemi\u015ftir. Bu yat\u0131r\u0131m, Grubun duran varl\u0131k yap\u0131s\u0131n\u0131 teknoloji odakl\u0131 bir modele evrilterek 2029 y\u0131l\u0131na kadar s\u00fcrecek olan g\u00fc\u00e7l\u00fc bir nakit ak\u0131\u015f\u0131 potansiyelini konsolide etmi\u015ftir.<\/p>\n<p>&#8220;Aktifle\u015ftirilen 26.533.351 USD kar\u015f\u0131l\u0131\u011f\u0131 929.233.184 TL lisans maliyeti Dubai\u2019de bulunan ba\u011fl\u0131 ortakl\u0131k VBT MEA Computer Software Trading LLC taraf\u0131ndan sat\u0131n al\u0131nan BMC Software ile yap\u0131lan distrib\u00fct\u00f6rl\u00fck anla\u015fmas\u0131 gere\u011fi \u00f6denen gayri maddi hak bedelinden olu\u015fmaktad\u0131r. Distrib\u00fct\u00f6rl\u00fck anla\u015fmas\u0131 1 Ekim 2024 &#8211; 30 Eyl\u00fcl 2029 tarihleri aras\u0131nda ge\u00e7erli olacakt\u0131r.&#8221; (Dipnot 15, Sayfa 31)<\/p>\n<h2>4. Enflasyon Muhasebesi (TMS 29): Reel Performans\u0131n \u015eeffaf Analizi<\/h2>\n<p>TMS 29 uygulamas\u0131, y\u00fcksek enflasyon ortam\u0131nda finansal tablolar\u0131n sat\u0131n alma g\u00fcc\u00fc paritesine dayal\u0131 olarak yeniden d\u00fczenlenmesini zorunlu k\u0131lmaktad\u0131r. VBT Yaz\u0131l\u0131m, 2025 y\u0131l\u0131 i\u00e7in 3.513,87 katsay\u0131s\u0131n\u0131 kullanarak tablolar\u0131n\u0131 enflasyonist etkilerden ar\u0131nd\u0131rm\u0131\u015ft\u0131r. Bu s\u00fcre\u00e7te kaydedilen <b>146,8 milyon TL\u2019lik &#8220;Net Parasal Pozisyon Kayb\u0131&#8221;<\/b>, \u015firketin d\u00f6nem sonu itibar\u0131yla tuttu\u011fu 275,4 milyon TL seviyesindeki y\u00fcksek nakit pozisyonunun enflasyon kar\u015f\u0131s\u0131nda erimesinden kaynaklanm\u0131\u015ft\u0131r. Ancak bu durum, finansal tablolara d\u00fcr\u00fcstl\u00fck ve yat\u0131r\u0131mc\u0131 nezdinde y\u00fcksek \u015feffafl\u0131k kazand\u0131rm\u0131\u015ft\u0131r.<\/p>\n<p><b>Enflasyon D\u00fczeltme Endeksleri Kar\u015f\u0131la\u015ft\u0131rmas\u0131:<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Raporlama D\u00f6nemi<\/td>\n<td>T\u00dcFE Endeksi<\/td>\n<td>D\u00fczeltme Katsay\u0131s\u0131<\/td>\n<\/tr>\n<tr>\n<td>31.12.2025<\/td>\n<td>3.513,87<\/td>\n<td>1,00000<\/td>\n<\/tr>\n<tr>\n<td>31.12.2024<\/td>\n<td>2.684,55<\/td>\n<td>1,30892<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>5. K\u00e2rl\u0131l\u0131kta Stratejik S\u0131\u00e7rama: Operasyonel Verimlili\u011fin Zaferi<\/h2>\n<p>Finansal tablolar ilk bak\u0131\u015fta yan\u0131lt\u0131c\u0131 olabilir; has\u0131lat\u0131n enflasyona g\u00f6re d\u00fczeltilmi\u015f bazda 3 milyar TL\u2019den (restated 2024) 2,4 milyar TL\u2019ye gerilemi\u015f g\u00f6r\u00fcnmesi, asl\u0131nda reel bir daralma de\u011fil, enflasyonist etkilerin ar\u0131nd\u0131r\u0131lmas\u0131 sonucudur. As\u0131l ba\u015far\u0131, ana ortakl\u0131k paylar\u0131na d\u00fc\u015fen net d\u00f6nem k\u00e2r\u0131n\u0131n 46,1 milyon TL&#8217;den <b>175 milyon TL<\/b> seviyesine \u00e7\u0131kmas\u0131d\u0131r.<\/p>\n<p>Bu ola\u011fan\u00fcst\u00fc k\u00e2rl\u0131l\u0131k art\u0131\u015f\u0131n\u0131n arkas\u0131nda iki temel fakt\u00f6r yatmaktad\u0131r:<\/p>\n<ol>\n<li><b>Finansal Gelir Y\u00f6netimi:<\/b> K\u00fcresel geni\u015fleme ve d\u00f6viz bazl\u0131 pozisyonlar\u0131n etkisiyle finansman gelirleri 59,4 milyon TL\u2019den <b>300 milyon TL<\/b> seviyesine f\u0131rlam\u0131\u015ft\u0131r.<\/li>\n<li><b>Model D\u00f6n\u00fc\u015f\u00fcm\u00fc:<\/b> BMC distrib\u00fct\u00f6rl\u00fc\u011f\u00fc gibi y\u00fcksek katma de\u011ferli i\u015f kollar\u0131n\u0131n devreye girmesi, br\u00fct k\u00e2r marj\u0131n\u0131n (755 milyon TL) korunmas\u0131n\u0131 ve operasyonel kald\u0131rac\u0131n etkin kullan\u0131lmas\u0131n\u0131 sa\u011flam\u0131\u015ft\u0131r. Ar-Ge harcamalar\u0131n\u0131n 503,5 milyon TL&#8217;ye ula\u015fmas\u0131, bu k\u00e2rl\u0131l\u0131\u011f\u0131n tesad\u00fcfi de\u011fil, teknolojik yat\u0131r\u0131mlar\u0131n bir sonucu oldu\u011funu g\u00f6stermektedir.<\/li>\n<\/ol>\n<h2>6. Denet\u00e7inin &#8220;Olumlu&#8221; M\u00fchr\u00fc: Kurumsal Y\u00f6netim ve \u015eeffafl\u0131k<\/h2>\n<p>VBT Yaz\u0131l\u0131m\u2019\u0131n mali sa\u011fl\u0131\u011f\u0131, ba\u011f\u0131ms\u0131z denetim kurulu\u015fu Note Office (Sorumlu Denet\u00e7i Durak \u00c7elik) taraf\u0131ndan teyit edilmi\u015ftir. Denet\u00e7i raporundaki &#8220;T\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sunmaktad\u0131r&#8221; ifadesi, \u00f6zellikle has\u0131lat\u0131n do\u011frulanmas\u0131 ve TMS 29 uygulamalar\u0131ndaki hassasiyet nedeniyle kilit \u00f6nemdedir. Kilit Denetim Konular\u0131 aras\u0131nda yer alan has\u0131lat ve enflasyon muhasebesi \u00fczerindeki titiz denetim, yat\u0131r\u0131mc\u0131 g\u00fcvenini peki\u015ftiren en g\u00fc\u00e7l\u00fc unsurdur.<\/p>\n<h2>7. Sonu\u00e7: Gelece\u011fe Bak\u0131\u015f ve Bir Soru<\/h2>\n<p>VBT Yaz\u0131l\u0131m&#8217;\u0131n 2025 y\u0131l\u0131 performans\u0131, yerel piyasa risklerini k\u00fcresel geni\u015fleme ve kur bazl\u0131 gelir y\u00f6netimi ile dengeleyen bir ustal\u0131k eseridir. 300 milyon TL&#8217;lik finansal geliri ve 929 milyon TL&#8217;lik BMC yat\u0131r\u0131m\u0131yla \u015firket, sadece bir yaz\u0131l\u0131m evi de\u011fil, y\u00fcksek finansal kapasiteye sahip k\u00fcresel bir teknoloji akt\u00f6r\u00fc kimli\u011fini kazanm\u0131\u015ft\u0131r.<\/p>\n<p>Peki, y\u00fcksek enflasyon ve k\u00fcresel rekabetin kesi\u015fti\u011fi bu noktada, VBT&#8217;nin bir sonraki dura\u011f\u0131 hangi teknolojik inovasyon olacak?<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">VBT Yaz\u0131l\u0131m A.\u015e. 2025 Mali Y\u0131l\u0131 Ba\u011f\u0131ms\u0131z Denetim Bilgilendirme Dok\u00fcman\u0131<\/span><\/h1>\n<h2>1. Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, VBT Yaz\u0131l\u0131m Anonim \u015eirketi ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (&#8220;Grup&#8221;) 31 Aral\u0131k 2025 tarihinde sona eren hesap d\u00f6nemine ait konsolide finansal tablolar\u0131n\u0131 ve ba\u011f\u0131ms\u0131z denetim raporunu sentezlemektedir. Note Office Uluslararas\u0131 Ba\u011f\u0131ms\u0131z Denetim Dan\u0131\u015fmanl\u0131k A.\u015e. taraf\u0131ndan y\u00fcr\u00fct\u00fclen denetim sonucunda, Grubun finansal tablolar\u0131n\u0131n T\u00fcrkiye Muhasebe Standartlar\u0131&#8217;na (TMS) uygun olarak, t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sunuldu\u011fu g\u00f6r\u00fc\u015f\u00fcne var\u0131lm\u0131\u015ft\u0131r.<\/p>\n<p>2025 y\u0131l\u0131 mali raporlamas\u0131nda en belirleyici unsur, TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131n\u0131n uygulanmas\u0131 olmu\u015ftur. T\u00fcm finansal veriler, 31 Aral\u0131k 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6re d\u00fczeltilmi\u015ftir. Grup, 2025 y\u0131l\u0131nda 2,43 milyar TL has\u0131lat elde etmi\u015f ve 178,4 milyon TL net d\u00f6nem kar\u0131 a\u00e7\u0131klam\u0131\u015ft\u0131r. Grubun toplam varl\u0131klar\u0131 2,49 milyar TL seviyesinde ger\u00e7ekle\u015firken, \u00f6zkaynaklar\u0131 911,9 milyon TL olarak kaydedilmi\u015ftir.<\/p>\n<h2>2. Ba\u011f\u0131ms\u0131z Denetim G\u00f6r\u00fc\u015f\u00fc ve \u00c7er\u00e7evesi<\/h2>\n<p>Grup&#8217;un 2025 y\u0131l\u0131 konsolide finansal tablolar\u0131, Sermaye Piyasas\u0131 Kurulu (SPK) d\u00fczenlemeleri ve Kamu G\u00f6zetimi, Muhasebe ve Denetim Standartlar\u0131 Kurumu (KGK) taraf\u0131ndan yay\u0131mlanan T\u00fcrkiye Denetim Standartlar\u0131&#8217;na uygun olarak denetlenmi\u015ftir.<\/p>\n<ul>\n<li><b>Denetim G\u00f6r\u00fc\u015f\u00fc:<\/b> Ba\u011f\u0131ms\u0131z denet\u00e7i, Grubun finansal durumunu ve performans\u0131n\u0131 &#8220;olumlu&#8221; (unqualified) olarak de\u011ferlendirmi\u015ftir.<\/li>\n<li><b>Sorumlu Denet\u00e7i:<\/b> Durak \u00c7EL\u0130K (YMM).<\/li>\n<li><b>Rapor Tarihi:<\/b> 6 \u015eubat 2026.<\/li>\n<li><b>\u00d6nemli Husus:<\/b> 2024 y\u0131l\u0131na ait finansal tablolar\u0131n ba\u015fka bir denetim kurulu\u015fu taraf\u0131ndan denetlendi\u011fi ve 10 Mart 2025 tarihli raporda olumlu g\u00f6r\u00fc\u015f bildirildi\u011fi not edilmi\u015ftir.<\/li>\n<\/ul>\n<h2>3. Kilit Denetim Konular\u0131<\/h2>\n<p>Denetim s\u00fcrecinde mesleki muhakemeye g\u00f6re en \u00e7ok \u00f6nem arz eden iki temel konu belirlenmi\u015ftir:<\/p>\n<h3>3.1. Has\u0131lat\u0131n Denetimi<\/h3>\n<p>Has\u0131lat, Grubun performans \u00f6l\u00e7\u00fcm\u00fcnde en kritik kriter olmas\u0131 ve i\u015flem hacminin y\u00fcksekli\u011fi nedeniyle kilit denetim konusu olarak ele al\u0131nm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>Risk:<\/b> \u00c7ok say\u0131da i\u015flemin ger\u00e7ekle\u015fmesi nedeniyle taml\u0131k ve do\u011fruluk g\u00fcvencesinin sa\u011flanmas\u0131ndaki g\u00f6receli zorluk.<\/li>\n<li><b>Denetim Prosed\u00fcrleri:<\/b> Sat\u0131\u015f ve teslimat prosed\u00fcrleri incelenmi\u015f, cari mutabakatlar g\u00f6nderilmi\u015f, \u00fcr\u00fcn bazl\u0131 br\u00fct kar marjlar\u0131 ge\u00e7mi\u015f d\u00f6nemlerle k\u0131yaslanm\u0131\u015f ve bilan\u00e7o sonras\u0131 iadeler kontrol edilmi\u015ftir.<\/li>\n<\/ul>\n<h3>3.2. TMS 29 Enflasyon Muhasebesi Uygulamas\u0131<\/h3>\n<p>T\u00fcrkiye&#8217;deki k\u00fcm\u00fclatif \u00fc\u00e7 y\u0131ll\u0131k enflasyonun %100&#8217;\u00fc a\u015fmas\u0131 nedeniyle 2025 y\u0131l\u0131 finansal tablolar\u0131nda enflasyon d\u00fczeltmesi zorunlu hale gelmi\u015ftir.<\/p>\n<ul>\n<li><b>Risk:<\/b> Uygulanan verilerin taml\u0131\u011f\u0131, hesaplama y\u00f6ntemlerinin karma\u015f\u0131kl\u0131\u011f\u0131 ve finansal tablolar \u00fczerindeki yayg\u0131n etkisi.<\/li>\n<li><b>Uygulama Esaslar\u0131:<\/b> Parasal olmayan kalemler, T\u00dc\u0130K taraf\u0131ndan yay\u0131mlanan T\u00fcketici Fiyat Endeksi (T\u00dcFE) katsay\u0131lar\u0131 kullan\u0131larak yeniden d\u00fczenlenmi\u015ftir. 31.12.2025 itibar\u0131yla kullan\u0131lan d\u00fczeltme katsay\u0131s\u0131 1,00000; 31.12.2024 i\u00e7in ise 1,30892&#8217;dir.<\/li>\n<\/ul>\n<h2>4. Finansal Performans Analizi<\/h2>\n<p>A\u015fa\u011f\u0131daki tablo, Grubun 2025 ve 2024 y\u0131llar\u0131na ait temel performans g\u00f6stergelerini (31 Aral\u0131k 2025 sat\u0131n alma g\u00fcc\u00fcne g\u00f6re d\u00fczeltilmi\u015f olarak) kar\u015f\u0131la\u015ft\u0131rmal\u0131 sunmaktad\u0131r:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Gelir Tablosu Kalemleri (TL)<\/td>\n<td>01.01.2025 &#8211; 31.12.2025<\/td>\n<td>01.01.2024 &#8211; 31.12.2024<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>2.427.624.044<\/td>\n<td>3.019.485.046<\/td>\n<\/tr>\n<tr>\n<td><b>Sat\u0131\u015flar\u0131n Maliyeti (-)<\/b><\/td>\n<td>(1.672.261.462)<\/td>\n<td>(2.330.555.122)<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar<\/b><\/td>\n<td>755.362.582<\/td>\n<td>688.929.924<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Kar\u0131<\/b><\/td>\n<td>318.636.818<\/td>\n<td>295.242.914<\/td>\n<\/tr>\n<tr>\n<td><b>Net Parasal Pozisyon Kazan\u00e7\/Kay\u0131plar\u0131<\/b><\/td>\n<td>(146.837.759)<\/td>\n<td>(258.766.429)<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Kar\u0131<\/b><\/td>\n<td>178.387.892<\/td>\n<td>45.651.438<\/td>\n<\/tr>\n<tr>\n<td><b>Pay Ba\u015f\u0131na Kazan\u00e7<\/b><\/td>\n<td>1,496<\/td>\n<td>0,394<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>\u00d6nemli Tespitler:<\/b><\/p>\n<ul>\n<li>Has\u0131latta \u00f6nceki y\u0131la g\u00f6re nominal bir d\u00fc\u015f\u00fc\u015f g\u00f6zlemlense de br\u00fct kar marj\u0131nda iyile\u015fme sa\u011flanm\u0131\u015ft\u0131r.<\/li>\n<li>Ara\u015ft\u0131rma ve Geli\u015ftirme (Ar-Ge) giderleri 503,5 milyon TL ile operasyonel maliyetler i\u00e7inde \u00f6nemli bir yer tutmaktad\u0131r.<\/li>\n<li>Net parasal pozisyon kay\u0131plar\u0131, y\u00fcksek enflasyonun parasal varl\u0131k ve y\u00fck\u00fcml\u00fcl\u00fckler \u00fczerindeki etkisini yans\u0131tmaktad\u0131r.<\/li>\n<\/ul>\n<h2>5. Operasyonel Yap\u0131 ve Ba\u011fl\u0131 Ortakl\u0131klar<\/h2>\n<p>VBT Yaz\u0131l\u0131m, sistem entegrat\u00f6r\u00fc, yaz\u0131l\u0131m \u00e7\u00f6z\u00fcmleri, bili\u015fim sistemleri ve dan\u0131\u015fmanl\u0131k alanlar\u0131nda faaliyet g\u00f6stermektedir. Grubun organizasyon yap\u0131s\u0131 hem yurt i\u00e7i hem de yurt d\u0131\u015f\u0131 odakl\u0131 geni\u015f bir a\u011fa yay\u0131lm\u0131\u015ft\u0131r.<\/p>\n<h3>5.1. Konsolidasyon Kapsam\u0131ndaki \u015eirketler<\/h3>\n<p>Grup, a\u015fa\u011f\u0131daki ba\u011fl\u0131 ortakl\u0131klar \u00fczerinde %100 (VBT Europe AG&#8217;de %51 do\u011frudan oy hakk\u0131 ancak %100 etkin ortakl\u0131k) kontrol g\u00fcc\u00fcne sahiptir:<\/p>\n<ul>\n<li><b>VBT Akademi E\u011fitim A.\u015e. (T\u00fcrkiye):<\/b> E\u011fitim ve dan\u0131\u015fmanl\u0131k.<\/li>\n<li><b>VBT Europe AG (\u0130svi\u00e7re):<\/b> Yaz\u0131l\u0131m ve proje geli\u015ftirme.<\/li>\n<li><b>VBT Software Birimleri:<\/b> \u0130ngiltere (UK), Almanya (DE), Avusturya, ABD (INC) ve Birle\u015fik Arap Emirlikleri (MEA) \u015fubeleri.<\/li>\n<li><b>Disnet Teknoloji A.\u015e. (T\u00fcrkiye):<\/b> Yaz\u0131l\u0131m ve donan\u0131m geli\u015ftirme\/sat\u0131\u015f.<\/li>\n<\/ul>\n<h3>5.2. Kritik \u0130\u015f Ortakl\u0131\u011f\u0131: BMC Software<\/h3>\n<p>Dubai merkezli ba\u011fl\u0131 ortakl\u0131k <b>VBT MEA Computer Software Tranding LLC<\/b>, BMC Software&#8217;den lisanslar\u0131 indirimli alma hakk\u0131n\u0131 elde etmi\u015ftir.<\/p>\n<ul>\n<li><b>Stratejik Hamle:<\/b> VBT MEA, bu lisanslar\u0131 Disnet Teknoloji A.\u015e.&#8217;ye satacak, Disnet ise son kullan\u0131c\u0131lara faturaland\u0131racakt\u0131r.<\/li>\n<li><b>Yat\u0131r\u0131m Tutar\u0131:<\/b> 26.533.351 USD kar\u015f\u0131l\u0131\u011f\u0131 929,2 milyon TL lisans maliyeti aktifle\u015ftirilmi\u015ftir. Bu bedel 5 y\u0131ll\u0131k (2024-2029) distrib\u00fct\u00f6rl\u00fck anla\u015fmas\u0131n\u0131 kapsamaktad\u0131r.<\/li>\n<\/ul>\n<h2>6. Bil\u00e2n\u00e7o Yap\u0131s\u0131 ve Kaynaklar<\/h2>\n<p>Grubun varl\u0131k ve y\u00fck\u00fcml\u00fcl\u00fck yap\u0131s\u0131 31 Aral\u0131k 2025 itibar\u0131yla \u015fu \u015fekildedir:<\/p>\n<h3>6.1. Varl\u0131k Analizi<\/h3>\n<ul>\n<li><b>Toplam Varl\u0131klar:<\/b> 2.491.694.711 TL.<\/li>\n<li><b>D\u00f6nen Varl\u0131klar:<\/b> 1,35 milyar TL (Nakit ve nakit benzerleri: 275,4 milyon TL).<\/li>\n<li><b>Duran Varl\u0131klar:<\/b> 1,14 milyar TL (Maddi olmayan duran varl\u0131klar: 961,7 milyon TL &#8211; \u00d6zellikle aktifle\u015ftirilen geli\u015ftirme maliyetleri ve haklar).<\/li>\n<\/ul>\n<h3>6.2. Y\u00fck\u00fcml\u00fcl\u00fck ve \u00d6zkaynak Analizi<\/h3>\n<ul>\n<li><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 982,9 milyon TL (Ticari bor\u00e7lar: 601,6 milyon TL).<\/li>\n<li><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 596,9 milyon TL (Banka kredileri: 476,7 milyon TL).<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> 911,9 milyon TL.<\/li>\n<\/ul>\n<h3>6.3. Sermaye Yap\u0131s\u0131<\/h3>\n<p>\u015eirketin \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi 117.000.000 TL olup, ortakl\u0131k yap\u0131s\u0131 \u015f\u00f6yledir:<\/p>\n<ul>\n<li><b>Halka Arz Edilen Paylar:<\/b> %44,14<\/li>\n<li><b>Birol Ba\u015faran:<\/b> %35,42<\/li>\n<li><b>\u0130pek Canan Ba\u015faran:<\/b> %7,31<\/li>\n<li><b>Di\u011fer Ortaklar:<\/b> %13,13 (Tayfun Yurdag\u00fcl, Zahide Ko\u00e7yi\u011fit, Osman \u00c7ayl\u0131 vb.)<\/li>\n<\/ul>\n<h2>7. Sonu\u00e7 ve De\u011ferlendirme<\/h2>\n<p>VBT Yaz\u0131l\u0131m, 2025 mali y\u0131l\u0131nda enflasyon muhasebesinin getirdi\u011fi karma\u015f\u0131kl\u0131\u011fa ra\u011fmen karl\u0131l\u0131\u011f\u0131n\u0131 art\u0131rmay\u0131 ba\u015farm\u0131\u015f ve faaliyet alan\u0131n\u0131 global \u00f6l\u00e7ekte (Dubai ve Avrupa merkezli) geni\u015fletmi\u015ftir. \u00d6zellikle BMC Software ile yap\u0131lan distrib\u00fct\u00f6rl\u00fck anla\u015fmas\u0131, Grubun orta vadeli gelir projeksiyonunda \u00f6nemli bir yer tutmaktad\u0131r. Finansal tablolar\u0131n \u015feffafl\u0131\u011f\u0131 ve do\u011frulu\u011fu ba\u011f\u0131ms\u0131z denet\u00e7i taraf\u0131ndan tasdik edilmi\u015f olup, Grubun i\u015fletme s\u00fcreklili\u011fi esas\u0131nda herhangi bir belirsizlik tespit edilmemi\u015ftir.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"990\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>VBT Yaz\u0131l\u0131m 2025 Y\u0131l\u0131nda Rekor Kar ve Teknoloji Odakl\u0131 B\u00fcy\u00fcme ile \u00d6ne \u00c7\u0131k\u0131yor!<br \/>\nVBT Yaz\u0131l\u0131m, 2025 finansal sonu\u00e7lar\u0131yla dijital d\u00f6n\u00fc\u015f\u00fcmdeki liderli\u011fini peki\u015ftiriyor. Net kar\u0131n\u0131 bir \u00f6nceki y\u0131la g\u00f6re yakla\u015f\u0131k %300 art\u0131ran \u015firket, 2,4 milyar TL has\u0131lat ve %31,1 br\u00fct kar marj\u0131 ile operasyonel verimlilikte yeni bir standart belirledi. Yapay zeka destekli Ar-Ge projeleri, SGK ile imzalanan dev s\u00f6zle\u015fme ve k\u00fcresel i\u015f ortakl\u0131klar\u0131yla VBT, teknoloji ihracat\u0131 vizyonunu g\u00fc\u00e7lendirerek gelece\u011fe emin ad\u0131mlarla ilerliyor. Finansal performans\u0131m\u0131z\u0131n detaylar\u0131n\u0131 ve gelecek stratejilerimizi ke\u015ffedin.<\/p>\n","protected":false},"author":1,"featured_media":974,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[219],"class_list":["post-990","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-vbtyz"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/990","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=990"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/990\/revisions"}],"predecessor-version":[{"id":995,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/990\/revisions\/995"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/974"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=990"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=990"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=990"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}