{"id":1638,"date":"2026-01-23T20:46:36","date_gmt":"2026-01-23T20:46:36","guid":{"rendered":"http:\/\/www.borsaoku.com\/?p=1638"},"modified":"2026-01-23T20:46:38","modified_gmt":"2026-01-23T20:46:38","slug":"bilanco-okuma","status":"publish","type":"post","link":"https:\/\/www.borsaoku.com\/index.php\/2026\/01\/23\/bilanco-okuma\/","title":{"rendered":"Bilan\u00e7o Okuma"},"content":{"rendered":"\n

Bilan\u00e7o Okuma<\/h2>\n\n\n\n

Bir yat\u0131r\u0131mc\u0131 i\u00e7in borsa grafikleri “fiyat\u0131n ne yapt\u0131\u011f\u0131n\u0131” s\u00f6ylerken, bilan\u00e7olar “\u015firketin ne durumda oldu\u011funu” anlat\u0131r. Bilan\u00e7o okumak, sadece rakamlara bakmak de\u011fil; bir \u015firketin sa\u011fl\u0131\u011f\u0131n\u0131, bor\u00e7 \u00f6deme g\u00fcc\u00fcn\u00fc ve gelecekteki b\u00fcy\u00fcme potansiyelini analiz etmektir.<\/p>\n\n\n\n

Temel olarak bir bilan\u00e7o, belirli bir tarihte \u015firketin varl\u0131klar\u0131n\u0131<\/strong>, y\u00fck\u00fcml\u00fcl\u00fcklerini<\/strong> ve \u00f6zkaynaklar\u0131n\u0131<\/strong> g\u00f6steren mali bir tablodur.<\/p>\n\n\n\n

\n\n\n\n

1. Temel Denklem: Bilan\u00e7onun Alt\u0131n Kural\u0131<\/h3>\n\n\n\n

Bilan\u00e7onun en temel mant\u0131\u011f\u0131 \u015fu basit matematiksel e\u015fitli\u011fe dayan\u0131r:<\/p>\n\n\n\n

Varl\u0131klar=Yu\u00a8ku\u00a8mlu\u00a8lu\u00a8kler (Borc\u00b8\u200blar)+O\u00a8zkaynaklar<\/p>\n\n\n\n

Bu denklem bize \u015funu s\u00f6yler: \u015eirketin sahip oldu\u011fu her \u015fey (varl\u0131klar), ya bor\u00e7la al\u0131nm\u0131\u015ft\u0131r ya da ortaklar\u0131n koydu\u011fu sermaye (\u00f6zkaynak) ile finanse edilmi\u015ftir.<\/p>\n\n\n\n

\n\n\n\n

2. Bilan\u00e7onun \u00dc\u00e7 Ana S\u00fctunu<\/h3>\n\n\n\n

A. Varl\u0131klar (D\u00f6nen ve Duran Varl\u0131klar)<\/h4>\n\n\n\n
    \n
  • D\u00f6nen Varl\u0131klar:<\/strong> Bir y\u0131l i\u00e7inde nakde \u00e7evrilebilecek de\u011ferlerdir (Nakit para, stoklar, ticari alacaklar). \u015eirketin “nakit ak\u0131\u015f\u0131” i\u00e7in hayati \u00f6nem ta\u015f\u0131r.<\/li>\n\n\n\n
  • Duran Varl\u0131klar:<\/strong> Bir y\u0131ldan uzun s\u00fcre kullan\u0131lacak varl\u0131klard\u0131r (Fabrikalar, makineler, binalar, markalar).<\/li>\n<\/ul>\n\n\n\n

    B. Y\u00fck\u00fcml\u00fcl\u00fckler (K\u0131sa ve Uzun Vadeli Bor\u00e7lar)<\/h4>\n\n\n\n
      \n
    • K\u0131sa Vadeli:<\/strong> Bir y\u0131l i\u00e7inde \u00f6denmesi gereken bor\u00e7lar.<\/li>\n\n\n\n
    • Uzun Vadeli:<\/strong> Bir y\u0131l\u0131 a\u015fan banka kredileri veya tahvil bor\u00e7lar\u0131.<\/li>\n<\/ul>\n\n\n\n

      C. \u00d6zkaynaklar<\/h4>\n\n\n\n

      \u015eirketin toplam varl\u0131klar\u0131ndan t\u00fcm bor\u00e7lar \u00e7\u0131kar\u0131ld\u0131\u011f\u0131nda geriye kalan de\u011ferdir. Yat\u0131r\u0131mc\u0131n\u0131n as\u0131l sahip oldu\u011fu pay buras\u0131d\u0131r.<\/p>\n\n\n\n

      \n\n\n\n

      3. Bilan\u00e7oda “Hata” Yapmamak \u0130\u00e7in Bak\u0131lmas\u0131 Gereken 3 Kritik G\u00f6sterge<\/h3>\n\n\n\n

      Bir bilan\u00e7oyu elinize ald\u0131\u011f\u0131n\u0131zda bo\u011fulmamak i\u00e7in \u015fu \u00fc\u00e7 noktaya odaklan\u0131n:<\/p>\n\n\n\n

        \n
      1. Cari Oran (Likidite Kontrol\u00fc):<\/strong> \u015eirketin k\u0131sa vadeli bor\u00e7lar\u0131n\u0131 \u00f6deyip \u00f6deyemeyece\u011fini g\u00f6sterir. Cari\u00a0Oran=K\u0131sa\u00a0Vadeli\u00a0Yu\u00a8ku\u00a8mlu\u00a8lu\u00a8klerDo\u00a8nen\u00a0Varl\u0131klar\u200b \u0130deal olan bu oran\u0131n 1.5 ile 2<\/strong> aras\u0131nda olmas\u0131d\u0131r. 1\u2019in alt\u0131 tehlike \u00e7anlar\u0131 demektir.<\/em><\/li>\n\n\n\n
      2. Bor\u00e7\/\u00d6zkaynak Oran\u0131 (Kald\u0131ra\u00e7 Kontrol\u00fc):<\/strong> \u015eirketin ne kadar borca batt\u0131\u011f\u0131n\u0131 g\u00f6sterir. Y\u00fcksek bor\u00e7, faiz art\u0131\u015f d\u00f6nemlerinde \u015firketi zorlar.<\/li>\n\n\n\n
      3. Stok Devir H\u0131z\u0131:<\/strong> \u015eirket \u00fcretti\u011fi mal\u0131 ne kadar h\u0131zl\u0131 sat\u0131yor? Stoklar\u0131n depoda beklemesi, nakit ak\u0131\u015f\u0131n\u0131 t\u0131kayan gizli bir maliyettir.<\/li>\n<\/ol>\n\n\n\n
        \n\n\n\n

        4. Yat\u0131r\u0131mc\u0131lar\u0131n D\u00fc\u015ft\u00fc\u011f\u00fc “Tuzaklar”<\/h3>\n\n\n\n

        Bilan\u00e7o okurken sadece “Kar” rakam\u0131na bakmak en b\u00fcy\u00fck hatad\u0131r. Neden mi?<\/p>\n\n\n\n

          \n
        • Ka\u011f\u0131t \u00dcst\u00fcndeki Kar:<\/strong> Bir \u015firket \u00e7ok y\u00fcksek kar a\u00e7\u0131klam\u0131\u015f olabilir ancak bu paray\u0131 hen\u00fcz kasas\u0131na koymam\u0131\u015f (ticari alacaklarda bekliyor) olabilir.<\/li>\n\n\n\n
        • Yeniden De\u011ferleme:<\/strong> \u015eirket sahip oldu\u011fu bir binan\u0131n de\u011feri artt\u0131\u011f\u0131 i\u00e7in kar etmi\u015f g\u00f6r\u00fcnebilir. Bu “operasyonel” bir ba\u015far\u0131 de\u011fil, pasif bir de\u011fer art\u0131\u015f\u0131d\u0131r.<\/li>\n<\/ul>\n\n\n\n
          \n\n\n\n

          Sonu\u00e7<\/h3>\n\n\n\n

          Bilan\u00e7o okumak, bir \u015firketin hikayesini rakamlarla dinlemektir. E\u011fer varl\u0131klar bor\u00e7lardan h\u0131zl\u0131 b\u00fcy\u00fcyorsa ve \u015firket faaliyetlerinden nakit \u00fcretebiliyorsa, o hikayenin sonu genellikle yat\u0131r\u0131mc\u0131 i\u00e7in mutlu biter.<\/p>\n","protected":false},"excerpt":{"rendered":"

          Bilan\u00e7o Okuma Bir yat\u0131r\u0131mc\u0131 i\u00e7in borsa grafikleri “fiyat\u0131n ne yapt\u0131\u011f\u0131n\u0131” s\u00f6ylerken, bilan\u00e7olar “\u015firketin ne durumda oldu\u011funu” anlat\u0131r. Bilan\u00e7o<\/p>\n","protected":false},"author":1,"featured_media":1639,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wds_primary_category":0,"footnotes":""},"categories":[163,147],"tags":[234,235,200,199],"class_list":["post-1638","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilanco-okuma","category-temel-analiz","tag-bilanco","tag-bilanco-okuma","tag-borsa","tag-temel-analiz"],"_links":{"self":[{"href":"https:\/\/www.borsaoku.com\/index.php\/wp-json\/wp\/v2\/posts\/1638","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.borsaoku.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.borsaoku.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.borsaoku.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.borsaoku.com\/index.php\/wp-json\/wp\/v2\/comments?post=1638"}],"version-history":[{"count":1,"href":"https:\/\/www.borsaoku.com\/index.php\/wp-json\/wp\/v2\/posts\/1638\/revisions"}],"predecessor-version":[{"id":1640,"href":"https:\/\/www.borsaoku.com\/index.php\/wp-json\/wp\/v2\/posts\/1638\/revisions\/1640"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.borsaoku.com\/index.php\/wp-json\/wp\/v2\/media\/1639"}],"wp:attachment":[{"href":"https:\/\/www.borsaoku.com\/index.php\/wp-json\/wp\/v2\/media?parent=1638"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.borsaoku.com\/index.php\/wp-json\/wp\/v2\/categories?post=1638"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.borsaoku.com\/index.php\/wp-json\/wp\/v2\/tags?post=1638"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}