{"id":2363,"date":"2026-03-13T06:28:43","date_gmt":"2026-03-13T06:28:43","guid":{"rendered":"https:\/\/www.borsaoku.com\/?p=2363"},"modified":"2026-03-15T17:33:01","modified_gmt":"2026-03-15T17:33:01","slug":"devlerin-zarar-analizi-2025te-en-cok-zarar-eden-sirketler","status":"publish","type":"post","link":"https:\/\/www.borsaoku.com\/index.php\/2026\/03\/13\/devlerin-zarar-analizi-2025te-en-cok-zarar-eden-sirketler\/","title":{"rendered":"Devlerin Zarar Analizi 2025’te en \u00e7ok zarar eden \u015firketler"},"content":{"rendered":"\t\t
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2025 Bilan\u00e7olar\u0131nda “K\u0131rm\u0131z\u0131” Alarm: Devlerin Zarar Analizi<\/h2>\n\n

T\u00fcrkiye’nin en b\u00fcy\u00fck sanayi gruplar\u0131ndan teknoloji devlerine kadar uzanan geni\u015f bir yelpazede a\u00e7\u0131klanan bu zararlar, tek bir nedenden ziyade birka\u00e7 makro ve mikro fakt\u00f6r\u00fcn birle\u015fimiyle olu\u015ftu. Listenin ba\u015f\u0131nda yer alan Vestel (-29.7 milyar \u20ba)<\/strong> ve Sasa (-22 milyar \u20ba)<\/strong> gibi \u015firketler, bu d\u00f6nemin sembolleri haline geldi.<\/p>\n

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1. Enflasyon Muhasebesi Etkisi (TMS 29)<\/h3>\n\n

Listenin bu denli kabar\u0131k olmas\u0131n\u0131n en b\u00fcy\u00fck teknik nedeni, enflasyon muhasebesi<\/strong> uygulamas\u0131d\u0131r. \u015eirketlerin varl\u0131klar\u0131 ve bor\u00e7lar\u0131 enflasyona g\u00f6re yeniden de\u011ferlendi\u011finde, \u00f6zellikle yo\u011fun yat\u0131r\u0131m d\u00f6neminde olan veya y\u00fcksek bor\u00e7lulukla \u00e7al\u0131\u015fan \u015firketlerin k\u00e2\u011f\u0131t \u00fczerinde ciddi zararlar yazd\u0131\u011f\u0131n\u0131 g\u00f6rd\u00fck. Bu, operasyonel bir ba\u015far\u0131s\u0131zl\u0131ktan ziyade, paran\u0131n sat\u0131n alma g\u00fcc\u00fcndeki de\u011fi\u015fimin bilan\u00e7oya d\u00fcr\u00fcst bir yans\u0131mas\u0131d\u0131r.<\/p>\n\n

2. Y\u00fcksek Finansman Maliyetleri<\/h3>\n\n

Y\u00fckselen faiz oranlar\u0131, bor\u00e7 y\u00fck\u00fc fazla olan \u015firketler i\u00e7in tam bir “gider canavar\u0131”na d\u00f6n\u00fc\u015ft\u00fc.<\/p>\n

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  • Enerji Sekt\u00f6r\u00fc:<\/strong> Zorlu Enerji (-14.7 milyar \u20ba)<\/strong> ve Akenerji (-5.4 milyar \u20ba)<\/strong> gibi \u015firketler, y\u00fcksek yat\u0131r\u0131m maliyetlerini d\u00f6viz bazl\u0131 kredilerle fonlad\u0131klar\u0131 i\u00e7in kur fark\u0131 ve faiz y\u00fck\u00fc alt\u0131nda ezildi.<\/li>\n\n
  • Perakende ve Beyaz E\u015fya:<\/strong> Ar\u00e7elik<\/strong> ve Vestel<\/strong> grubundaki zararlarda, hem k\u00fcresel talebin yava\u015flamas\u0131 hem de i\u00e7erideki daralma etkili oldu.<\/li>\n<\/ul>\n\n

    3. Sekt\u00f6rel Daralma ve Emtia Fiyatlar\u0131<\/h3>\n

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    Petkim (-10.2 milyar \u20ba)<\/strong> ve Hekta\u015f (-4 milyar \u20ba)<\/strong> gibi \u015firketlerdeki durum biraz daha farkl\u0131. K\u00fcresel emtia fiyatlar\u0131ndaki dalgalanmalar, arz-talep dengesizli\u011fi ve tar\u0131m sekt\u00f6r\u00fcndeki maliyet art\u0131\u015flar\u0131, bu devlerin operasyonel k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 do\u011frudan vurdu.<\/p>\n

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    \u00d6ne \u00c7\u0131kan \u015eirketler ve Zarar Tablosu<\/h2>\n\n

    A\u015fa\u011f\u0131daki tablo, 2025 d\u00f6neminin en y\u00fcksek zarar a\u00e7\u0131klayan ilk 10 \u015firketini \u00f6zetlemektedir:<\/p>\n\n

    \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    \u015eirket Kodu<\/td>\n\u015eirket Ad\u0131<\/td>\nNet Zarar (Milyar \u20ba)<\/td>\n<\/tr>\n<\/thead>\n
    VESTL<\/strong><\/td>\nVestel<\/td>\n-29.7<\/td>\n<\/tr>\n
    SASA<\/strong><\/td>\nSasa Polyester<\/td>\n-22.0<\/td>\n<\/tr>\n
    ZOREN<\/strong><\/td>\nZorlu Enerji<\/td>\n-14.7<\/td>\n<\/tr>\n
    PETKM<\/strong><\/td>\nPetkim<\/td>\n-10.2<\/td>\n<\/tr>\n
    MOGAN<\/strong><\/td>\nMogan Enerji<\/td>\n-9.2<\/td>\n<\/tr>\n
    ARCLK<\/strong><\/td>\nAr\u00e7elik<\/td>\n-8.4<\/td>\n<\/tr>\n
    CRFSA<\/strong><\/td>\nCarrefoursa<\/td>\n-6.5<\/td>\n<\/tr>\n
    GOZDE<\/strong><\/td>\nG\u00f6zde Giri\u015fim<\/td>\n-6.5<\/td>\n<\/tr>\n
    VESBE<\/strong><\/td>\nVestel Beyaz E\u015fya<\/td>\n-6.3<\/td>\n<\/tr>\n
    TKFEN<\/strong><\/td>\nTekfen Holding<\/td>\n-5.7<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n\n

    E-Tablolar’a aktar<\/p>\n

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    Yat\u0131r\u0131mc\u0131 \u0130\u00e7in Ne Anlama Geliyor?<\/h2>\n\n

    Bu rakamlar ilk bak\u0131\u015fta korkutucu g\u00f6r\u00fcnse de, profesyonel analizlerde “Net Zarar”<\/strong> rakam\u0131ndan ziyade “Esas Faaliyet K\u00e2r\u0131”<\/strong> ve “FAV\u00d6K”<\/strong> gibi verilere bakmak kritik \u00f6nemdedir. E\u011fer bir \u015firket operasyonel olarak k\u00e2r ediyorsa ancak enflasyon d\u00fczeltmesi veya tek seferlik vergi giderleri nedeniyle zarar a\u00e7\u0131kl\u0131yorsa, bu durum “ge\u00e7ici bir t\u00fcrb\u00fclans” olarak yorumlanabilir.<\/p>\n\n

    Ancak hem operasyonel zarar eden hem de bor\u00e7luluk oran\u0131 s\u00fcrd\u00fcr\u00fclemez seviyeye \u00e7\u0131kan \u015firketler i\u00e7in 2026 y\u0131l\u0131 bir “verimlilik ve hayatta kalma” y\u0131l\u0131 olacakt\u0131r.<\/p>\n\n

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    \u00d6zetle:<\/strong> 2025 bilan\u00e7olar\u0131, T\u00fcrkiye ekonomisindeki s\u0131k\u0131la\u015fma d\u00f6ng\u00fcs\u00fcn\u00fcn ve y\u00fcksek enflasyonun reel sekt\u00f6r \u00fczerindeki “so\u011fuk du\u015f” etkisini net bir \u015fekilde ortaya koymu\u015ftur.<\/p>\n<\/blockquote>\n\n

    \u00a0<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    2025 Bilan\u00e7olar\u0131nda “K\u0131rm\u0131z\u0131” Alarm: Devlerin Zarar Analizi T\u00fcrkiye’nin en b\u00fcy\u00fck sanayi gruplar\u0131ndan teknoloji devlerine kadar uzanan geni\u015f bir<\/p>\n","protected":false},"author":1,"featured_media":2364,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wds_primary_category":2,"footnotes":""},"categories":[2],"tags":[400,200,192,412,401,411],"class_list":["post-2363","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sirkethaberleri","tag-arclk","tag-borsa","tag-sasa","tag-sirketler","tag-vestl","tag-zarar"],"_links":{"self":[{"href":"https:\/\/www.borsaoku.com\/index.php\/wp-json\/wp\/v2\/posts\/2363","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=2363"}],"version-history":[{"count":4,"href":"https:\/\/www.borsaoku.com\/index.php\/wp-json\/wp\/v2\/posts\/2363\/revisions"}],"predecessor-version":[{"id":2372,"href":"https:\/\/www.borsaoku.com\/index.php\/wp-json\/wp\/v2\/posts\/2363\/revisions\/2372"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.borsaoku.com\/index.php\/wp-json\/wp\/v2\/media\/2364"}],"wp:attachment":[{"href":"https:\/\/www.borsaoku.com\/index.php\/wp-json\/wp\/v2\/media?parent=2363"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.borsaoku.com\/index.php\/wp-json\/wp\/v2\/categories?post=2363"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.borsaoku.com\/index.php\/wp-json\/wp\/v2\/tags?post=2363"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}