North Melbourne have gone into the black for the seventh time in eight years, announcing a net operating profit of more than $500,000.
Their bottom line of $529,507 is understood to include equalisation funding from the AFL.
The Kangaroos said they have reduced their debt from nearly $8 million to $1.65 million, while still investing in their football department.
North have made the last two preliminary finals.
They credit increased membership and their push into Tasmania as big reasons for the good financial news.