Atletico Madrid made a net profit of €13.1 million over the 2014-15 season, according to accounts presented at the club's annual general shareholders meeting in Madrid on Tuesday.
Under current president Enrique Cerezo and chief executive Angel Gil Marin, Atletico for years ran up debts including tax liabilities of €215m.
However new stricter financial regulations brought in by the Spanish government, UEFA and the La Liga authorities, as well as the team's recent successes on the pitch under coach Diego Simeone, has seen an improvement in the situation.
A club statement released after the annual general meeting of shareholders said income was up and expenditure down -- and predicted a budget for the 2015-16 campaign of €240.5m.
"The Estadio Vicente Calderon hosted this Tuesday the annual general shareholders meeting, with 98.27 percent of the members representing the club's social capital present," the statement said.
"The AGM approved the club's annual accounts for the 2014-15 season, which saw a net profit, after tax, of €13.1m. Thanks to a growth in income of 7.24 percent and a reduction in costs of 0,64 percent, the result was positive by €40m, compared to the €19.3m from the previous period. The budget of income and expenditure for the current season 2015/16 was also approved, put together in conformance with the financial control criteria established by the LFP and UEFA's Financial Fair Play Regulations, and predicting income of €241.1m and expenditure of €240.5m."
Unlike Barcelona, Real Madrid and Athletic Bilbao, Atletico are not a 'members club,' and Cerezo and Gil Marin control almost all the club's shares -- helping for the annual accounts to be approved with 3,562,060 votes in favour [99.76 percent] to 8,528 votes against [0.24 percent].
Such a huge majority also means that the club's board were able to ignore other questions raised by small stakeholders, such as why the long-announced move to a new stadium at La Peineta remains in doubt, and whether the club still rely heavily on third-party investors when buying players in the transfer market.