For the financial period ending December 31, 2010, BBO recorded a profit of $32,191 and is now almost back in the black with negative equity of $2879.
The organisation also recorded a small profit the previous period to help overturn the $52,298 deficit it recorded for the financial year ending December 31, 2008.
BBO chairman Ricky Carr put the improved financial position down to the organisation "cutting its cloth" and support from some "great funders".
"The board has tried to be as prudent as it can with regards to expenditure," Carr said.
"In an environment where a lot of people have gone backwards we've been very diligent about how we've managed our money.
"It is no more or no less than that, really."
Delivering basketball to the community was a priority with the Nuggets and Goldrush taking a back seat.
However, Carr said major-naming sponsor Oceana Gold's financial support had been invaluable in getting the Nuggets back on the court after the franchise missed the 2009 season because of a lack of finances.
Oceana Gold's sponsorship also contributed to the success of the Goldrush, which won the Woman's Basketball Championship in Dunedin last month.
BBO increased its revenue from $567,015 in 2009 to $730,648 in 2010, the bulk of which was down to a huge increase in the revenue from corporate boxes and sponsorship - up from a mere $222, when the Nuggets spent a year out of the NBL, to $124,305.
Correspondingly, expenses rose from $549,931 to $698,457 with the high performance programme soaking up the lion's share.
