The NEC Group is set to start making money - no longer a burden on the council tax payer.
The business, which takes in the National Exhibition Centre, International Convention Centre, National Indoor Arena and Symphony Hall, cost owner Birmingham City Council £2.9 million in the year to March 31.
But next year the group is forecasting a surplus of more than £7 million.
Officials say the new strategy to transform the NEC Group's performance is working, but the dramatic turnaround is only happening because of a change in accounting procedures.
The improved position compares with an overall deficit of £9 million in 2004/5.
John Hornby, NEC Group chief operating officer, said that reflected a "notional" accounting basis - a local authority mechanism to reflect a charge for the assets that the City of Birmingham financed in the original development of the NEC.
That has been changed to a position showing the actual interest and capital repayments on the loans. Mr Hornby insisted: "This is not about pulling the wool over anyone's eyes - it is about showing the numbers as you would see them as a profit and loss account of a commercial entity.
"This is about greater transparency rather than changing the numbers to show a better position."
Under the "notional" accounting basis the NEC Group had set itself a target of 2012 to escape from financial deficits.
It predicts that in the four years from 2012 it will now contribute £30 million to council coffers.
The financial revamp was revealed as the NEC Group's latest results showed an operating profit of £32.3 million on revenues of £127.1 million.
Both were well down on 2004/5 but that is the result of last year being the bottom of the four year exhibition cycle.
It was a year of big changes as chief executive Andrew Morris announced a new strategy of securing new business, investment in facilities and improving customer service.
Some £40 million is currently being invested in the facilities, most of it going to freshen up the NEC.
The shake-up followed the body blow of losing the Motor Show to London - Motor Show organisers recently announced it was staying there.
Mr Morris has since announced his resignation, citing family commitments.
His leaving date is yet to be decided as he has agreed to carry on until a handover to his successor can be effective.
Interviews for the post are continuing and the process is at the short list stage.
A spokeswoman for the NEC said it was hoped to reveal the new face next month.
Mr Hornby denied that Mr Morris's April quit announcement had in any way affected the NEC's operations.
He said: "Andrew is fully committed on this and the board are very clear that the new strategy Andrew and the new team developed, they want it to continue.
"We are continuing to develop that strategy at full pace."
And Mr Hornby also dispelled rumours that the NEC Group could in some way be separated out from city council control by way of some sort of buyout.
"That is not a possibility," said Mr Hornby. "It never has been on the agenda and is not now. We are delivering on the strategy for the existing shareholder. The city council is very clear - that this is a city asset. They like the broad benefit it has for the region."
As to the Motor Show, Mr Hornby said they expected it to stay in London in two years time, with owner, the Society of Motor Manufacturers and Traders, having pronounced last month's event a success.
But he insisted he was pleased that the show had gone well. "It is important for our industry there is a strong Motor Show in this country."