The NFB was forced to change its structure and renew its focus on policy and membership value after a shortfall last September caused by lower-than-expected recruitment.
The restructuring programme entailed a full-scale review of expenditure, resulting in a four-year business plan to turn the deficit into a "significant cash surplus".
Stephens, speaking at the NFB's annual meeting on Wednesday, reported an operating surplus of £43,000 for the last quarter of the year ending 31 March.
He conceded that the year had presented "a number of challenges" but said he was optimistic that the NFB would bounce back. He said: "We accepted the realities before us, secured the support of the regions and reshaped the organisation to meet those challenges."
n The NFB has replaced its chairman, Bill Rabbetts, with Alistair McHarg, proprietor of the Hereford-based property investor and developer Biddle Properties.