The financial health of the 18 AFL clubs has been laid bare, with only six making profits without substantial help from the league's governing body, an analysis of the competition's finances shows.

While several clubs in Melbourne have announced operating profits for 2014 in the past few months, a Fairfax Media investigation has found the annual reports posted by the clubs or lodged with the Australian Securities and Investments Commission show many did so only with additional funding from the AFL.

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Collingwood, Essendon, Hawthorn and Richmond were the only ones of 10 Victorian clubs to achieve profits in their own right, as did the West Coast Eagles and Fremantle. Essendon's $720,000 profit, however, was boosted by about $700,000 worth of donations.

The 10 Victorian clubs are also carrying about $46 million in combined debts, though some of that is related to gaming businesses.