Coinbase? Don't know if they are making money, but at least they are expanding.
A lot of folks don't like them, but I have to utilize them to buy some coins if I needed to.
Coinbase just cut service to Germany and in the process of cutting Canada (because another Bitcoin business, Vagoogo or something, their payment processor, is folding).
But per OP, "DNMs, gambling, and exchanges don't count."
i am also thinking about to start a business here in my area. and to do dealing in bicoin and in local currency also. actually our people have very little knowledge about bitocin therefore only bitcoin dealing in the start will not be profitable. but i am confused that what kind of business will be more profitable in bitcoin.
Thus far, the following proved to be relatively successful.
1. Ponzi schemes: Bitcoin Forum > Economy > Marketplace > Gambling > Investor-based games
2. Gambling: Bitcoin Forum > Economy > Marketplace > Gambling
3. Usury and theft: Bitcoin Forum > Economy > Marketplace > Lending
4. Selling dreams to suckers: Bitcoin Forum > Economy > Marketplace > Securities
5. Selling carded goods/pirated software: Bitcoin Forum > Economy > Marketplace > Goods > Digital goods
6. Farming/selling Bitcointalk accounts: Bitcoin Forum > Economy > Marketplace > Auctions