There's quite a comprehensive guide to this covered by ASchroder:
Why are my Magento products not showing up?!
Check your store's default configuration for stock management via:
System
→ Configuration
→ Catalog
→ Inventory
Under the Stock Options
section, you'll see the setting for Display Out of Stock Products
, which in your case is likely set to no.
Under the Product Stock Options
, you are able to see your default setting for Manage Stock & Qty for Item's Status to Become Out of Stock.
I'd assume that due to the products being stock managed & out of stock, they're no longer visible on the frontend.
Remember to refresh your caches & re-index after changing configuration & stock options to ensure that the updates are visible on the frontend.