Mn 5 Ge 3 thin films epitaxially grown on Ge(111) exhibit metallic conductivity and strong ferromagnetism up to about 300 K. Recent experiments suggest a non-collinear spin structure. In order to gain deep insights into the magnetic structure of this compound, we have performed fully unconstrained ab-initio pseudopotential calculations within density functional theory, investigating the different magnetic states corresponding to Collinear (C) and Non-Collinear (NC) spin configurations. We focus on their relative stability under pressure and strain field. Under pressure, the C and NC configurations are degenerate, suggesting the possible occurrence of accidental magnetic degeneracy also in Mn 5 Ge 3 real samples. We found a continuous transition from a ferromagnetic C low-spin state at small volumes to a NC high-spin state at higher volumes. Remarkably, the degeneracy is definitely removed under the effect of uniaxial strain: in particular, NC spin configuration is favoured under tensile uniaxial strain.