Did Vasco make a profit in 2025? What the official accounts reveal | OneFootball

Vasco da Gama SAF closed the 2025 fiscal year with a net profit of R$ 81.2 million, reversing the R$ 114.7 million loss recorded the previous year. The figures are included in the financial statements for the period ending December 31, 2025, audited by BDO RCS Auditores Independentes and released this week.

Revenue grows 59% in two years

The club’s total revenue rose from R$ 429 million in 2023 to R$ 683 million in 2025, an increase of approximately 59% over the period. Operating revenue — which includes recurring sources such as broadcasting rights, marketing, and fan-related income — accounted for 82% of the total in 2025, reaching R$ 561 million. The growth indicates less dependence on player sales to balance cash flow.

Judicial reorganization approved by 97.7% of creditors

The main institutional milestone of the year was the approval of the Judicial Reorganization Plan (PRJ) at a creditors’ meeting held in October 2025. The plan received support from 97.7% of creditors and was court-approved in December by the Rio de Janeiro Court of Justice. The mechanism allows the club to extend payment deadlines and reduce short-term pressure on cash flow.

+ With a focus on attack and defense, Vasco prepares a package of signings

Vasco’s financial situation is still delicate

Despite the recorded profit, the auditors’ report notes that Vasco SAF ended 2025 with negative equity of R$ 647 million — a reduction compared to the R$ 734 million deficit in 2024, but still at a critical level. Working capital also remains negative, at R$ 204 million, which means the club has more short-term obligations than available resources to meet them.

The auditors also issued a qualified opinion, noting that they were unable to fully complete the verification of some balance sheet items — including wages payable, obligations to players, and judicial deposits — due to insufficient documentation within the audit deadline.

Football: Copa do Brasil final and more than ten youth titles

On the pitch, the club reached the 2025 Copa do Brasil final, something that had not happened in more than a decade. The youth teams won more than ten titles over the course of the season, highlighted by the first-ever Under-17 Copa do Brasil title, with an unbeaten campaign and the trophy secured in the final against Bahia.

What to expect from 2026

Vasco SAF’s board indicates that 2026 will be a year of continuity for the judicial reorganization plan, with a focus on cash generation, expense control, and squad strengthening within the established financial limits. The management also expects to complete the renovations at the Moacyr Barbosa Training Center, which began in 2025.

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This article was translated into English by Artificial Intelligence. You can read the original version in 🇧🇷 here.