VSME guide 2025 — Understanding the standard for non-listed SMEs
The VSME (Voluntary Standard for non-listed SMEs) is the sustainability reporting standard designed specifically for non-listed SMEs. This guide explains who is concerned, how the standard is structured and how to prepare a first report.
1. What is the VSME?
The VSME (Voluntary Standard for non-listed SMEs) is a voluntary sustainability reporting standard developed by EFRAG and formalized by the European Commission Recommendation of 30 July 2025. It allows non-listed SMEs to produce a structured sustainability report that is understandable and usable by their financial partners, clients and contractors.
Unlike the ESRS standards (which apply to large companies subject to the CSRD), the VSME is designed to be proportionate to the size and resources of an SME. It relies on data available in the company's existing documents: invoices, financial statements, HR data, safety records.
2. Who is concerned?
The VSME mainly addresses non-listed SMEs that receive ESG requests from:
- Banks and credit institutions (SFDR obligations, EBA Pillar 3)
- Investors (impact funds, venture capital, family offices)
- Large corporate clients subject to the CSRD that must qualify their value chain
- Public and private contractors integrating ESG criteria into their tenders
The standard is voluntary: there is no legal obligation for non-listed SMEs. The pressure comes from external stakeholders, not direct regulation.
3. Option A and Option B: the two modules
Option A — Basic
Mandatory module. Covers the essential sustainability information.
- • 11 indicators (B1 to B11)
- • 112 datapoints
- • Environment, social, governance
- • Recommended for a first approach
Option B — Basic + Narrative
Complete module. Adds narrative and strategic information.
- • 20 indicators (B1-B11 + C1-C9)
- • 184 datapoints
- • Strategy, climate risks, human rights
- • Required by some investors and banks
4. The 184 VSME datapoints
The EFRAG Digital Template v1.2.0 defines 184 structured datapoints across 20 indicators. Among these 184 datapoints:
Greenova extracts the 141 datapoints from your existing documents using specialized AI models. The 37 derived datapoints (totals, ratios, intensities) are calculated automatically from the extracted values, with no manual intervention.
5. Key dates and reference texts
VSME Recommendation, European Commission
Formalizes the VSME standard as an official recommendation for non-listed SMEs in the European Union.
EFRAG Digital Template v1.2.0
Defines the 184 datapoints, the XBRL taxonomy vsme/2026-02-01 and the structured exchange formats.
6. How to get started with Greenova
- 1Create a VSME report in Greenova (Option A or Option B).
- 2Upload your existing documents: energy bills, financial statements, HR data, safety reports.
- 3Greenova extracts the datapoints and keeps the supporting evidence for each value.
- 4You validate, complete or correct the values in the interface.
- 5Greenova checks completeness and generates the PDF report aligned with the EFRAG Digital Template v1.2.0.