VSME Report Examples Compared: our 7 Key Learnings
Discover 5 real VSME report examples compared – with clear learnings and tips for your own sustainability reporting.
- Five published VSME reports from different industries show how varied sustainability reporting can look in practice.
- All reports share a common structure and a focus on workforce topics, but differ greatly in data depth and storytelling.
- A double materiality assessment helps focus your report on what truly matters for your company.
- Even a short, honest report beats a long, vague one, provided it is concrete and authentic.
- The VSME standard is expanding into the broader "VS (Voluntary Standard)", relevant beyond SMEs to any company below the new CSRD threshold.
With the Omnibus Proposals, the EU Commission initiated a significant policy shift. The originally planned mandatory sustainability reporting for all small and medium-sized enterprises under the CSRD was suspended. That took immediate pressure off many companies.
What remains is the voluntary VSME standard, published by EFRAG. It was originally aimed at small companies with fewer than 250 employees who want to provide stakeholders (banks, customers, employees) with structured sustainability information. Medium-sized companies that fall below the CSRD threshold are now also applying it to prepare for future reporting.
The VSME is being broadened into the "VS (Voluntary Standard)", expected as a delegated act later in 2026 and based on the EFRAG VSME from December 2024. It applies beyond SMEs, covering any company with fewer than 1,000 employees or under 450 million euros turnover that falls outside the CSRD scope. CSRD-obligated companies may also not require value-chain partners at or below that threshold to provide information beyond this voluntary standard.
But what does a VSME report actually look like? What do companies report, and how much effort is involved? We looked at five publicly available VSME report examples from different industries and countries. From those, we derived seven concrete learnings to help you assess the effort, impact, and requirements.
Overview: What VSME Report Examples Are There?
For our analysis, we researched and identified five published sustainability reports. The companies differ in industry, origin, size, and communication style. That is precisely what makes the comparison worthwhile.
Alba Project Group (Denmark)
A consulting company specialising in project management, engineering, and procurement. The report is methodically well-structured, based on a double materiality assessment, and covers central environmental and social topics. Its scope is manageable.
Ten23 Health (Switzerland)
A pharmaceutical service provider with regulatory experience. The report is extensive and data-rich, using both the basic and the voluntary comprehensive module of the VSME. It includes a strategic narrative ("Fairstainability"), clear goals, and quantitative metrics.
Nord Mobil (Croatia)
A manufacturer of mobile homes. The report is in Croatian and short, but concrete. It covers energy efficiency, recycled materials, and site data. There is no storytelling and no comprehensive strategy, but there is clear practical relevance.
OREXES GmbH (Germany)
An IT consulting company specialising in SAP security. The report is extensive, systematic, and follows the full VSME standard, including stakeholder analysis and concrete climate targets. Visual elements such as a materiality matrix and a business model canvas were also incorporated.
YouSustain Group (Norway)
A small CSRD consultancy with a focus on knowledge transfer and workforce empowerment. The report is well-structured and adheres closely to the VSME guidelines, providing a clear index.
Differences and Similarities
What Sets These VSME Reports Apart
The five reports differ significantly in objectives, scope, and depth of implementation.
| Dimension | Deeper engagement | Lighter approach |
|---|---|---|
| Data basis | Ten23 Health and OREXES use quantified emissions, accident rates, and SBTi-like targets | YouSustain and Alba largely forgo key figures; Nord Mobil sticks to a few pragmatic statements |
| Module usage | OREXES and Ten23 Health use the voluntary Comprehensive Module (C1-C9) | All others stick to the Basic Module |
| Storytelling | Ten23 Health builds a narrative around "Fairstainability"; YouSustain emphasises education and impact | Nord Mobil provides almost exclusively operational facts |
| Framework references | Ten23 Health references EcoVadis, SBTi, and B Corp status | Only Nord Mobil mentions the SDGs; ISO standards play a minor role across all reports |
| Materiality assessment | Four of the five companies conducted a double materiality assessment | Nord Mobil did not |
These differences show that the VSME standard is interpreted very differently in practice. The range runs from "duty fulfilled" to "strategically integrated".
What the Reports Have in Common
Despite all differences, clear common patterns emerge.
- Adherence to structure: All reports roughly follow the structure of the VSME standard, which aids comparability and provides guidance.
- Focus on social topics: Workforce information (B8, B9) appears in all reports, covering gender distribution, safety, or training.
- No greenwashing: None of the reports exaggerates. The tone is restrained and fact-oriented throughout.
- Management statement: All reports begin with a personal foreword, which adds authenticity.
These similarities suggest that companies primarily use the VSME standard as a practical reporting tool, not as a communication platform.
We have compiled the VSME requirements into a practical, step-by-step Word template for your sustainability report. It shows exactly what information is expected at each stage.
What Are the 7 Key Learnings from These VSME Report Examples?
After analysing five VSME report examples covering IT consulting, pharma services, manufacturing, and more, seven key learnings emerge. They will help you design your own report in a way that is both compliant and genuinely useful.
1. A Clear Structure Helps, But Is Not Enough
All companies follow the prescribed structure (B1-B11, C1-C9), which provides a solid framework. Those who merely work through section by section tend to produce a documented "mandatory programme". The best reports (for example Ten23 Health and OREXES) combine the structure with content-based prioritisation: What is truly material for our company, and where do we want to make a difference?
Practical tip: Use the VSME structure as a framework, but tell your own story within it.
2. Data Speaks Louder Than Words, If It Is Complete and Traceable
There are significant differences in the key figures used. Some reports almost entirely forgo quantifiable data, while others provide reliable CO2 figures, training hours, accident statistics, and a gender pay gap analysis. Data builds trust, provided it is relevant, comparable, and transparently derived.
Practical tip: If you can only measure a little, focus on 3-5 meaningful KPIs and explain how you plan to improve them.
3. Few Reports Use the Potential of Storytelling
Personal forewords and concrete examples make sustainability tangible in everyday life. Yet many companies stay very factual. Storytelling creates orientation and identification, especially among employees, customers, and applicants.
Practical tip: Show with one or two examples how your sustainability strategy is implemented in practice, whether through a project, a team initiative, or a decision.
4. The Double Materiality Assessment Brings Focus and Creates Clarity
The best reports explain how they determined their material topics, for example with a double materiality assessment covering both impact and financial perspectives. This helps to focus the report and signals that ESG is genuinely prioritised.
Practical tip: It does not have to be a comprehensive materiality assessment with stakeholder surveys. A DMA Light is also sufficient, for example with our Materiality Assessment Template or the Materiality Master. The key is to show that you proceed systematically.
5. Known Frameworks Create Compatibility, But Are Rarely Used
Only a few companies refer to internationally established frameworks such as SDGs, ISO, or EcoVadis. These references signal to stakeholders that sustainability is deeply embedded in the company. A new standard, ISO 53001, is currently under development.
Practical tip: If you are ISO-certified, have prioritised SDGs, or use EcoVadis, mention it in the report and visibly link your content to it.
6. The Optional C-Module Often Remains Unused
Only two of the five companies report on the "Comprehensive" disclosures (C1-C9). These modules offer added value precisely where sustainability is strategically embedded, for example in climate targets, risk assessment, or governance.
Practical tip: Use the material or applicable C-disclosures to demonstrate maturity and ambition, especially if you work with larger customers, suppliers, or investors.
7. Even a Short Report Can Be Effective, If It Is Honest and Concrete
Not every report needs 30 pages. Nord Mobil shows how a compact PDF with clear statements, authentic examples, and visible commitment can have an impact, provided you are serious and do not hedge every statement.
Practical tip: Do not artificially shorten or extend the report. Report in a way that fits the size, maturity, and relevance of your company.
Conclusion
The analysed VSME report examples show clearly: a good sustainability report is built on clear priorities, comprehensible content, and authentic communication.
The VSME standard offers a meaningful and practical structure for this. The decisive added value only emerges when you apply it to your reality. What is material for you? What goals are you pursuing? What can you realistically change?
Our Recommendation for Your VSME Report
Start with substance, not perfection. Even a short, honest report can be convincing if it shows that you address your impacts, take responsibility, and communicate transparently. The following elements help:
- A structured process, for example with double materiality or the Materiality Model Canvas
- Ideally a clear sustainability strategy
- A set of measurable goals and key figures
- A report that is understandable and says more than "we are making an effort"
Whether for customers, banks, or internal teams: a well-prepared VSME report is an instrument for building trust and positioning, not an end in itself.
The VSME standard is not a straitjacket. Those who use it meaningfully can, with comparatively little effort, create an effective and credible sustainability report that creates real internal and external value.
Our VSME report template gives you a ready-to-use structure so you can focus on your content, not on figuring out the format. We also help with setting up the materiality analysis and the overall report structure.
Frequently asked questions about VSME report examples
What is a VSME report and who needs one?
A VSME report is a sustainability report based on the voluntary VSME standard (Voluntary Sustainability Reporting Standard for SMEs), developed by EFRAG. It is designed for companies that fall outside the CSRD scope but want to provide structured sustainability information to banks, customers, or other stakeholders. With the updated CSRD thresholds (more than 1,000 employees and more than 450 million euros turnover), many more companies now fall into this category.
How long and detailed should a VSME report be?
There is no fixed length requirement. The examples we analysed range from compact PDFs of a few pages to comprehensive documents of 30-plus pages. What matters is that the report is honest, concrete, and focuses on topics that are genuinely material for your company. Nord Mobil shows that a short, focused report can be just as effective as a lengthy one.
Do I need to complete the Comprehensive Module (C1-C9) of the VSME?
No. The Comprehensive Module is optional. Only OREXES and Ten23 Health used it in the reports we analysed. It is worth considering if sustainability is strategically important for your company, if you work with large customers or investors, or if you want to demonstrate a higher level of ambition and maturity.
What is the difference between VSME and the new VS (Voluntary Standard)?
The VSME (published by EFRAG in December 2024) was originally aimed at SMEs. It is now being broadened into the "VS (Voluntary Standard)", expected as a delegated act in 2026. The VS will apply to any company outside the CSRD scope, including non-SMEs with fewer than 1,000 employees or under 450 million euros turnover. The content stays close to the VSME, with small adjustments.
