Do I need last year's figures in my first report under the European Union (EU) voluntary standard for small companies (VSME)?
No. The standard says to report comparative figures for the previous year except for metrics disclosed for the first time, and to start comparing from the second year of reporting. Your first report can show one year only. VSME is the European Financial Reporting Advisory Group's Voluntary standard for non-listed micro-, small- and medium-sized undertakings.
The rule
- The undertaking shall report comparative information in respect of the previous year except for metrics disclosed for the first time.
- It shall report comparative information from the second year of reporting.
What this means for an April to March year
Our reading, for an Indian financial year: a first report for FY 2025-26 (April 2025 to March 2026) shows that year only. The next report, for FY 2026-27, shows FY 2026-27 next to FY 2025-26. So keep this year's bills and registers carefully, because they become next year's comparison.
Matching the accounts
The standard says that if you prepare financial statements, the report period shall be consistent with the financial statements. If a buyer or bank needs it updated every year, the standard says it shall be prepared annually.
If a figure did not change
The standard says that if specific datapoints did not change from the previous year, you may say no change occurred and refer to the previous year's report for them.
A good habit
Even when not required, a buyer may like a past year. Our suggestion: if you have last year's fuel invoices and bills, work out the same figures for it, so next year's comparison is ready.
What Senseible does here
Senseible fills the energy and emissions disclosure from fuel invoices and electricity bills. This disclosure is not part of it today; it comes from your own registers and papers.
- What is the VSME standard?
- Fuel tank dip readings for emissions
- If a disclosure does not apply, what do I write?
Last reviewed 2026-11-07. Facts are from the standard's own text, with the paragraph numbers named in the source line. The European Commission adopted its own standard for voluntary use in a Delegated Regulation of 3 July 2026, which is not in force until it is published in the Official Journal and may differ from this text, so ask your buyer which one it means. Our own readings are marked as such.