Assets include things like the bank balance, invoices pending collection, or equipment; liabilities cover debts to suppliers, the tax agency, or the bank; equity holds the capital contributed plus accumulated results. For an SL, the balance sheet is part of the annual accounts filed each year with the Companies Register (Registro Mercantil).
A simple example: if the SL takes out a loan, the bank goes up on the asset side and the debt goes up on the liability side, while equity stays the same. The classic mistake is looking only at the bank balance and forgetting the VAT and withholdings you collected that already belong to the tax agency: on the balance sheet they show up as a debt, even though the money is still in your account. Another slip is keeping invoices from clients who will never pay among the assets.
The balance sheet is read together with the cuenta de pérdidas y ganancias: the year's result moves into equity. In kontora the balance sheet is built from your double-entry records, so you can check it at any date.
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