The European natural gas market has undergone significant changes in the last twenty years due to the efforts to achieve lasting security of energy supply and enable the development of competition with the aim of achieving the lowest possible energy prices for all customers. In this process, it was necessary to separate market activities of production and supply from monopolistic activities of transport and distribution. The large number of participants and roles in the gas market have made balancing the gas system a major challenge from a technical and economic point of view. The implementation of the European gas balancing model defined by the Commission Regulation of the European Union No. 312/2014 , Balancing Network Code (BAL regulation), is crucial for the integration of the European gas market. Many EU countries have made significant progress in their efforts to align the functioning of their gas markets with the provisions of the BAL regulation. Croatia completed the full implementation of the BAL Regulation in April 2017. Significant positive developments, which immediately resulted in measurable positive effects, it remains to be determined whether there is room for further improvement of the model. In order to achieve an efficient gas market, it is necessary to conduct a more detailed key parametres analysis of the balancing regime and identify weak points. In this endeavor, a comparison with EU balancing models that are a successful example of the application of the BAL regulation, while respecting specificity, can be of significant help. This paper deals with the general theoretical assumptions of the balancing model, the regulatory framework and how it developed in parallel with the liberalization of the gas market in the Republic of Croatia. The existing balancing model is reviewed using standardized analytical tools with the aim of detecting weaknesses and opportunities for improvement in order to achieve better market results.