Carbon budgets are frequently used in order to understand the pathways of organic matter in ecosystems, and they also have an important function in the risk assessment of harmful substances. We compared two approaches, mass balance calculations and an ecosystem budget, to describe carbon processing in a shallow, oligotrophic hardwater lake. Both approaches come to the same main conclusion, namely that the lake is a net autotrophic ecosystem, in spite of its high dissolved organic carbon and low total phosphorus concentrations. However, there were several differences between the carbon budgets, e.g. in the rate of sedimentation and the air-water flux of CO₂. The largest uncertainty in the mass balance is the contribution of emergent macrophytes to the carbon cycling of the lake, while the ecosystem budget is very sensitive towards the choice of conversion factors and literature values. While the mass balance calculations produced more robust results, the ecosystem budget gave valuable insights into the pathways of organic matter transfer in the ecosystem. We recommend that when using an ecosystem budget for the risk assessment of harmful substances, mass balance calculations should be performed in parallel in order to increase the robustness of the conclusions.