We examined 3 years of measured daily values of all major water budget components (precipitation P, potential evapotranspiration PET, actual evapotranspiration ET, and runoff R) and volumetric soil water content h of a small, forested catchment located in the west of Germany. The spatial distribution of h was determined from a wireless sensor network of 109 points with 3 measurement depths each; ET was calculated from eddy-covariance tower measurements. The water budget was dominantly energy limited, with ET amounting to approximately 90% of PET, and a runoff ratio R/P of 56%. P, ET, and R closed the long-term water budget with a residual of 2% of precipitation. On the daily time scale, the residual of the water budget was larger than on the annual time scale, and explained to a moderate extent by h (R 2 5 0.40). Wavelet analysis revealed subweekly time scales, presumably dominated by unaccounted fast-turnover storage terms such as interception, as a major source of uncertainty in water balance closure. At weekly resolution, soil water content explained more than half (R 2 5 0.62) of the residual. By means of combined empirical orthogonal function and cluster analysis, two slightly different spatial patterns of h could be identified that were associated with mean h values below and above 0.35 cm 3 /cm 3 , respectively. The timing of these patterns as well as the varying coherence between PET, ET, and soil water content responded to changes in water availability, including a moderate response to the European drought in spring 2011.