Quantifying components of the hydrological cycle in glacierised catchments is important for the assessment of the temporal distribution, quantity and quality of water resources available to downstream regions, especially under a changing climate. However, this assessment requires long time series of observations, which are typically unavailable for remote catchments, such as those in mountainous areas. In this study, we leverage a unique ∼40 year time series of hydrological data recorded in the subarctic glacierised Tarfala catchment (Sweden) to explore temporal trends in the components of the catchment water balance (precipitation, runoff, change in storage, and evaporation), and to assess if water balance residuals are associated with specific hydro-climatic conditions. No significant temporal trends were found in precipitation and storage changes of the glacierised area, but significant increases were found in evaporation and summer discharge (in part attributed to glacier volume losses). The annual water balance could not be perfectly closed, and water losses were on average 112 mm y⁻¹ larger than the water inputs over the study period. Among the water balance components, discharge contributed most to the total water balance uncertainty, and storage surplus due to antecedent meteorological conditions could explain why water losses in specific years exceeded the uncertainty bounds. It is therefore essential to consider legacy effects from previous years when applying water balance calculations in mountainous and/or glacierised catchments.