Here is an example of a Balance Sheet - Actual vs Budget Template:
By reference to the numbers in the report above:
Actuals Column - These values are the closing balance figures in your Balance Sheet at the date of the report, and will directly reflect the Statement of Financial Position at the same point in time
Budget Column - These values represent the projected closing balance figures, and are calculated by taking into account the Opening Balance at the beginning of the Financial year, and then adjusting those balances by the movements in the Budget figures for the year to date.
Variance is Positive - Reports the difference between the Actuals and Budget and is represented by a positive variance if the difference is favourable to the organisation, for example the Actuals values of Assets are higher, or Liabilities are lower, than projected in the Budget
Variance is Negative - If the Actuals for Assets are lower, or Liabilities are higher, than projected by the Budget and therefore unfavourable to the organisation.