This study provides a multi‐year (2017–2022) Net Ecosystem Carbon Balance (NECB) of a Pyrenean mountainous peatland through the integration of field data, satellite imagery, and statistical modeling. Fluvial organic carbon export was measured at 30 min frequency, while gaseous (CO2 and CH4) exchanges were measured monthly using closed chambers. These measurements were combined with Sentinel‐2 derived chlorophyll index and in situ high frequency (1 hr) measurements of key environmental variables such as air temperature, photosynthetically active radiation, and water table level, to develop hourly gaseous carbon flux models (R2 = 0.69 for GPP, R2 = 0.84 for ER, R2 = 0.59 for CH4). Over the 2017–2022 period, modeled average GPP (610 ± 39 gC.m−2.year−1) and ER (641 ± 59 gC.m−2.year−1) showed that the peatland acted as a weak source of CO2 to the atmosphere, releasing 31 ± 73 gC.m−2.year−1. Considering fluvial carbon export and CH4 exchanges, the loss of carbon from the peatland increased to 55 ± 73 gC.m−2.year−1. Dissolved organic carbon constituted 8%–106% of the NECB. The estimated long‐term organic accumulation rate indicated a steady carbon accumulation rate of 16.4 gC.m−2.year−1, contrasting with the contemporary NECB, suggesting a recent shift in ecosystem functioning from a carbon sink to a source. The study underscores the role of water availability and air temperature through a drought index (DI), in shaping the NECB. The DI correlated significantly with annual carbon gaseous fluxes, except for 2022, marked by an intense drought. During this year the peatland became a large source of carbon (189 gC.m−2.year−1) to the atmosphere.