diff --git a/substreams/crates/tycho-substreams/src/balances.rs b/substreams/crates/tycho-substreams/src/balances.rs
index afda1ff..bed19af 100644
--- a/substreams/crates/tycho-substreams/src/balances.rs
+++ b/substreams/crates/tycho-substreams/src/balances.rs
@@ -88,7 +88,8 @@ pub fn store_balance_changes(deltas: BlockBalanceDeltas, store: impl StoreAdd<Bi
         });
 }
 
-type TxAggregatedBalances = HashMap<Vec<u8>, (Transaction, HashMap<Vec<u8>, BalanceChange>)>;
+type TxAggregatedBalances =
+    HashMap<Vec<u8>, (Transaction, HashMap<Vec<u8>, HashMap<Vec<u8>, BalanceChange>>)>;
 
 /// Aggregates absolute balances per transaction and token.
 ///
@@ -98,13 +99,14 @@ type TxAggregatedBalances = HashMap<Vec<u8>, (Transaction, HashMap<Vec<u8>, Bala
 ///
 /// This function reads absolute balance values from an additive store (see `store_balance_changes`
 /// for how to create such a store). It zips these values with the relative balance deltas to
-/// associate balance values with tokens and components, ensuring the last balance change per token
-/// per transaction is kept if there are multiple changes. Negative balances are set to 0, adhering
-/// to the expectation that absolute balances must be non-negative.
+/// associate balance values with tokens and components, ensuring the last balance change for each
+/// unique combination of component, token, and transaction is kept if there are multiple changes.
+/// Negative balances are set to 0, adhering to the expectation that absolute balances must be
+/// non-negative.
 ///
-/// Will keep the last balance change per token per transaction if there are multiple
-/// changes. In case a balance ends up being negative, it will be clipped to 0 since
-/// absolute balances are expected to be either zero or positive.
+/// Will keep the last balance change for each unique combination of component, token, and
+/// transaction if there are multiple changes. In case a balance ends up being negative, it will be
+/// clipped to 0 since absolute balances are expected to be either zero or positive.
 ///
 /// ## Panics
 /// May panic if the store deltas values are not in the correct format. Values are
@@ -153,11 +155,16 @@ pub fn aggregate_balances_changes(
         .into_iter()
         .map(|(txh, group)| {
             let (mut transactions, balance_changes): (Vec<_>, Vec<_>) = group.into_iter().unzip();
+            let mut balances: HashMap<Vec<u8>, HashMap<Vec<u8>, BalanceChange>> = HashMap::new();
 
-            let balances = balance_changes
-                .into_iter()
-                .map(|balance_change| (balance_change.token.clone(), balance_change))
-                .collect();
+            for balance_change in balance_changes.into_iter() {
+                let component_entry = balances
+                    .entry(balance_change.component_id.clone())
+                    .or_default();
+
+                // Insert or overwrite the balance change for the specific token
+                component_entry.insert(balance_change.token.clone(), balance_change);
+            }
             (txh, (transactions.pop().unwrap(), balances))
         })
         .collect()
@@ -420,26 +427,31 @@ mod tests {
             vec![0, 1],
             (
                 Transaction { hash: vec![0, 1], from: vec![9, 9], to: vec![8, 8], index: 0 },
-                [
-                    (
-                        token_0.clone(),
-                        BalanceChange {
-                            token: token_0,
-                            balance: BigInt::from(999)
-                                .to_signed_bytes_be()
-                                .to_vec(),
-                            component_id: comp_id.clone(),
-                        },
-                    ),
-                    (
-                        token_1.clone(),
-                        BalanceChange {
-                            token: token_1,
-                            balance: vec![150],
-                            component_id: comp_id.clone(),
-                        },
-                    ),
-                ]
+                [(
+                    comp_id.clone(),
+                    [
+                        (
+                            token_0.clone(),
+                            BalanceChange {
+                                token: token_0,
+                                balance: BigInt::from(999)
+                                    .to_signed_bytes_be()
+                                    .to_vec(),
+                                component_id: comp_id.clone(),
+                            },
+                        ),
+                        (
+                            token_1.clone(),
+                            BalanceChange {
+                                token: token_1,
+                                balance: vec![150],
+                                component_id: comp_id.clone(),
+                            },
+                        ),
+                    ]
+                    .into_iter()
+                    .collect::<HashMap<_, _>>(),
+                )]
                 .into_iter()
                 .collect::<HashMap<_, _>>(),
             ),
diff --git a/substreams/ethereum-balancer/src/modules.rs b/substreams/ethereum-balancer/src/modules.rs
index 89ef7d7..d0feaa3 100644
--- a/substreams/ethereum-balancer/src/modules.rs
+++ b/substreams/ethereum-balancer/src/modules.rs
@@ -208,7 +208,11 @@ pub fn map_protocol_changes(
                 .or_insert_with(|| TransactionChangesBuilder::new(&tx));
             balances
                 .values()
-                .for_each(|bc| builder.add_balance_change(bc));
+                .for_each(|token_bc_map| {
+                    token_bc_map
+                        .values()
+                        .for_each(|bc| builder.add_balance_change(bc))
+                });
         });
 
     // Extract and insert any storage changes that happened for any of the components.
diff --git a/substreams/ethereum-sfraxeth/src/modules.rs b/substreams/ethereum-sfraxeth/src/modules.rs
index 8638886..dee48c0 100644
--- a/substreams/ethereum-sfraxeth/src/modules.rs
+++ b/substreams/ethereum-sfraxeth/src/modules.rs
@@ -305,9 +305,13 @@ pub fn map_protocol_changes(
             let builder = transaction_changes
                 .entry(tx.index)
                 .or_insert_with(|| TransactionChangesBuilder::new(&tx));
-            balances.values().for_each(|bc| {
-                builder.add_balance_change(bc);
-            });
+            balances
+                .values()
+                .for_each(|token_bc_map| {
+                    token_bc_map
+                        .values()
+                        .for_each(|bc| builder.add_balance_change(bc))
+                });
         });
 
     // Extract and insert any storage changes that happened for any of the components.