The profit and loss statement shows how much money your business has earned or lost over a certain period of time. The balance sheet shows the financial position of your business at a specific point in time. It lists your assets, liabilities, and equity.
Let's say you are the owner of a business that has been in operation for one year. Your balance sheet at the end of the year would show what your business' assets, liabilities, and equity were at that point in time. The profit and loss statement for the year would show how much money your business earned or lost over the course of the year.