Yes, it is balanced. This is because both S and O have six valence electrons on their outermost shell. Oxygen as the surrounding atom needs to attain a stable electron configuration of an octet( which means 8 electrons on the outermost shell). To achieve this, Sulfur as the central atom (S) shares an electron with each oxygen (O) atom through single covalent bond. The Lewis structure is O-S-O. Please note that sulfur as the central atom does not need to have 8 electrons to be stable, it can have more than 8.