This is another time to look at Newton's 2nd law of motion:
Net Force = (mass) x (acceleration)
If the object is not moving, then its acceleration is certainly zero, and Newton's law looks like this:
Net Force = (mass) x (zero)
or Net Force = (zero) .
"Net Force = zero" means that if there ARE any forces acting on the object, then they add up to zero, and we call them "balanced" forces.
So the answer is 'yes', and that's why.