Industrial symbiosis (IS) has been recognized as an important approach to succeed in the transition towards increased circularity in industry and society. IS involves collaboration between different actors sharing resources, aiming to minimize waste, improve resource and/or energy efficiency, resulting in reduced emissions and environmental impact. This study conducts an embedded single case study at an IS network in Sotenäs, Sweden, where both private and public actors collaborate by exchanging resources. The study identifies benefits and adverse effects of the IS network and explores how these are considered in the actors’ decision-making regarding participation. The results indicate that different actors perceive different types and degrees of benefits and adverse effects. To add further value, this study develops an analytical framework for mapping benefits and adverse effects in the form of an impact assessment matrix. The framework maps at what level in society effects accrue and at what point in time they are expected to occur. The results of this study can help understand the role of specific benefits and adverse effects in actors’ decision-making, and show the distribution of effects across societal levels. This knowledge can help understand the complexity of IS networks and thereby facilitate the implementation of IS.