Context. 4U 1705-44 is one of the most-studied type I X-ray burster and Atoll sources. This source represents a perfect candidate to test different models proposed to self-consistently track the physical changes occurring between different spectral states because it shows clear spectral state transitions. Aims. The broadband coverage, the sensitivity and energy resolution of the BeppoSAX satellite offers the opportunity to disentangle the components that form the total X-ray spectrum and to study their changes according to the spectral state. Methods. Using two BeppoSAX observations carried out in August and October 2000, respectively, for a total effective exposure time of ∼100 ks, we study the spectral evolution of the source from a soft to hard state. Energy spectra are selected according to the source position in the color-color diagram (CCD). Results. We succeeded in modeling the spectra of the source using a physical self-consistent scenario for both the island and banana branches (the double Comptonization scenario). The components observed are the soft Comptonization and hard Comptonization, the blackbody, and a reflection component with a broad iron line. When the source moves from the banana state to the island state, the parameters of the two Comptonization components change significantly and the blackbody component becomes too weak to be detected. Conclusions. We interpret the soft Comptonization component as emission from the hot plasma surrounding the neutron star, hard Comptonization as emission from the disk region, and the blackbody component as emission from the inner accretion disk. The broad feature in the iron line region is compatible with reflection from the inner accretion disk.