(After reading Audrey DeLucca's post I'm modifying my previous one to make it more detailed)
The drawing depicts a rural landscape,drawn in Bayeux tapestry style and it includes several scenes and situations which refer to each of the four realms in Ars and how they interact with the, lets say, mundane world. There are two main sections in the drawing, one is a rural village(which occupies the left side of the painting), and the other, the fields and a forest that surround the village which occupies the rest of the painting except for the sky that occupies the top.
The first scene are several mundane peasants working the fields, cutting timber, working in a farm with cows, etc, and, among them, several faerie who are causing mischief: for example, they are stealing the produce, drinking the cow's milk, seducing a maiden or a young man, even stealing a human child.
The second scene occurs at the village square, in front of the church, where most villagers are reunited as they are scared of something they see in the sky. In response, the priest, who is in front of the church's doors raises his hands asking for protection as the light of God falls upon him and his flock.
The third scene also occurs at the village, where a peasant can be seen bargaining with the Devil hidden behind a house, maybe for protection maybe for something more. The Devil is holding a document in his hands, possibly an infernal contract.
The last scene is a dragon which is flying on the sky over the village, completely unaware of the commotion his presence has caused.