balance sheet / assessment
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balance sheet
A systematic statement that compares a company's assets (Aktiva) and liabilities (Passiva) on a specific reporting date.
Der Wirtschaftsprüfer kontrolliert die Bilanz des Unternehmens am Jahresende.
The auditor checks the company's balance sheet at the end of the year.
assessment
A summarizing evaluation or conclusion about the results, successes, and failures of an action, project, or period of time.
Die Bilanz des Festivals ist gemischt: Es gab viele Besucher, aber auch technische Probleme.
The assessment of the festival is mixed: there were many visitors, but also technical problems.
to take stock
To evaluate and summarize the results and consequences of something at the end; to draw a conclusion.
Nach einem ereignisreichen Jahr ist es an der Zeit, Bilanz zu ziehen.
After an eventful year, it is time to take stock.
The word 'Bilanz' comes from the Italian word for scales ('bilancia'). This origin explains the basic idea: two sides are compared and weighed against each other—either assets and liabilities or successes and failures.
Am Ende des Jahres war die Bilanz des Projekts ausgeglichen.
At the end of the year, the project's assessment was balanced.
A very common fixed expression is 'Bilanz ziehen' (to take stock). It means to draw a conclusion or summarize and evaluate the results of something. The verb in this expression is always 'ziehen' (to pull/draw).
Nach seinem ersten Jahr im neuen Job zog er eine positive Bilanz.
After his first year in the new job, he took positive stock.
You can tell from the context whether the financial or the figurative meaning is intended. If it is about companies and money, it is the financial balance sheet. If it is about evaluating events or projects, it is the figurative meaning.
Der Steuerberater prüft die Bilanz der Firma.
The tax advisor checks the company's balance sheet.
In a financial context, 'Bilanz' is often used with the verbs 'erstellen' (to prepare), 'vorlegen' (to present), or 'prüfen' (to check/audit). Companies must regularly prepare a balance sheet.
Das Unternehmen muss bis Ende des Monats seine Bilanz für das letzte Geschäftsjahr vorlegen.
The company must present its balance sheet for the last fiscal year by the end of the month.
In the figurative meaning, 'Bilanz' is often combined with adjectives like 'positiv' (positive), 'negativ' (negative), 'gemischt' (mixed), or 'ernüchternd' (sobering) to evaluate a result.
Die persönliche Bilanz des Sportlers für diese Saison ist eher ernüchternd.
The athlete's personal assessment of this season is rather sobering.
conclusion
Bilanz provides an overall assessment of the successes, failures, and consequences of a project or period of time. Fazit refers more strongly to the concluding statement derived from this assessment. When weighing results against one another, you ziehen Bilanz; when stating the insight that follows from it, you formulate a Fazit.
Die Bilanz des Projektleiters nennt drei erreichte Ziele, zwei Probleme und höhere Kosten.
The project manager’s assessment lists three goals that were achieved, two problems, and higher costs.
Das Fazit des Projektleiters lautet, dass beim nächsten Mal eine längere Planung nötig ist.
The project manager’s conclusion is that more time will be needed for planning next time.
