leveling vs balancing

leveling and balancing both are nouns.

Word	Noun	Adjective	Verb	Adverb
leveling	Yes	No	No	No
balancing	Yes	No	No	No

As nouns, balancing is a hyponym of leveling; that is, balancing is a word with a more specific, narrower meaning than leveling:

Other hyponyms of leveling include reconciliation, equating, equation.

leveling (noun)	balancing (noun)
the act of making equal or uniform	getting two things to correspond
complete destruction of a building
changing the ground level to a smooth horizontal or gently sloping surface