Passif vs. obligation
In French accounting and finance, both passif and obligation can relate to what a company owes. However, they are not interchangeable. Passif is a broad, all-encompassing term, while obligation refers to a very specific type of financial debt.
Passif
C1This is the general, high-level accounting term for the entirety of a company's liabilities and shareholders' equity. It represents all the financial resources of the company provided by third parties and owners. On a balance sheet (bilan), the passif is the entire side that balances with the assets (actif).
L'actif doit toujours être égal au passif.
(The assets must always equal the liabilities and equity.)
L'analyse du passif de l'entreprise révèle un fort endettement.
(The analysis of the company's liabilities reveals a high level of debt.)
Le passif comprend les dettes fournisseurs, les emprunts bancaires et les capitaux propres.
(The liabilities side includes accounts payable, bank loans, and shareholders' equity.)
Nous devons réduire le total du passif pour améliorer notre bilan.
(We must reduce the total liabilities to improve our balance sheet.)
Obligation
C1This term refers to a specific type of liability: a bond. An obligation is a formal debt security issued by a corporation or government to raise capital from investors. The issuer is obligated to pay interest (the coupon) periodically and to repay the principal amount at a later date, known as maturity. It is one specific component that would be listed under the passif on a balance sheet.
La société a émis une nouvelle obligation pour financer son projet d'expansion.
(The company issued a new bond to finance its expansion project.)
J'ai investi dans une obligation d'État car c'est un placement sûr.
(I invested in a government bond because it is a safe investment.)
Le rendement de cette obligation d'entreprise est de 4% par an.
(The yield on this corporate bond is 4% per year.)
Le remboursement du principal de l'obligation est prévu pour 2030.
(The repayment of the bond's principal is scheduled for 2030.)
Summary
In essence, the difference is one of scope. Passif is the entire category of liabilities and equity on a balance sheet—it's the whole picture of what a company owes and its net worth. An obligation, in its financial sense, is just one specific item within that larger picture: a bond issued to raise money.