The two key physical variables are flow rate (litre/min) and temperature drop (degC), which together determine the heat transfer rate (joule/sec). The former is set by the displacement rate (litre/min) of the pump and the boiler power (joule/sec) then sets the latter. The process of balancing adjusts local impedances (mbar.sec/litre) to tweak the flow through each emitter so it is comensurate with the heat requirements in its vicinity.
If the pump has a constant displacement rate, adjusting the lockshield to reduce the flow through one radiator results in an increase in flow through other radiators to keep the total constant. In such systems you need go round making adjustments a couple of times get everything sweet.
If the pump has a controller that modulates the displacement rate to keep the pressure drop constant life is a lot easier. In this case reducing the flow through one radiator with its lockshield causes the pump to reduce the displacement rate but to keep the pressure difference between its ports constant. As long as the pipework impedance is neglible, which should be a reasonable approximation but isn't always, the flow through the other emitters remains constatn. In such systems balancing is a single pass proces.
When a TRV closes on a 'constant displacement' system the reduction in flow has to be balanced by an equivalent increase shared amongst the remaining radiators, which will probably all get a bit hotter as a result. On the other hand, when a TRV closes on a 'constant pressure' system the flow through the pump reduces and the other radiators remain unaffected.
A pedant will point out that real systems are never ideally constant flow or ideally constant pressure due to the finite impedance of the pipework. In practice, however, the behaviour is largely determined by the pump type and constant pressure systems are, IME, easier to set up.