Games like Balloon
Games like Balloon include Home Behind, Game Dev Tycoon, Papers, Please, LIMBO, and GRIS. We matched them by the tags players give Balloon on Steam (Adventure, Indie, Casual, Simulation, and Fast-Paced): closest matches first, and among equally close ones the better-known games.

Home Behind
Shared: Adventure · Indie · Casual

Game Dev Tycoon
Shared: Indie · Simulation · Casual

Papers, Please
Shared: Indie · Simulation · Singleplayer

LIMBO
Shared: Indie · Adventure · 2D

GRIS
Shared: Indie · Adventure · Atmospheric

Florence
Shared: Indie · Adventure · Casual

Plague Inc: Evolved
Shared: Indie · Simulation · Casual

There Is No Game: Wrong Dimension
Shared: Indie · Adventure · Casual

DAVE THE DIVER
Shared: Adventure · Casual · Singleplayer

That's not my Neighbor
Shared: Adventure · Casual · Indie

Hollow Knight: Silksong
Shared: Indie · 2D · Adventure

DISTRAINT: Deluxe Edition
Shared: Indie · Adventure · 2D

Russian Life Simulator
Shared: Simulation · Indie · 2D

Hollow Knight
Shared: Indie · 2D · Adventure

Melvor Idle
Shared: Casual · Indie · Adventure

Gorogoa
Shared: Indie · Casual · Singleplayer

A Dance of Fire and Ice
Shared: Indie · Music · Singleplayer

Pinstripe
Shared: Adventure · Indie · Casual

Sparkle 2 Evo
Shared: Indie · Casual · Simulation

Journey
Shared: Adventure · Indie · Atmospheric

Slime Rancher
Shared: Adventure · Singleplayer · Simulation

911 Operator
Shared: Simulation · Indie · Casual

Mountain
Shared: Indie · Simulation · Casual

Nihilumbra
Shared: Adventure · Indie · Casual