2 N2H4 (aq) + N2O4 (l) → 3 N2 (g) + 4 H2O (l)
This is an oxidation-reduction (redox) reaction:
4 N-II - 8 e- → 4 N0 (oxidation)
2 NIV + 8 e- → 2 N0 (reduction)
N2H4 is a reducing agent, N2O4 is an oxidizing agent (synproportionation (comproportionation)).