Bhāṣya
यथा दर्पणाभावे सति आभासस्य मुखप्रतिबिम्बस्य हानौ सत्यां मुखं परमार्थसत् कल्पनाहीनं मिथ्याज्ञानरहितम् एकमेव परं नापरं विद्यते, तथा तेनैव प्रकारेण धीवियोगे बुद्धेरभावे निराभासको अप्रतिबिम्बः परमार्थतः सन् एक एव यः, सोऽहमात्मेति योजना ।अयमभिप्रायः आत्माज्ञानकृतोऽयं बुद्ध्यादिप्रपञ्चः ।तत्र बुद्ध्यादौ प्रतिबिम्बरूपेण आत्मानमध्यस्य तद्गतसुखदुःखादिकम् आत्मन्यध्यस्यति ।सोऽयमध्यासो बन्धः ।आत्मज्ञानेन अज्ञाननिवृत्त्या बुद्ध्यादिप्रपञ्चनिवृत्तौ अध्यासनिवृत्तिर्मोक्षः ।न पुनः पारमार्थिकौ बन्धमोक्षौ अस्य विद्येते इति सर्वं समञ्जसमिति ॥
In plain words
Just as when the mirror is removed and the face's reflection vanishes, the face itself remains real, untouched by imagination or illusion, singular and without a second — so too, when the mind dissolves and all reflections cease, the ātman shines forth unclouded, real, and absolute: 'That I am.' Here is the underlying truth: this whole world of the mind is born of forgetfulness of your true nature. Mistaking the pure Self for a mere reflection in the intellect, you project the mind's transient joys and sorrows onto what is untouched by them. That very misidentification is bondage. When knowledge awakens, ignorance dissolves, the mental universe fades away, and this superimposition ends — that is liberation. In truth, bondage and liberation never touch the absolute Self. Everything is perfectly resolved.
Close to the Sanskrit
Just as in the absence of a mirror, when the reflection of the face ceases, the face remains truly real, free from imagination, and devoid of false knowledge, one alone and with no second existing; similarly, through that very method, when the intellect is transcended and the mind is absent, being free from reflections, without a secondary image, truly real, and existing as the one alone — that is the proper construction: 'I am that ātman.' This is the intent: this entire universe beginning with the intellect is created by ignorance of the ātman. Therein, having superimposed the ātman as a reflection upon the intellect and others, one attributes the happiness, sorrow, and other states belonging to those onto the ātman. This very superimposition is bondage. By knowledge of the ātman, through the cessation of ignorance, upon the cessation of the mental universe, the cessation of superimposition is liberation. Again, bondage and liberation do not ultimately belong to this ātman; thus everything is consistent.