The reduction of total kinetic energy is equal to the total kinetic energy before the collision in a center of momentum frame with respect to the system of two particles, because in such a frame the kinetic energy after the collision is zero. In this frame most of the kinetic energy before the collision is that of the particle with the smaller mass. In another frame, in addition to the reduction of kinetic energy there may be a transfer of kinetic energy from one particle to the other; the fact that this depends on the frame shows how relative this is. With time reversed we have the situation of two objects pushed away from each other, e.g. shooting a projectile, or a rocket applying thrust (compare the derivation of the Tsiolkovsky rocket equation).