Celtic chief executive Peter Lawwell has attempted to play down the significance of the €9 million loss shown by the club's accounts released on Tuesday.
The figures also reveal that the Bhoys' debt level has risen by €2.5m in the last financial year, despite achieving a pre-tax profit of €225,000 for the second half of 2011.
However, Lawwell has reassured supporters that the accounts do not include money generated by the club's qualification for the Champions League group stages, or the sale of midfielder Ki Sung-Yueng to Swansea.
"The club's in a decent place and we have built up over the past few years," he told the SPL club's official website.
“There will be challenging times ahead, but we are prepared for that.We are in the Champions League and we have a great foundation, a great basis to take the club forward.
"There will be challenging times ahead, but we are prepared for that.
"Although making that loss, our debt level is still under €3.7m, which is very comfortable for a club of Celtic's size and revenue streams.
"In terms of our planning, and our scale, we would be comfortable with that level of debt and, of course, going forward, with a successful transfer window in terms of player trading, the fact that we're now in the Champions League, that becomes even more manageable."