The word Balmoral ("Bal"), in shoe terminology, refers the way certain shoes tie up, also known as closed lacing.  Picture a shoe (please note that we are specifically talking about dress shoes here) with the toe up.  Now superimpose a capital "T" on top, with the vertical part of the T at the opening between the eyelets.  In a Balmoral shoe, the horizontal part of the T is where the flaps for the eyelets (the "quarters") would be sewn down, with the vamp on top.  When properly tied, only the tip of the tongue can be seen on a Balmoral.  This is as opposed to a Blucher shoe, which has open lacing, wherein the quarters are not sewn down at the top at all, and can flap open. Because of the way a Bal is sewn, the part of the shoe around the ball of the foot can only be one circumference and is not adjustable; therefore, people with narrow or wide foot can find it more difficult to fit. A good illustration of a Balmoral shoe can be found here, and an example can be found here.

In the world of traditional fashion, only Bals may be worn with a suit; Bluchers are relegated to less formal wear, such as with a blazer or sport coat.  However, this is often disregarded, particularly in the US, where it is not uncommon to find Bluchers and even loafers paired with a suit.  Still, the Balmoral is considered the dressiest kind of shoe. Shoe terminology does tend to differ from country to country, and even shoemaker to shoemaker.  For example, in the UK, the Bal is commonly known as an Oxford and the Blucher as a Derby.  In the US, however, the term Derby is not used, and both Balmoral- and Blucher-style shoes are known as Oxford shoes.  However, in both countries, the words "Balmoral" or"closed lacing" should convey the desired style of shoe.