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The Almo 1A compartment of Spreds Finance would participate in the financing of Almo BV/SRL for an amount between €25,000 and €1,300,000 (the “Capital Increase”).
From the total amount raised during the offering period, Spreds Finance will use €1 per Participatory Note, subject to compliance with the conditions applicable to this investment.
The maximum offer amount of the offer: €500,000
Subscription price: Each Participatory Note has a nominal amount of €1. Added to this is a subscription cost of up to 5% of the nominal amount per Participatory Notes (or €0.05). The total subscription price of a Participatory Note is thus a maximum of €1.05. The minimum subscription amount is €500 (excluding subscription fees).
Conditions precedent of the offering: The Notes will only be issued if, within 6 months from the Closing Date (the Effective Date), the following cumulative conditions precedent to the subscription of shares of Almo by Spreds Finance are met:
The total amount of firm commitments to subscribe to this capital increase shall be at least €25,000 and not more than €1,300,000.
The Capital Increase is carried out on the basis of a pre-money valuation of the Company of maximum €700,000.
Spreds Finance will participate in the capital increase for an amount equal to the result of the subscription to Participatory Notes of the Almo 1A Compartment. This amount must be at least €25,000.
Spreds Finance will verify whether these conditions are met no later than six months after the closing date (the “Effective Date”), i.e. 14/06/2027.
If one or more of these conditions are not met on that date, the Notes will not be issued and investors will be reimbursed their subscription amount no later than 15 working days after the Effective Date.
Tax Shelter (45%)
This investment is eligible for a tax reduction for Belgian investors under the tax incentive on tax shelter for start-ups. The reduction of up to 45% of the total nominal amount of the Participatory Notes invested will be applicable since the Underlying Assets are shares in a micro- enterprise. The total tax benefit is therefore a maximum of €0.45 per Participatory Note. The total tax benefit is therefore a maximum of €0.45 per Participatory Note.
The available tax shelter budget is €500,000.
Valuation of the company
The company has set its pre-money valuation at €700,000, corresponding to a post-money valuation of €1,200,000 for a €500,000 equity raise under the Tax Shelter scheme. This valuation results from the cross-analysis of several objective factors specific to Almo’s stage of development and the nature of its assets.
Almo is not a company at the idea stage, but a post-traction company. Phase 1 has been delivered and is operational: four accommodation units (two student residences and two Bobble unconventional accommodation units, complemented by a reception building) have, since July 2025, achieved a 100% student occupancy rate, a 75% occupancy rate for the unconventional accommodation, and an Airbnb rating of 4.8/5, alongside two features in the local press. This real, measurable and already revenue-generating traction constitutes the first basis for the valuation: the model has been validated in the field, rather than merely modelled on paper.
The valuation also incorporates the value of rare and difficult-to-replicate contractual assets. Almo holds a 50-year long-term lease (bail emphytéotique) on the Waux-Hall site in Mons (4,000 m² in an urban zone, at €90/month), the only site of this type enabling the operation of urban outdoor accommodation in the Hainaut region. In addition, it benefits from an agreement with UCLouvain Fucam Mons, which makes land available free of charge and provides student accommodation referrals through its housing service, explaining the 100% student occupancy rate. This is further complemented by the Bobble brand, which is registered and already locally recognised. These elements constitute sustainable barriers to entry and represent genuine intangible value that is not reflected by the accounting position alone (negative equity as at 31/12/2025, a typical consequence of start-up losses and to be corrected through the present financing round).
The valuation also takes into account the cost structure and operating leverage of the model. The use of modular wooden construction allows a cost of approximately €65,000 excluding VAT per student accommodation unit and approximately €75,000 excluding VAT per fully equipped unconventional accommodation unit, significantly below the €120,000 to €150,000 cost of an equivalent conventional permanent building, with a time to operational launch of only a few months. This low entry cost translates into a target EBITDA margin of approximately 57.5% from the second full year of operation and gives the model strong potential for rapid geographical replication.
These strengths are reflected in a fully quantified financial trajectory set out in the forward-looking financial plan prepared by Heupco SRL (17/04/2026). Once Phase 2 has been deployed (bringing the portfolio to 20 accommodation units), the plan forecasts revenue of €353,000 and EBITDA of €203,000 as early as FY2027, positive operating cash flow from the same financial year, and a first positive net result in 2029. It should be noted that these projections are based on a deliberately conservative assumption of 60% occupancy for the unconventional accommodation, below the 75% actually observed, thereby providing a margin of safety.
The valuation also reflects strong founder alignment. Alessandro Correlli, the 100% shareholder, has already committed personal resources (capital and shareholder current account) and maintained an up-to-date history of bank financing, ensuring a strong alignment of interests with new investors.
From a methodological standpoint, the €700,000 valuation has been cross-checked through three converging approaches. Under an asset-based approach, it capitalises the value of the tangible assets already in operation (resalable, demountable and relocatable modules), increased by the value of the contractual and intangible rights described above. Under a comparable-company approach, it falls within the lower end of the range observed for post-traction early-stage companies backed by tangible assets. Finally, under a discounted exit approach, it remains consistent with the targeted industrial exit scenario over a 5-to-7-year horizon (target valuation of €2.5 million to €4 million, based on an 8x to 12x EBITDA multiple once the portfolio reaches 50 accommodation units or more), while preserving for the Tax Shelter investor a potential gross return in the order of 2x to 2.5x, before taking into account the 45% tax benefit.
In summary, a pre-money valuation of €700,000 has been deliberately set at a prudent level. It faithfully reflects Almo’s stage of development (demonstrated traction, secured contractual assets, and a validated business model), incorporates the areas of attention inherent to a young company (dependence on a sole director, a still-limited portfolio, and equity to be rebuilt through the financing round), while leaving attractive valuation upside for investors supporting Phase 2.
Exit Strategy
For investors, a potential exit from ALMO would primarily take the form of a strategic acquisition by a tourism group, hotel group or operator active in the glamping and ecotourism sectors. A sale to a real estate or impact fund specialising in alternative housing and modular assets represents a second possible scenario.
ALMO is developing a scalable operating model combining modular assets with two complementary sources of revenue: student housing and unusual Bobble accommodation. Its appeal to a potential acquirer is based on a proven operating model, recurring rental income, tangible and movable assets, long-term agreements securing access to the sites, and the potential to deploy the concept across multiple locations.
A potential exit could occur within approximately 5 to 7 years, or between 2030 and 2032, once:
at least 50 accommodation units are in operation;
ALMO is present across three to five sites;
annual revenue reaches between €800,000 and €1.5 million;
annual EBITDA exceeds €500,000;
the operating model is fully standardised and replicable;
the Bobble brand has achieved sufficient market recognition and commercial traction.
Potential acquirers include glamping and ecotourism operators, hotel groups, specialised real estate companies, and real estate or impact funds seeking to invest in alternative housing and modular assets with predictable revenue streams.
Based on the current assumptions, management considers a strategic acquisition at an indicative enterprise value of between €2.5 million and €4 million to be a potential long-term scenario. This valuation is based on an EBITDA multiple of approximately 8x to 12x, provided that ALMO achieves its operational and financial objectives.
Depending on the final valuation, the timing of the exit, future financing rounds and the resulting dilution, this scenario could potentially generate an indicative gross return for investors of approximately 2x to 4x their initial investment.
An alternative scenario would involve a sale to a specialised real estate or impact fund once ALMO operates at least 30 accommodation units and has demonstrated stable rental income and positive EBITDA over several financial years. A management buyout or partial share buyback could also be considered if operating cash flows and access to bank financing allow it.
This exit strategy reflects management’s current expectations, assumptions and strategic objectives. It is provided for illustrative purposes only, to give investors an overview of a potential future scenario. No guarantee can be given that an exit will occur, that it will take place within the expected timeframe, or that the indicated valuation or return multiple will be achieved.
KPI 1: Accommodation units in operation
The main indicator of portfolio size, market traction and the ability to deploy the model across multiple sites.
2026: 4 units in operation — 2 student housing units and 2 Bobble accommodation units
2027: 20 units in operation — 10 student housing units and 10 Bobble accommodation units
2030+ — exit-ready: 50 to 80+ units in operation across 3 to 5 sites in Belgium
KPI 2: Annual revenue
The main indicator of commercial growth, recurring income and the scalability of the ALMO model.
2026: €96,768 in revenue — partial contribution from phase 2 during the financial year
2027: €351,567 in revenue — portfolio of 20 units operating at full capacity
2030+ — exit-ready: between €800,000 and €1.5 million+ in revenue through expansion across multiple sites
KPI 3: Annual EBITDA
The main indicator of operational maturity, cash generation and potential valuation at the time of exit.
2026: €38,977 in EBITDA
2027: €201,557 in EBITDA — margin of approximately 57%
2030+ — exit-ready: more than €500,000 in EBITDA, with further improvement driven by operational economies of scale
Use of Funds
The majority of funds will be dedicated to user acquisition and platform visibility at commercial launch:
Business Development – 85%: Development of 8 new student housing units.
Operational Preparation and Infrastructure – 15%: Preparation of the construction sites, including the installation of sewerage infrastructure and execution of electrical connections, in order to enable the further development and operation of the student housing units.
Subscription period
Start date of the offering period: 14/09/2026 Scheduled end date of the subscription period: 14/12/2026
Extension: Maximum extension of 3 months, until 14/03/2027
Conditions for extension: Spreds Finance may decide to extend the subscription period if the total amount of the orders contained in the subscription forms is at least €20,000 on 14/12/2026.
Early closing: The offer can be closed early once the minimum offer amount, of €25,000, has been reached. Early closure of the offer may also be decided if the total amount of orders contained in the subscription forms signed and transferred to Spreds Finance reaches the maximum amount of the offer.
Consequences if the target capital is not raised by the deadline: If the target capital is not raised, the Participatory Notes will not be issued and all commitments related to this offer will be cancelled. Investors will be reimbursed for their respective Subscription Amount no later than 15 business days after the Deadline. Investors will not incur any fees or expenses as a result of the offer not reaching the targeted amount.
TAX SHELTER
45%
Investments in this company benefit from a 45% personal income tax reduction. Read more…
A remaining amount of €490,300 is available for the Tax Shelter benefit.
