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Almo 1A
Equity
€9,700
total amount raised in round
39%
- Eligible for a tax reduction
The business model
ALMO purchases a standardised industrial asset — the module — and converts it into rental income on sites where occupancy costs are marginal.
A student module costs €65,000 excluding VAT and generates €9,984 in annual rent for two rooms, representing a gross return of approximately 15% on the asset.
An unusual accommodation module costs €75,000 excluding VAT and generates annual revenue of €24,480 based on the prudent assumption of a 60% occupancy rate, with a variable cost structure of approximately 30%.
The value proposition for investors rests on three pillars: tangible and movable physical assets, two uncorrelated sources of revenue, and sites secured at very low cost through an agreement with UCLouvain and a 50-year long-term lease with the City of Mons.
Context and structure of the fundraising round
ALMO’s fundraising round via Spreds is structured as a bond issue, with a maximum amount of €500,000, corresponding to the legal ceiling of Belgium’s Tax Shelter for start-ups. This scheme allows investors to benefit from a tax reduction equal to 45% of their investment.
This €500,000 can be used as leverage to secure additional financing. Several deployment scenarios are envisaged depending on the amount actually raised and the conditions for obtaining credit.
Scenario A: Full deployment
The €500,000 raised via Spreds is used as leverage to unlock €810,000 in additional financing, already included in the financial plan: €90,000 for the student accommodation and €720,000 for the unusual accommodation units.
This structure makes it possible to finance both phase 2 projects simultaneously, maximising revenue from the first full year of operation — financial year 2.
Scenario B: Priority given to student accommodation
Under this scenario, the €500,000 raised via Spreds is allocated primarily to the eight student accommodation units, representing a total investment of €590,000 excluding VAT.
An additional contribution of approximately €90,000 covers the balance. The eight unusual Bobble accommodation units are postponed to a subsequent phase 3, financed through a new fundraising round, a bank loan or self-financing generated by the business.
Scenario C: Phased deployment of student accommodation
If the fundraising round closes at the minimum amount of €250,000, the programme will be rolled out in stages.
The roads and utility connections will immediately be built to accommodate all eight units, while the modules will be delivered progressively. The first stage will remain sized for the 2027–2028 academic year.
Allocation of the funds raised
- Manufacture and installation of the modules: €520,000, representing 88% of the total amount and corresponding to the installation of eight modules at €65,000 excluding VAT each, or 16 rooms.
- Roads and utility connections: €60,000, representing 10% of the total amount and covering sewerage, drainage, and water and electricity connections.
- Landscaping and external works: €10,000, representing 2% of the total amount and covering landscaping and exterior finishing.
No amount is allocated to recruitment, marketing, or research and development.
Phase 2 personnel costs — €63,589 per year at cruising speed for a multi-purpose employee responsible for concierge services, cleaning and laundry — will be covered by operating revenue rather than by the funds raised.
Financial forecasts from 2026 to 2030
The financial plan was prepared for five financial years.
Revenue increases 3.7-fold between 2026 and 2027, as a direct consequence of the increase from four to 20 units in operation. It then grows by approximately 3.4% per year, solely as a result of the indexation of rents and rates, with no assumption of growth in the number of units.
Net profit remains negative until 2028 due to an annual depreciation charge of €173,071. This is a non-cash charge relating to modules depreciated over 10 years, even though their economic life is longer.
EBITDA and cash flow therefore provide the most relevant indicators, and both are positive from the first financial year.
Assumptions supporting these forecasts
- Student residence: €450 per month per student, indexed by 2% per year, with full occupancy over 12 months, in line with the two academic years observed.
- Unusual accommodation: an assumed occupancy rate of 60%, compared with the 75% recorded since July 2025. Rates increase by 2% per year.
- Airbnb and Booking.com distribution commissions: 18% of revenue from unusual accommodation.
- Variable operating costs for unusual accommodation: maintenance and repairs at 5% of revenue, electricity at 4%, and water at 3%.
- Personnel: a multi-purpose employee will be brought in-house from phase 2 at an annual employment cost of €63,589, replacing the external concierge, cleaning and laundry services used during phase 1.
- Sites: €90 per month for the 4,000 m² Waux-Hall site under a 50-year long-term lease, and use of the FUCaM site under the agreement with UCLouvain.
- Depreciation: straight-line depreciation of the modules and improvements over 10 years.
- Financing: phase 2 loans at approximately 5%, repaid through constant instalments; existing loans carry interest rates of between 3.93% and 4.11%.
- No dividends, subsidies or asset disposals are assumed over the period covered by the plan.
Break-even point and debt-service coverage
EBITDA is positive from the first financial year, at €38,977, even though phase 2 is only deployed during the year.
From 2027, the monthly break-even point is approximately €31,500, compared with monthly revenue of €29,441. The difference corresponds precisely to the non-cash depreciation charge. Profit from ordinary activities becomes positive in 2029.
Annual debt service, including principal and interest, stabilises at €134,339. It is covered 1.5 times by EBITDA from 2027 onwards.
Five-year vision
The trajectory focuses on three indicators included in the exit plan provided to Spreds:
- Units in operation: four units at the time of the fundraising round, 20 units in 2027, and 50 to 80 units across three to five sites by 2030.
- Revenue: €96,768 in 2026, €353,295 in 2027, and between €800,000 and €1,500,000 at the time of exit.
- EBITDA: €38,977 in 2026, €203,285 in 2027, and more than €500,000 at the time of exit.
The exit assumptions and potential acquirers are detailed in the exit plan submitted to Spreds.
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Scorecard
The Scorecard is a tool designed to help investors make more informed decisions when considering investments in start-up companies. It provides an overview of a company's current situation. Developed by Spreds, it offers an objective score based on a defined set of key factors, often identified by academic research as indicators of a start-up's potential for success. The documents provided by the project owner were received by Spreds and made available to (potential) investors. The content of these documents was not analyzed by Spreds nor Spreds Finance.
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.
Raise summary
| Crowd investments | €9,700 |
| Committed by others | €0 |
| Amount raised | €9,700 |
| Minimum round | €25,000 |
| Maximum round | €1,300,000 |
| Shares in the company (total round) | 65% |
| Pre-money valuation | €700,000 |
| Post-money valuation min. | €725,000 |
| Post-money valuation max. | €2,000,000 |