Melt butter in a heavy saucepan over low heat; add flour, stirring until smooth. Cook 1 minute, stirring constantly. Gradually add milk; cook over medium heat, stirring constantly, until mixture is thickened and bubbly. Add salt and pepper; set aside.
Layer half of the asparagus, cream sauce, almonds, cheese, and breadcrumbs in a lightly greased 1-quart casserole; repeat procedure with remaining ingredients. Bake at 350° for 20 minutes or until lightly browned.