In a saucepan, combine water, milk, butter, salt, and sugar. Heat until the butter is melted.
Stir in the flour all at once and cook for 1-2 minutes, stirring until a smooth dough forms and pulls away from the sides of the pan.
Remove from heat and let cool for 4 minutes.
Gradually add eggs one at a time, mixing well after each addition, until the dough is smooth and glossy.
Preheat oven to 180°C (355°F). Pipe or spoon the dough into a circle (18 cm/7 inches) on a baking sheet, brush with beaten egg, and sprinkle with flaked almonds.
Bake for 30-40 minutes until golden brown. Cool completely.
Prepare the Buttercream:
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