"These are very tough moments," Almagro told Spanish broadcaster TVE after the defeat. "But we can't be down on ourselves in any way as we fought to the last moment.
"We are runners-up in the Davis Cup, not what we wanted as we came here to win the title but we are leaving with our heads held high knowing that we did a good job."
The end of the season was bittersweet for Ferrer, who won a career best seven titles this year and claimed both of Spain's points against the Czechs.
"I'm very happy with my game in this Davis Cup. I'm proud of the team. We fought to win here in Prague. But the Czechs were better," Ferrer said.
Image: Spain's David Ferrer jubilates after winning his singles tennis match against Czech Republic's Tomas Berdych at the Davis Cup finals in Prague, Czech Republic, Sunday, Nov. 18, 2012. Ferrer beat Berdych in three sets to tie the overall score to 2-2.