Hey OP.
EDIT - Short version - Yes i think you are burning too many calories by cycling. You should really be counting your calories every day. To gain muscle you should eat at a surplus of calories (200-500Cals) every day above your daily maintenance. To burn fat you should eat 200-500Cals below your maintenance everyday. So you can see by that you cannot gain muscle AND burn fat for very long, at some point you need to pick one or the other.
LONG VERSION
I think you're issue might be 2 things.
1 - If your lifts are increasing then you are gaining some muscle. You wont see a difference if you haven't lost the fat covering your muscles, you will just look like a slightly bigger version of how you looked before you started training.
2 - You cannot put on muscle AND loose fat at the same time. To loose fat you have to have taken in LESS calories then you needed too, and to gain muscle you have to take in MORE calories per day then you needed to.
The advice i would give is pick one goal - building muscle or burning fat (aka - Bulking and Cutting). If you are on the heavy side you will see the most progress to cut first, and then when you reach your ideal body fat % and weight, then start bulking and you will really see all the muscle youve gained because it wont be covered by fat.
As i said earlier if you do a mix or cardio and weights you risk burning the extra calories that your body needs in order to put on muscle, thus slowing your progress of both cutting and bulking.