We've seen a lot of similar frames out of Benelux: some are built there, often they are built in Italy and "housebranded" in Benelux. Check the BB for type of threading (BSC: 1.37 x 24, Italian 36 x 24) check the seat post size (27.2 usually indicates a "higher grade tubing"), check the inside of the base of steering column for 5 spiral ridges ("rifling") that usually indicates some Columbus tubing. Many that looked similar to yours (spare chrome plating, Gipiemme dropouts) were made of Columbus Aelle, not top-of-range but a fine ride and excellent value...especially for 25 Euros.