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It also looks kinda similar to older Daccordis

I was also thinking about Belgium. I found similar looking bikes from Venturelli, Gironelli and Ampelia but it looks like it's impossible to identify.

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Hello, does anyone can identify this frame? I got this bike for about 50$, polished it and cleaned all of the parts. It came with full Shimano 105 groupset in very good condition and some italian parts including ITM stem and handlebar and selle royal dolphin saddle. My first guess was a small...