Any thoughts to origin of the postcard?

Any thoughts to origin of the postcard?

Not 100% as to location of the one. Maybe some of the ads can be a clue? Taken around 1920.

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Looking at another link of yours

A few thoughts

Managua when they were building the Cathedral "designed in Belgium of all places in 1920 and survived 1931 earthquake" and given the height of the buildings at that time, it may not be Managua.

Also, the soap company Jabon Cadum was popular in France and Spain (the brand is still alive today) Could have been sold here I guess. Lots of stuff on the net about that brand name.

The chimney far left, heating or kitchen? If heating it would likely indicate another country.