Many of these were Belgian revolvers though this one doesn't appear to be the Velodog - Velodogs used the Velodog cartridge which was longer than the cylinder of this piece. This should have been a revolver for the .32 ACP cartridge. The crown N proof mark signifies that it had passed pressure testing. I can't quite make out the definitive pattern of the symbol on the grip and that might help. it certainly is an interesting little piece with it's folding trigger and seems from the photos to be in extremely good condition for its age.
Someone else here may be able to identify it more precisely before I find out what it is, but I will keep looking.