A pretty woman wearing a fancy dress peeks through a window in a European photography studio. It is unclear whether the studio was located in Hungary or Romania. The photographer of this image is Fiverek Dunky. The reverse of the cabinet card advertises that the photographer won photography medals from exhibitions in London and Paris.
BEAUTIFUL WOMAN IN A PRETTY DRESS PEEKING THROUGH A GLASSLESS WINDOW IN HUNGARY OR ROMANIA
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THE CABINET CARD GALLERY 
From the age of the photograph, I am going to guess it was Hungary at the time. The borders changed drastically but since all of the info is in Hungarian even if the borders had changed it was certainly the Hungarian area of Romania: Transylvania. Kolozsvar and Miskolcz were both in Hungary originally.
Dunky fivérek means Dunky brothers in Hungarian. They worked between 1880-1910. I believe this card was took in Hungarian area (Austro-Hungary Monarchy, language is Hungarian on the card leastwise). There are written name of four city on the picture: Kolozsvár, Miskolc, Sátoraljaújhely (S.A.Újhely) and Dés. After the II. Word War Hungary lost Kolozsvár and Dés. Now they belong to Romania.