The invention relates to a dispensing device for dispensing a foam, comprising a manually compressible container (2) for storing a liquid and air, which container comprises an opening (3), a rigid housing to be fitted in or on the opening, the housing comprising an air passage (11) and a liquid passage (9) and a valve body (6) which, in a rest position, covers a mouth of the liquid passage and a mouth of the air passage in a sealing manner (4a, 4c) and which, during dispensing, opens the mouth of the liquid passage and the mouth of the air passage in order to allow mixing of air and liquid totake place in the dispensing passage (13). The invention is characterized in that the housing comprises a first housing part (4) and a second housing part (20), the first and the second housing partsbeing mountable in several position with respect to each other, the ratio between the amounts of liquid and air to be dispensed upon compressing the container being dependent on the position in whichthe first and second housing parts are mounted with respect to each other.