The model labelled EU is an import model, which means that it was manufactured for a different European region. However, they do not differ in terms of technical data and functions.
It is possible that the EU version does not come with German operating instructions.

It may be that the equipment or accessories supplied differ, that system updates are not distributed or are distributed late and, in the worst case, that Motorola's German customer service is not responsible in the event of a problem. I experienced all of this once, admittedly not with Motorola, but with an LG smartphone. Since then, it's no longer worth the price difference to me.