Compared are the PG-13 Version and the R-Rated Version (both available on the Austrian Blu-ray by NSM Records).

The differences:

10 cuts = 1 minute and 6.5 seconds.
2 scenes with alternate footage = 18 seconds.

The trash franchise Ghoulies consists of 4 installments in total which were produced between 1985 and 1994. The franchise is neither popular nor memorable per se but the second installment got some attention due to its different versions worldwide. For that reason, a list with the main characteristics of each version:

PG-13 Version: The Uncut Version of Ghoulies 2 was rated R in the US. For its video release, several cuts were required in order to get the lower PG-13 rating. Falsely, some US tapes have an R on the cover even though the tape only contains the regular PG-13 Version. The UK DVD and Blu-ray by 101 Films / MGM (Release: April 2016) contains that version which is even longer than old US / UK DVD by MGM.

R-Rated Version: As already mentioned, the Uncut Version was rated R. According to scuttlebutt, a very low number of copies was released on tape in the US. This has not been confirmed though. For a long time, the R-Rated Version was considered lost. Every now and then, a few deleted scenes of footage that needed to be removed for the lower rating popped up and that was it. In Juli 2017, the situation changed. The label NSM Records released two mediabooks with alternate covers in Austria and that release contains the PG-13 Version on both Blu-ray and DVD and the uncut R-Rated Version only on Blu-ray. Ignoring the rumor with the US tape, this is the first and only release of the R-Rated Version worldwide.

UK VHS (BBFC 15): Taking a closer look at the old UK VHS is also worth your while. Based on the R-Rated Version, 3 cuts were made in order to get the (lower) BBFC 15 rating. 2 cuts were made due to violence and a 3rd one due to usuage of a throwing star which is no surprise because weapons like nunchucks, throwing stars or butterfly knives always caused trouble with the BBFC. That being said, the UK VHS lacks almost 1 minute. What is interesting though is that this version is still longer that the regular PG-13 Version and the BBFC 15 contains violence the PG-13 lacks. One might say that this was the longest version available worldwide - until the release by NSM Records that is. At least, the UK VHS will always be some kind of "Exclusive Cut Version".

Old MGM DVD: This is rather odd as well. The US DVD and the UK DVD are both based on the PG-13 Version but a longer plot scene is missing for some reason. This is only the case with the old MGM DVD - the more current UK DVD and Blu-ray by 101 Films / MGM for instance does contain the uncensored PG-13 Version. So do the Austrian release by NSM Records and the US DVD by Artisan / Pioneer / Empire Pictures by the way.

19 Min
The Ghoulies are eating Patty's arms and legs bloody. Another Ghoulie shows up with an open sarcophagus and presents and razor blade.
13 sec

20 Min
The other Ghoulies one more time. They are still busy with limbs. Patty screams over and over. Subsequently, one of the Ghoulies jumps at her. He bites off a piece of Patty's cheek. He then lets go of her and Patty turns to the other one who is on top of her with the razor blade. He is running towards her and and he swings the razor blade at her, the versions are back in sync.
16.5 sec

37 Min
Merle screams longer and the swinging pendulum starts cutting in his flesh which is being shown via close-up.
17.5 sec

50 Min
The Ghoulie juices Ned a little longer.
1.5 sec

50 Min
After being electrocuted, Ned hits the ground. The camera then shows his body and pan to some pentagramm that has been painted on the ground. A knife is lying there as well and so is the book with the spells.
13 sec

61 Min
The end of the shot is missing: The Ghoulie takes another bite from Larry's body.
0.5 sec

61 Min
Larry's attempt to get rid of the Ghoulies is longer.
6 sec

61 Min
A previously cut shot of Penneyweight (previous cut) has been added to the PG-13 Version here.
+1.5 sec

64 Min
The restrained guy on the stretching bank gets tortured a little longer.
5 sec

67 Min
The second shot of Patty's body is missing.
1.5 sec

71 Min
The final part of the shot that shows the clown with his bloody arm stomp is missing. The subsequent shot shows his arm floating in the water. The Ghoulie with blood on his mouth shows up right next to it and takes a look around. The PG-13 Version contains an alternate shot of the Ghoulie when he gets out of the water and takes a look around.
PG-13: 3 sec
R-Rated: 8.5 sec

PG-13	R-Rated

72 Min
Additional shot of the woman who got run over by the bumper car.
2 sec

75 Min
Hardin longer on the can with the Ghoulie hidden in it. Suddenly, one can hear the Ghoulie chew and Hardin starts screaming. The PG-13 Version shows the exterior of the toilet while one can hear chewing noises.
PG-13: 6 sec
R-Rated: 18.5 sec

PG-13	R-Rated