Compared are the French Version (German DVD by Kazé) and the Uncut Version (Unrated US DVD box set by Funimation). All in all, 2 minutes and 34 seconds are missing due to 2 cuts.

12:42
One of the most famous scenes is entirely missing:
In order for Bulma getting the dragonball from Muten Roshi, she is supposed to show him her panties first. Bulma is a litte ashamed but she shows him anyway. What she does not realize at that point is that she is completely naked down there because Son-Goku took off her panties in the morning. When looking at her crotch, Muten Roshi's nose starts bleeding.
50.52 sec

14:45
Contrary to the manga, Bulma is happy after getting the dragonball that she lifts her dress quickly three more times - she still has not figured out that she is not wearing panties. And again, Muten Roshi loses a lot of blood.
Having arrived at home, Bulma finally realizes that she is not wearing panties. As it turns out, it is Son-Goku's fault. Bulma gets a machine gun and fires at Son-Goku.
103.56 sec