Does the Talisman: Digital Edition - DLC Bundle contain both base game and all DLC or just DLC's?

Only DLCs, but the base game is also on sale for 1.49€

Assuming that the DLC Bundle description is accurate, the bundle excludes the following DLC:

Base Game: Legendary Deck
The Ancient Beasts Expansion
The Clockwork Kingdom Expansion
The Dungeon Expansion: Legendary Deck
The Highland Expansion: Legendary Deck
The Realm of Souls Expansion
The Reaper Expansion: Legendary Deck
Character - Pilgrim
Character - Ranger
Character - Satyr
Character - Shaman (not to be confused with the Goblin Shaman, which is included)
Character - Swordsman
Character - Vampire
Character - Witch Hunter

and the Talisman Origins series, though that appears to be a separate game.

Disappointed not to see a "definitive, every damn DLC ever" edition, but given this is Games Workshop, I suppose we should count ourselves lucky not to have to sell relatives into slavery for this lot...

The DLC bundle is essentially the Steam "Season Pass" that included all the expansions released for the board game along with several single characters. There is a special exception for those who got the Season Pass very early on, as it stated at that time that it would include all future DLC.

The three digital only (Realm of Souls, Ancient Beasts and Clockwork Kingdom) expansions and the Legendary decks were added after Nomad finished releasing the physical expansions. Same with the characters that aren't included in the DLC bundle except the Shaman. The Shaman was created for a charity while Nomad were still working on the board game expansions, and since it was made for a charity it was never included in the Season Pass.

It's also worth noting that Nomad have a IMO fair approach to the DLC. In a multiplayer session a DLC is available if it is owned by just one of the players in the lobby. Additionally, as long as you own the base game and create a Nomad account, you can sync what DLC you own across the various platforms the game is released on as long as you own the base game on that platform (PC, iOS & Android).

To be fair it was never intended to be definitive. The original in the game is more of a season pass that has all of the expansion boards. If this sounds strange, remember that Talisman did any kind of bundle only pretty recent (at least in mobile IAP land). I more or less just bought everything when it came out over a good few years though, so I am hopelessly deluded about the matter as I didn't need to sacrifice my entire wallet to get the stuff (if I started today... yikes, even after you compare the savings to the physical boards the cost is awful).

There is an error in the new "DLCs not included" section on the DLC Bundle page - The Ancient Beasts is missing and The Clockwork Kingdom is listed twice.