I would personally just get a nice air cooler for ~50€ and use the rest of the budget for an alternative improvement. I might also consider a slightly cheaper case. I might also consider saving a bit more money on the power supply by going with gold over platinum.

An extra €100 to your CPU would do a world of good.

Also I might consider using a more reputable NVMe drive. Maybe from that cooler/power supply money. A more reputable PCIE 4.0 drive with meaningful dcache would serve you well.

Also you may consider higher clocked RAM. If you are using an iGPU faster ram makes a world of difference.

I have a bias to “function over form” pc building so your values may differ here. My two cents.

I’m old school, I wouldn’t spend a bunch on a liquid cooler unless I was going to overclock and do random high intensity stuff with it. I use a Noctua fan and never have issues, and I’ve got a chunky GPU in a pretty small case too. Still, fun setup! I hope you have a blast! Make sure the motherboard is flashed to the latest level for the CPU, or that you have a way to get that done, like a friend with an older CPU you can hijack for an afternoon. I had to do that with my first Ryzen. The store lent me an Athlon for a deposit.

It looks like you have an SFX power supply listed, and from what I’m seeing that case can use a regular ATX size one. Unless there’s a requirement I’m not noticing, you could spend about half as much and get a pretty much equivalent ATX unit, especially if you drop down to 80+ gold from platinum - you probably won’t notice a huge difference unless electricity is extremely expensive where you live.

Personally, I too would look at air coolers instead of an AIO - for the price difference on those two parts you’re starting to get close to doing an older used GPU now instead of later. Asus says 130mm clearance which isn’t enough for to the biggest of tower coolers, but more than enough space for air without any real thermal compromise - especially on AMD. If you have the stock cooler that came with the APU it’s at least worth trying before spending a bunch, you might be surprised - the AMD coolers are pretty ok right now.

Here’s the thing, you can afford a GPU anyway:

https://pcpartpicker.com/list/zftcvj

Or if you’re really determined that you want/need liquid cooling, you should get the newer Liquid Freezer III as another commenter mentioned, then to stay under the total you posted drop the GPU to the RX6600. Or you could check the used market for better options but I don’t have familiarity with deal hunting there.

Pretty good setup, decently balanced and good cost-effectiveness.

I do want to ask though - why water cooling? Based on my understanding, your setup does not produce enough heat to really require watercooling (unless you really want sub-50C under load). My understanding is that a decent tower cooler is much more reliable and nearly as effective as a 240mm AIO.

Regardless, I don’t necessarily even think you need a tower cooler - I have an R5 5600 and RX 6800 combo in a sub-10 L case (Geeek A50 Plus), and I’m cooling it just fine with a small-form-factor cooler (ID-Cooling IS-55). Actually, I got by just fine with my stock cooler (Wraith Stealth), I just upgraded because there was a good deal on the IS-55 cooler.

I think the 5700G comes with the same Wraith Stealth stock cooler, so I think it could be worth trying out the stock cooler first before you pull the plug and buy a 3rd-party cooler. Even if you’re not satisfied with it, at least it’ll give you a frame of reference for how much better you want your cooler to be. After all, you could always just replace the cooler any time if you’re not happy with it