Victorious Germany probably can't get its colonies outside of Africa back and probably is satisfied enough on victory in Europe and getting some French colnies in Africa. From Brits it is not going to get anything.
I am not sure can Reds win Russian Civil War ITTL. Probably it would be more difficult but still possible.
France pretty surely sees some rise of either far-right wing authotarian regime or then communist revolution. Britain probably not see much of internal problems altough 1920's might be bit instable. But I can't see any kind of serious rise of extremist movements. And Britain probably might get friendly relationships with Germany if they just can deal naval issues. And since Britain didn't lost anything to Germany there is not such grudge as in France.
WW2 is not likely altough possible. Whatever side wins Russian Civil War it is too weak to begin new war alone. And if Germany helps whites win the civil war new regime might decide not go against country which helped them defeat red menace.
France is totally defeated. Absolutely humilated. Surely there is lot of enrage towards Germany and probably rise of extremist government. But France wouldhad lost its industrial centers near of German border. Germany would had enforced severe limitations to French army and probably willingful to enforce that. And Germany wouldn't allow France form serious alliance with other great powers. Furthermore France was defeated twice within 50 years. Battle morale would be really low and French hardly are intrested to fight even under totalitarian dictatorship.
Italy would be alone just pure joke. It can't do anything and not allowd to do anything.
Serbia would be permanent co-occupation of Austria-Hungary and Bulgaria. It can't do antyhing.
And Britain has not reason hate Germany.
In my tl, the german colonies were reinforced before the war for a native rebellion between 1912-1913, so the African campaigns lasted more. Also the United Kingdom will exchange the ocupied colonies for the status quo in the West.
And well, I think that WWII only can occur if in France crazy people took the power, thing that it's improbable. France will go to the right with a veteran movement, reforma in army and consolite the remanents colonies. But nothing that can lead a new war in Western Europe. In the East, in contrast, I was thinking in a Russian nationalist movement, who were not to insolated like the USSR, it will let the nationalist to use investment from USA and UK(maybe) to recover from the civil a war and challenge germans in Eastern Europe. Also, if the Germans gain Indochina from the French(I don't know if this possible) the Germans can influence more in Asia, leading a conflict with Japan. I doubt the British intervention principally because maybe they don't trust in the Japanese, also because they would be busy trying to maintain the Empire.