I think the Germans would be relatively worse off. They would be better off, especially when it comes to the second rate (higher welle) infantry divisions - they mostly had ww1 equipment (MGs, artillery) and a lot of 4-8 weeks trained conscripts, but many of the nations Germany attacked was re-equipping like mad after Munich.
Norway was buying modern fighters from the US, buulding small destroyers and had orders for tanks, AT guns and modern artillery coming from Sweden. They were also in the process of doing something about the 85 day conscription, the non-existant NCOs (the rank was there, but they got the same training as conscripts) and severe shortages of officers.
The Netherlands had tank orders from the US and were buidling a new modern armoured car with bofors/landsverk turrets and had orders for modern artillery at bofors.
The Belgians were re-equipping their air force with Hurricanes and were producing new artillery and their excellent T-13 AT vehicle at mad rates.
The Poles were projecting a 9TP tank (a few examples actually built when the Germans invaded) and had several more interesting projects in the pipeline. The Pzl P.50 fighter was coming, along with pruchases of MS.406s and Hurricanes as well as more artillery. The Poles had a substantial war industry, but exported much of their products until late 1938 in order to gain capital for further expansion of their industry. If they gain a year to produce more AT guns, tanks and planes, the Germans might find them a harder opponent.