A euro profile lock is one that works with a euro profile cylinder, the keyhole-shaped cylinder that slides into the case and is held by a screw through the forend. It is the most widespread system on house and flat doors in Spain today.
Its big advantage is that the cylinder can be changed without touching the lock: if you lose your keys or move into a new home, all you need is a new cylinder of the right size. For the same reason you can improve your security by fitting a high-end cylinder in the same lock.
To change it, each side has to be measured carefully, from the central screw to the edge. There is a guide to measuring your cylinder and more detail under lock installation.