Hello Evolith
Excavate the trench down to well below the frost line. Pour in 15cm of concrete and smooth it out. Then use 24cm concrete formwork blocks and build the wall up. One concrete formwork block in the size 50x25x24.5 width x height x depth costs 2.95 euros. When purchasing a whole pallet, about 30 cents less per block. From the inside, I would paint the wall with bitumen, after the bitumen has dried apply styrofoam (is cheaper than styrodur) and in front of that a dimpled membrane. That holds extremely well and is the most economical. Requires a bit of skill and own effort.
Steven