Like the Independent Game Festival at GDC's main annual gathering in San Francisco, NGF at GDC Europe will feature indie developers showing off their wares, talking to other devs, and giving demonstrations to attendees. Also like the IGF, developers who hope to bring their games must apply ahead of time, only rather than a panel of IGF judges, Tale of Tales' Auriea Harvey and Michaël Samyn will be "curating" the event. If all that weren't enough for you, the event's organizers promise "BBQ and beer in an open air atmosphere." Sold! Head to the NGF main page for all the pertinent details (like ... uh ... where it is in Cologne).
Update: To be clear, the Indie Games Summit takes place at GDC Europe, and the Notgames Fest is not associated with GDC Europe, it just takes place during the event. Head over to the official GDC Europe page for more info.