It seems that even if my VCLs are set to “rebuild as needed’ Delphi recompiles their DCUs but not also the afferent BPL/DCP files.
Today my Delphi went ape. At a moment I recompiled and run a program. FastMM started to report all kind of strange memory leaks but it was unable to locate the source of the error (unknown address). After a while I tried disabling FastMM and recompiling the program. The program was recompiled but it had no icon.
Solution:
After a long trial and error session I have found that rebuilding my VCLs solved the issue.