Hi Vasili,
The behavior you are seeing is indeed strange. Can you open "Tools"->"ARM Advanced Features" window and check if the MMU and/or any of the caches are enabled ? If the cache is enabled, it is possible that the "ldr" instruction is fetching from the cache and not RAM. I don't expect the cache to be enabled though as it is very early in the boot process, but it does not hurt to check.
Also, can you share your executable ?
Best,
Ashish