There is a suspicion that the result depends on the contents of the register DX. During the first pass, the debugger resets it, but it is not known what value goes there after Reload. And Divide by zero can occur if the private does not fit in the AX. In any case, explicit resetting of DX before division (remember that with a double-byte divider, the pair AX: DX is divisible, and the programmer must explicitly initialize the whole pair) eliminates this error. And why such a diagnosis - FIG knows, have not held all these tasmas / masses in their hands for a long time :) In any case, something like "Arithmetic overflow" in TASM is generally a translation error, and not execution time.
mov bx, bdiv bx? - jfs