If I enable EL then my application crashes with AV. For Delphi call stack points to System.Initialization. For C++ Builder the call stack has one item: something marked "Dlgs".
There is a bug in new Delphi/C++ Builder versions, see QC report #63109
You should try to run your application outside of the IDE to verify this issue. If you run application outside of the IDE there will be no AV, but rather message about failed initialization.
The reason for this is that your application have reference to some DLL/BPL that it can not find. Check if you have enabled compilation with packages and all packages are visible to your application.
Checked EL version: 6.0.19
Tested IDE version: BDS 2006-2009
Ticket ID: 113 (notes)
QC Report #63109