const int dest_x = (((this->Items)[index]).ItemRect)->GetLeft();
const int dest_y = (((this->Items)[index]).ItemRect)->GetTop();

d_graphics->DrawImage( &s_bitmap, dest_x, dest_y);
d_graphics->DrawImage( &m_bitmap, dest_x, dest_y);

The last image is drawn so as if the params are undefined!!!

But!

int dest_x;
int dest_y;

dest_x = (((this->Items)[index]).ItemRect)->GetLeft();
dest_y = (((this->Items)[index]).ItemRect)->GetTop();

d_graphics->DrawImage( &s_bitmap, dest_x, dest_y);

// Define them again.
dest_x = (((this->Items)[index]).ItemRect)->GetLeft();
dest_y = (((this->Items)[index]).ItemRect)->GetTop();

d_graphics->DrawImage( &m_bitmap, dest_x, dest_y);

Now all works!

According to MSDN the params are the input ones!