No smilies show up, when the forum has a lot of smilies

After upgrading from phpBB 3.2.1 to 3.2.5 I saw, that there are no smilies displayed anymore. Not even the raw code is shown. There is just noting to see. Also when showing the source code in the browser, there is just nothing where the smilies should be displayed.

Even tried it with a fresh 3.2.5 install and imported the smilies table from the other forum - same result.

Tested it with various php Versions. A huge amount of smilies also seems to slow down the forum.

I've attached the smilies table. Please check and fix it.

Thank you.