> One thing that I noticed is the HUGE difference in size of the exe file between Emacs 24 and later versions. I
> listed the sizes of the folder when I keep my different Emacs versions:
>
> 8.8M    ./emacs-24.5-official/bin/emacs.exe
> 91M     ./emacs-25.1-2-x86_64-w64-mingw32_2016_11_16/bin/emacs.exe
> 119M    ./emacs-26.1-x86_64/bin/emacs.exe
> 120M    ./emacs-26.2-x86_64/bin/emacs.exe
> 130M    ./emacs-26.3-x86_64/bin/emacs.exe
> 16M     ./emacs-bin-w64-24.4/emacs/bin/emacs.exe
> 121M    ./emax64-bin-20180529/emax64/bin/emacs.exe
> 119M    ./old/emacs-26.1/bin/emacs.exe

The small ones are stripped, the large ones are with debug info.  If
you have the 'strip' command (from Binutils) installed, you can strip
the large ones as well.

Ah, makes sense. 

I tried three different versions of MingW and binutils/strip until I found one that did not fail :) 

Now I have an emacs.exe (emacs-26.3-x86_64-no-deps, from the official Gnu download location) that is 30 MB in size instead of 132 MB :) And, it still seems
to work.

Thanks a lot!

/Mathias