004848B4: 60 pushad
004848B5: BA3E150000 mov edx,00000153E
004848BA: C1E202 shl edx,002 ; edx --> 000054F8
004848BD: 8AC2 mov al,dl ; al --> F8
004848BF: E80C000000 call .0004848D0
004848C4: 6651 push cx
004848C6: EB06 jmps .0004848CE --------
004848C8: 95 xchg ebp,eax
004848C9: AE scasb
004848CA: 21AE1257665B and [esi][05B665712],ebp
004848D0: 5B pop ebx ; ebx --> 004848C4
004848D1: 8BCB mov ecx,ebx ; ecx --> 004848C4
004848D3: 83C10C add ecx,00C ; ecx --> 004848D0
004848D6: 51 push ecx
004848D7: 5B pop ebx ; ebx --> 004848D0
004848D8: 8D5BAC lea ebx,[ebx][-0054] ; 0048487C
004848DB: 8BCA mov ecx,edx ; ecx --> 000054F8
004848DD: 8B4B34 mov ecx,[ebx][00034] ; ecx --> [004848B0] == 000009FA
004848E0: 6653 push bx ; bx --> 48D0
004848E2: 66BB3C67 mov bx,0673C ; useless
004848E6: 66F7C3CF01 test bx,001CF ; useless
004848EB: 665B pop bx ; bx --> 48D0
004848ED: E853000000 call .000484945 ; eax --> 00484952
[ useless instructions here ]
00484901: 8BF0 mov esi,eax ; esi --> 00484952
00484903: EB04 jmps .000484909
[ useless instructions here ]
00484909: 8BFE mov edi,esi ; edi --> 00484952
[ useless instructions here ]
00484914: E800000000 call .000484919
00484919: B8BD000154 mov eax,0540100BD ; eax --> 540100BD
0048491E: 5A pop edx ; edx --> 00484919
0048491F: 42 inc edx ; edx --> 0048491A
00484920: 53 push ebx ; stack: 0048487C
00484921: 33DB xor ebx,ebx ; ebx --> 00000000
00484923: EB05 jmps .00048492A
[ useless instructions here ]
; start of decryption loop
0048492A: AC lodsb ; get byte from [esi]
0048492B: 53 push ebx ; save byte counter
0048492C: 03DA add ebx,edx
0048492E: 3203 xor al,[ebx] ; 0048491A ... 0048491D i.e. BD, 00, 01, 54
00484930: 5B pop ebx ; restore byte counter
00484931: 43 inc ebx ; increment
00484932: EB04 jmps .000484938
[ useless instructions here ]
00484938: 83E303 and ebx,003 ; keep 0...3
0048493B: AA stosb
0048493C: 49 dec ecx ; decrypt 000009FA bytes
0048493D: 75EB jne .00048492A ; could've been replaced with LOOP instr...
0048493F: 61 popad ; remember instruction at 00484920?

00484940: E80D000000 call .000484952
00484945: E800000000 call .00048494A ; stack: 004848F2 0048494A
0048494A: 58 pop eax ; eax --> 0048494A
0048494B: 83C005 add eax,005
0048494E: 83C003 add eax,003 ; eax --> 00484952
00484951: C3 retn
00484952:
[ start of encrypted instructions ]