I’m sorry. I forgot base was the database component. It seemed to affect the whole suite, so my brain went “hurr durr it’s the base”.
I was back at the office today. The version is Windows 10 Enterprise N LTSC German. I checked the system and the corresponding install.wim. The latter has both editions indexed (Regular and N). The reguar edition ships with mf*.dll. On N they are missing. Accordingly, calc fails to launch, complaining about the missing files. I skipped WinSxS and plainly extracted mf*.dll from the WIM into C:\Windows\System32. It’s a dirty hack, but that lead to a successful launch.