L'explication gît, il me semble, dans cet extrait de la documentation (p. 11) : `varwidth` définit pour largeur maximale `\linewidth`. Je n'ai pas les chiffres en tête, mais iil il y a de bonnes chances que vos deux images, avec l'option `keepaspectratio`, plus 4 `\fboxsep`, dépasse cette valeur par défaut.
> This option uses the varwidth package to wrap the content into a varwidth environment, which is based on > minipage , but will always use the natural width of the content if it is smaller than the given maximum width. The resulting effect is that the created paragraph will not cause any additional width and that multiple paragraphs can be included as part of the content. The used maximal width (which is provided to the underlying minipage environment) is \linewidth by default, but can be set by provided a width as value to the option. Doing so will also switch the option on.