diff --git a/dlls/ntdll/loader.c b/dlls/ntdll/loader.c
index 4d15779847d..23c6e3b5b2e 100644
--- a/dlls/ntdll/loader.c
+++ b/dlls/ntdll/loader.c
@@ -681,6 +681,12 @@ static WINE_MODREF *alloc_module( HMODULE hModule, LPCWSTR filename )
     /* wait until init is called for inserting into this list */
     wm->ldr.InInitializationOrderModuleList.Flink = NULL;
     wm->ldr.InInitializationOrderModuleList.Blink = NULL;
+
+    if (!(nt->OptionalHeader.DllCharacteristics & IMAGE_DLLCHARACTERISTICS_NX_COMPAT))
+    {
+        WARN( "disabling no-exec because of %s\n", debugstr_w(wm->ldr.BaseDllName.Buffer) );
+        VIRTUAL_SetForceExec( TRUE );
+    }
     return wm;
 }
 
@@ -2126,8 +2132,6 @@ void WINAPI LdrInitializeThunk( ULONG unknown1, ULONG unknown2, ULONG unknown3,
 
     peb->ProcessParameters->ImagePathName = wm->ldr.FullDllName;
     version_init( wm->ldr.FullDllName.Buffer );
-    if (!(nt->OptionalHeader.DllCharacteristics & IMAGE_DLLCHARACTERISTICS_NX_COMPAT))
-        VIRTUAL_SetForceExec( TRUE );
 
     /* the main exe needs to be the first in the load order list */
     RemoveEntryList( &wm->ldr.InLoadOrderModuleList );