I used the wiki posted by Kayot :
http://www.eqemulator.net/forums/showthread.php?t=21527
I tried to log out... but same issue...the inventory table is not updated.
I just thought about one thing... when setting up MySQL 5 you are asked for the maximum number of simultaneous connections... as I don't need many connections (well that's what I thought) I put that number to 15... maybe this is too low.
When zoning I see a disconnection message in the world window and then a logging in back. On client side this is not seen at all... That's what make me thinking about a DB connection problem.