I believe this issue is caused when the start.bat is not in the same folder as the world or eqlaunch, maybe you pulled the .bat to desktop instead of creating a shortcut to it? Or possibly world.exe was unintentionally moved out of your eqemu server folder. In my start.bat I navigate around just like in MS-DOS, using the following lines:
cd C:\eqemu
start world.exe
The first line informs the .bat where world is located, the second line starts it.
You should replace the first line with the file path to world.exe and see if that resolves the issue, unless you dragged start.bat out of the server folder instead of making a shortcut.
But (disclaimer) I'm having my own issues with the Emu, so take all my advice with a grain of salt.
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