If you are using the Binaries, you don't need to compile anything. If by "compile", you mean, sourcing the SQL for the database, then the answer is no. You don't need to source the whole database every time you update your binaries, but you can if you wanted to. Though, the best way to do it is just to make sure you make all of the SQL updates that came between the revisions of the code you were upgrading from and to. So, if you were going from R245 to R384, there would be a lot of SQL updates you would have to make. You would do all of the SQL updates from between R245 and R384. You can find most of the SQL updates in the /utils/sql/svn/ directory of the source code download. But, some of the updates are listed directly in the changelog.txt file itself, so make sure to read through that as well.
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