Hi Nasko,
Macro security settings perhaps?
That's the only thing that can stop it from loading completely silently. Else you should get some error message.
Start with an Excel without the add-in installed or running.
Now File -> Open and select your add-in.
Do you see the 'Registering.... ' message at the bottom in the status bar?
If it gets to 'Registering...' you can add some MessageBox or xlcAlert call in the AutoOpen to see that it gets there.
After that if could only be that some parts of your add-in don't load, like a Ribbon, which may be disabled.
I hope that gives you some ideas.
Regards,
Govert