Natalja, thank you very much for your immediate response.
I am not sure about this. Maybe I am wrong, but if you take a look to the watershed delineation editor (please see attached) the step you refer to should be the last one "Calculate subbasin parameters". In my case, the problem arises before this step, when I select the "Delineate watershed" button. While this process successfully finishes, it leaves me with a "NULL" point, but more importantly no additional sub-basin created (I believe that an additional sub-basin drained by the new point should be created). I do not believe that the final step "Calculate subbasin parameters" will change any of this.
What do you think? Please pardon me if I have misunderstood your reply, maybe you refer to something else that I did not get. In any case, I would be much interested to get your feedback on this.
Thanks again,
Kostas