When "TargetOS" environment variable is not defined on your system, "%TargetOS%" is replaced with empty string and therefore you can get the same behavior with this source:
include 'Win/executable.inc'
include '/executable.inc'
What this setup ends up doing is that the file starts recursively including itself. If the path did not have that "/" at the start:
include 'Win/executable.inc'
include 'executable.inc' ; infinite recursion
then you would get a much more simpler error:
flat assembler version 1.73.25 (1048576 kilobytes memory)
error: out of stack space.
However, because there is that "/", additional copy of it ends up appended on each level of the recursion. And interestingly, there is a limit of how many delimiters OS allows to have in a path (here tested on Windows command line):
C:\test>type Win32\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\executable.inc
;include 'Win/executable.inc'
include '/executable.inc' ;<----error
C:\test>type Win32\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\executable.inc
The system cannot find the path specified.
With just one delimiter more, OS is no longer able to find the file.
Because of that, the "include" recursion is cut short, because as soon as the number of slashes reaches the OS's limit, fasm no longer finds a file there. So instead of running out of stack space because of infinite recursion, you end up having this strange error with multiplied delimiters just at the edge of OS's tolerance.