A built LV executable calls the routines in the run-time engine. You can have multiple executables with a single instance of the run-time engine installed. The .exe files are smaller as a result. Once upon a time, the building process included the run-time engine and this resulted in some pretty big files. You can think of the run-time engine as the LabVIEW development system with the "development" part - no editing, re-compiling. The actual exe file is your compiled LabVIEW VIs saved without diagrams. If you change the extension of an exe to llb, you can actually use VI Library Manager to see which VIs are in there.