Actually the difference seems to be the initrd file, not the kernel file:
The jessie build doesn't boot under qemu, but the older bananian image does.
The jessie armbian build initrd:
# file: uInitrd: u-boot legacy uImage, uInitrd, Linux/ARM, RAMDisk Image (gzip), 4007052 bytes, Thu May 5 17:27:58 2016, Load Address: 0x00000000, Entry Point: 0x00000000, Header CRC: 0x3899A90A, Data CRC: 0x0C613615
The older - bananian initrd
# file initrd.img-3.2.0-4-vexpress
initrd.img-3.2.0-4-vexpress: gzip compressed data, from Unix, last modified: Tue Jan 29 16:04:38 2013
Any insights?
Regor