A narrower follow-up, since the general answer is now clear:

What did you change at the same time, and can you separate the two now?

Closing the loop on my own question.

Follow-up: I dropped the cardio to two easy sessions and put the effort into three real lifting sessions. The scale slowed and the scan improved.

lucas_SP_BR said:

Give anything pharmacological four weeks before you judge it, and give anything measured weekly a four-point rolling average before you call it a…

Agreed on the substance. I would put less weight on the timescale, because two months of anything is not enough to distinguish a trend from a wobble.

Found this through search years later and it is still the best discussion of the question, so adding one thing. If you are comparing against somebody else’s result, check that you are comparing the same measurement taken the same way. Most of the apparent contradictions in these threads dissolve at that step.

From the other side of the consultation, briefly. Order of operations matters more than any single choice here: establish a baseline, change one thing, wait long enough for it to express itself, then measure again under the same conditions.