Reading Customer Table from Query Analyzer

Hello I'm trying to find out what is happening. Here is my scenario.

I have two Navision clients 4.0 SP1 connected to same SQL database. I have also Query Analyzer (QA) open to the same database.

In QA I'm running the following statement

SELECT  *
FROM "CRONUS USA, Inc_$Customer" 

In Navision 1st client I have the cust. ledger entry table open.
When I copy the Cust. ledger entry table to clipboard. I switch 2nd client and can run the customer table or run a report that can loop through the customer table, and don't notice a big performance hit.

Running the Select statement above in Query analyzer takes 40 seconds. Normally running this statement takes less than 1 second.

Running a Navision report that loops through customer table and prints them takes less than 3 seconds.

I know there is no process priority.
Looking at client Monitor. Navision doesn't execute any special sql statements. Even doing a dirty read doesn't effect the statement performance.

SELECT  *
FROM "CRONUS USA, Inc_$Customer" 
WITH (READUNCOMMITTED)

It is really easy to test this and recreate it.
Any suggestion is appreciated.

Using SQL Profile, you can see that Navision uses store procedure. What I ded next is create a store procedure would use the SIFT tables for item ledger to return quantity on Hand. Executing the stored procedure gives me the same results.