Hi Axel . . . well, the first question is understanding as much as possible all of the different factors that change between your comparisons with/without the SUT. I'm speculating that some of them are:
-Cartridge loading is slightly different, i.e. more inductive with the transformer
-SUT presents a different source impedance to the phono stage than the cartridge directly
-Phono stage loading switches/plugs/resistors/caps are different
-Phono stage gain is different, likely affecting noise, bandwidth, and distorion
-Of course, the SUT itself has a sonic/performance signature
And some of the likely causes of what you observe:
- more dynamic depth (better hi/low SPL differentiation)
I think this usually corresponds to better headroom, and lower noise floor. The SUT will most likely gives a better En/In match to the cartridge, and better RFI rejection. The phono stage may also have more headroom at the lower gain.
- more powerful bass
Cartridge loading differences, possibly a little bit of low-frequency 3rd-harmonic distortion from the transformer
- more hall/room information, stage depth
I associate this with more high-frequency extension, or different high-frequency phase response. Cartridge loading differences, the transformer's sonic signiture, or better phono-stage performance at the lower gain
Anyway hope this helps a bit, without re-opening the whole SUT/non-SUT debate.