Well

The reason I decided to compile Qt4.8.5 from sources is that there's no binaries that would work with the newest version MinGW 4.7.2. I was told I'd have 2 ways to make it work: either install MinGW 4.4 which failed because there's no earlier package than 4.5 to install from MinGW SourceForge or compile Qt4.8.5 from sources using MinGW 4.7.2. The second approach also failed causing Fatal Error. I have no such knowledge to understand this sort of error. I followed the procedure from documentary. This is probably this far I can go.

Thanks for explanation on Windres but it still does not say if the problem is related to wrong compiler. Perhaps I am not able to compile Qt4.8.5 at this stage.