Apple Mail (16.0) not receiving e-mails (MS Exchange) in inbox but in subfolders

I use Mac OS (Sonoma 14.5) and the native mail client Apple Mail (16.0) as well as Outlook for Mac. I have two e-mail addresses, 1 private with IMAP, 1 business with MS Exchange.

While IMAP works without any problems, some business emails (Exchange) don't reach me in the Apple client inbox, but they do in Outlook. However, as soon as I move these mails to a subfolder in Outlook (or have Outlook do this with a rule), I also see them in the corresponding subfolder in Apple Mail!

The problem has been going on for several months. I hoped, wrongly, that it might go away with a system upgrade or software update. In the meantime, I have also completely reinstalled the computer, so it can't be due to contaminated folders. I therefore suspect a problem with the programming of Apple Mail (and therefore don't want to invest time in standard solution attempts).

Does anyone know the problem and a solution or workaround?