In general all equalizers, being designed to be in a Tape Monitor loop, have the option to Equalize either the Source or the Tape or nothing. Check for that control and toggle it. My old ADC SS-525X has pushbuttons whose settings (Tape/Source) are not easily determined. I always have to play around with it to know which is selected.
I'm betting your EQ is processing the program that would head out to an attached tape deck.
There is a good chance that a common control may have developed a high-resistance or 'dead' spot through idleness and is causing your symptom. Turn the POWER OFF and operate every control throughout its range a number of times, especially rarely-used ones like Tape Monitors and the Mute control.
Turn the volume to something reasonable and see if that helped.
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