Salut Frank,
I downloaded your database and found the problem. What you experienced is a common transformation problem that affects only rotations, most of the time.
The image's flipping is caused by the position of your spot. Since your spot is placed right on a global axe (0 unit), the renderer is not sure in which orientation to put the image, so he changes its mind everyframe.
The solution is to put your projector just a slight unit up of 0 in all axes. For example, your spot is at 0 on Y axis. Put it on 0.001 (it worked on my machine). And do not make your spot cross the global center (0,0,0). A good idea would be to put the whole scene far from the global center.
I created a small scene of my own to test this. I can send it to you if you wish.
Hope this helps
Bernard Lebel