I have tried to comment out plugins from the plugins.int file. It seems that all of them run into the same issue. I have given up that attempt after I reached DropPlugin and it still reported "No rule to make target 'build/vm/DropPlugin.lib'."
Not sure if this helps (I don't have Windows to check) but there are unresolved issues in the Linux builds that may affect you here also, see #562. Suggestion - try checking out the fix_include_order branch and see if it works, or check out any older version prior to aafcb78.
Thank you David, on the fix_include_order branch, the build works, although I could not quite believe it at first.
Now I suppose that the Makefile system does not stop early enough on errors, because it did not reveal the actual errors that happened before the libraries were found missing. I guess I will find them in the log if I switch the branch again and scroll up, but in my opinion, this should not be necessary.