The only time anything changes inexplicably is when I take a morning reading and see 16% fat, then go out and exercise for a few hours and come back and it's 14%, with weight and hydration virtually unchanged. If I go the rest of the day without eating, the fat percentage will creep back up. Somehow exercise seems to be misleading the scale.
From what little I've read about them, exercise does that. My theory (grain of salt -- I'm not a bio-anything, much less bio-electrical engineer) is that it's due to the pump you get from exercise. The extra blood flow increases the size of your muscle cells, which in turn changes the electrical resistance ratios enough to throw off the body fat calculation from the norm. As you lose your pump, you drift back to your baseline.