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In the Etherscan transaction "State" tab you can see, for each address, what the Before and After Ether balances of that address are. When looking at two subsequent transactions from the transaction list of the same address, you can see the After balance from the first one matching up with the Before balance on the second one.

I found an example of 2 subsequent address transactions where this does not match up. These are the 2 transactions in the transaction list :

enter image description here

Here's the state changes in the first one :

enter image description here

https://etherscan.io/tx/0xa0f3cd295e9b805c7fb199dd3031df7efde3459ef9ae8f99eb2e8c8bfd3f51b4#statechange

Here's the state changes in the second one :

enter image description here

https://etherscan.io/tx/0x15aaae37c49aa57e8b49dae8d6df983967023feba59753743420910df6f97fe5#statechange

The second one is a failed transaction, but I don't think that matters, it's still a transaction. You can see the After balance for address 0x3432... in the first transaction does not match up with the Before balance of the second transaction state.

What could be causing this? What am I missing here?

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Look in the "Internal Txns" tab next to the "Transactions" tab on the Address page and not the "Internal Txns" tab of an individual transaction page.

Here is the transaction causing the state change :

enter image description here

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