I am running a retail edition of Windows 7 as a guest OS in VirtualBox.
Windows 7 activation is sensitive to hardware changes. In the case of a virtual machine, the hardware is mostly emulated.
In general, do minor updates to VirtualBox (i.e. upgrading from 4.3.x to 4.3.y) affect emulated hardware in a way that would cause the Windows 7 guest OS to require re-activation?