Unpack old DLink DIR-855 firmware

I’m trying to reverse engineer an old firmware of the D-Link DIR-855. The latest binary can be found here: ftp://ftp.dlink.de/dir/dir-855/driver_software/DIR-855_fw_reva_124eub01_ALL_multi_20130614.zip

A quick binwalk showls the following:

$ binwalk DIR855A2_FW112EUB11.bin

DECIMAL       HEXADECIMAL     DESCRIPTION
--------------------------------------------------------------------------------
18548         0x4874          ARJ archive data, header size: 43, version 11, minimum version to extract: 1, slash-switched, compression method: stored, file type: comment header, original file date: 2008-10-23 09:40:39, compressed file size: 1224754839, uncompressed file size: 0, os: Unix
18601         0x48A9          ARJ archive data, header size: 106, version 11, minimum version to extract: 1, compression method: compressed most, file type: binary, original file date: 2008-10-23 09:40:39, compressed file size: 2019972, uncompressed file size: 8529648, os: Unix
1735997       0x1A7D3D        MySQL MISAM index file Version 3

using binwalk -e DIR855A2_FW112EUB11.bin I was able to unpack the file and receive an img.bin file.
If I again run binwalk for that file, it shows me a bunch of random stuff (xml, …). Taking a look at the img.bin file reveals that it’s unencrypted and uncompressed:

$ hexdump -C img.bin
...
00351990  2d 2d 3e 38 30 32 2e 31  31 64 20 45 6e 61 62 6c  |-->802.11d Enabl|
003519a0  65 3c 21 2d 2d 23 65 6e  64 74 72 20 2d 2d 3e 20  |e<!--#endtr --> |
003519b0  3a 3c 2f 6c 61 62 65 6c  3e 0d 0a 20 20 20 20 20  |:</label>..     |
003519c0  20 20 20 20 20 20 20 20  20 20 20 20 20 20 20 20  |                |
*
003519e0  20 20 20 20 20 20 20 20  20 20 20 20 20 20 20 3c  |               <|
003519f0  69 6e 70 75 74 20 74 79  70 65 3d 22 63 68 65 63  |input type="chec|
00351a00  6b 62 6f 78 22 20 69 64  3d 22 77 69 72 65 6c 65  |kbox" id="wirele|
00351a10  73 73 5f 64 6f 74 31 31  64 5f 65 6e 61 62 6c 65  |ss_dot11d_enable|
00351a20  64 5f 73 65 6c 65 63 74  5f 26 6c 74 3b 21 2d 2d  |d_select_&lt;!--|
00351a30  23 20 65 63 68 6f 20 76  61 72 3d 27 24 28 6b 29  |# echo var='$(k)|
00351a40  27 20 2d 2d 3e 22 20 6f  6e 63 6c 69 63 6b 3d 22  |' -->" onclick="|
00351a50  77 69 72 65 6c 65 73 73  5f 64 6f 74 31 31 64 5f  |wireless_dot11d_|
00351a60  65 6e 61 62 6c 65 64 5f  73 65 6c 65 63 74 6f 72  |enabled_selector|
00351a70  28 74 68 69 73 2e 63 68  65 63 6b 65 64 2c 20 26  |(this.checked, &|
00351a80  6c 74 3b 21 2d 2d 23 20  65 63 68 6f 20 76 61 72  |lt;!--# echo var|
00351a90  3d 27 24 28 6b 29 27 20  2d 2d 3e 29 3b 22 2f 3e  |='$(k)' -->);"/>|
00351aa0  0d 0a 20 20 20 20 20 20  20 20 20 20 20 20 20 20  |..              |
00351ab0  20 20 20 20 20 20 20 20  20 20 20 20 20 20 20 20  |                |
*
00351ad0  20 20 3c 2f 70 3e 0d 0a  20 20 20 20 20 20 20 20  |  </p>..        |
00351ae0  20 20 20 20 20 20 20 20  20 20 20 20 20 20 20 20  |                |
*
00351b00  20 20 20 20 20 20 20 20  3c 70 3e 0d 0a 20 20 20  |        <p>..   |
00351b10  20 20 20 20 20 20 20 20  20 20 20 20 20 20 20 20  |                |
*
00351b40  20 3c 69 6e 70 75 74 20  74 79 70 65 3d 22 68 69  | <input type="hi|
00351b50  64 64 65 6e 22 20 69 64  3d 22 77 69 72 65 6c 65  |dden" id="wirele|
00351b60  73 73 5f 6c 32 5f 69 73  6f 6c 61 74 69 6f 6e 5f  |ss_l2_isolation_|
00351b70  65 6e 61 62 6c 65 64 5f  26 6c 74 3b 21 2d 2d 23  |enabled_&lt;!--#|
00351b80  20 65 63 68 6f 20 76 61  72 3d 27 24 28 6b 29 27  | echo var='$(k)'|
00351b90  20 2d 2d 3e 22 20 6e 61  6d 65 3d 22 63 6f 6e 66  | -->" name="conf|
00351ba0  69 67 2e 77 69 72 65 6c  65 73 73 5b 26 6c 74 3b  |ig.wireless[&lt;|
00351bb0  21 2d 2d 23 20 65 63 68  6f 20 76 61 72 3d 27 24  |!--# echo var='$|
...

However, I’m stuck in trying to unpack the img.bin file. I couldn’t detect any file system in it (with my limited skills). Is there something I’m missing?