I definitely don't have 25 ARP requests going at the same time to this switch. This is an L2 switch, and the only IP traffic it handles is monitoring of the switch itself – i.e. SNMP and ICMP from single monitoring host IP. This is confirmed also by the following two facts: 1. there's only one entry in the switch's ARP table (show arp) and 2. only the monitoring host has this switch's IP address in its ARP cache.
It turned out the monitoring host's ARP cache size was too small and overflowed often, so it had to redo the ARP often. Once I increased the ARP cache sufficiently, the time between the ARP requests to the switch increased enough and now the problem is gone. At the same time, the total amount of ARP requests is still in the vicinity of 500/second.
Anyway, as far as the problem is gone I'm not going to investigate this further.
Thank you for your willingness to help!