Hmm, to be clear, this is how you should diagnose the problem. The signal chain is:
Phono --> AN1/2 input --> B4M --> AN1/2 output
Questions you should ask yourself:
1. Is the AN1/2 input receiving input? Your metering dancing bars clearly says yes. So it is.
2. Is B4M receiving input from AN1/2? I don't know if B4M has input metering or any way to show signs of activity. If there is no sign of activity, your chain is broken at B4M. Check your B4M settings to make sure that the inputs and outputs have been set correctly.
3. Is the AN1/2 output receiving input from B4M? If it is, you should see metering. If there is no sound, the signal chain is broken downstream from your RME. Check amplifiers, volume, cables, etc.
What this tells me is:
AN1/2 hardware output (DAC) is receiving input from AN1/2 hardware input, AN1/2 software input, and CH5/6 software input.
AN3/4 hardware output (DAC) is receiving input from AN3/4 software inputs ONLY.
If you need further help, can you please state:
1. Which inputs have you plugged your phono stage into?
2. What are the input and output settings in B4M?
3. What outputs have you used to connect your Babyface Pro to your amps? AN1/2 or AN3/4?