We combine experiments and theory to investigate the diffusive and the subdiffusive dynamics of paramagnetic colloids driven above a two-state flashing potential. The magnetic potential was realized by periodically modulating the stray field of a magnetic bubble lattice in a uniaxial ferrite garnet film. At large amplitudes H0 of the driving field, the dynamics of the particle resemble an ordinary random walk with a frequency-dependent diffusion coefficient. However, subdiffusive and oscillatory dynamics at short time scales are observed when decreasing H0. We present a persistent random walk model to elucidate the underlying mechanism of motion, and perform numerical simulations to demonstrate that the anomalous motion originates from the dynamic disorder in the structure of the magnetic lattice, induced by the slightly irregular shape of bubbles