I've read all about people having similar issues where the App icon displays incorrectly, or not at all. The most common answer seems to be the 1st icon from the list is used, and to change the order of them to suit.
I use only one icon, and will only display the VO25Lib icon, not my one.
Any ideas please. Also, the app is now installed on a server. The shortcut on the users workstation displays a blank icon....
Try not using the underscore characters. If I look in my VO application with resource hacker I can see that the application icon name starts with "AA", The icons with names beginning with underscores are not used as application icon (see attachment).