To change the image of a cell at runtime based on the value of the adjacent cell, you can make use of PrepareViewStyleInfo and CurrentCellCloseDropDown events.
In the following code, when you are selecting the value in the combo box placed in the first row of the fourth column, the appropriate image is shown in the first row of the fifth column.
After applying the properties, the grid is shown as follows,
Figure 1: Output
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