Private Sub Worksheet_Change(ByVal Target As Range)
    Dim sh As Shape
    Dim i As Integer
    Dim lngRow As Long
    Dim lngColumn As Long
    
    lngRow = Target.Row
    lngColumn = Target.Column
    
    If Not IsEmpty(Target) Then
        For i =  1  To Target.Value
            Set sh = ThisWorkbook.ActiveSheet.Shapes.AddPicture( _
              "C:\Documents and Settings\Мои документы\icon.gif", _
              True, True, lngColumn *  50  + i *  10 , lngRow *  12 ,  20 ,  20 )
        Next
    End If
End Sub