You may be seeing the thumbnails that previous graphic programs created in your Windows Explorer cache. The behavior I have seen occurs when Windows Explorer tries to generate NEW thumbnails for graphic file types that it has associated with X4. Files that had been associated with another graphic program and displayed as a thumbnail at some point will continue to display correctly in Windows Explorer.
See my earlier post with instructions on clearing the Windows Explorer thumbnail cache. Then pull up Windows Explorer and view by thumbnail (forcing the generation of new thumbnails). Copying (not moving) files to a new folder will also force the creation of new thumbnails for the new folder.
For the record, this is what I see in folders that have have never previously been displayed as a thumbnail view:
A workaround is to associate the files to another graphic program. The only problem with that is double clicking on the file in Windows Explorer will open up the other associated program, not X4.