This bug has been tested on VBox 4.1.16 and regtested to rev.50941. To replicate, install Total Commander 7.56 and after installer is done, refresh desktop, to show the Total Commander's icon. If display is set to 32bpp, the icon itself will not be drawn, only the app name and shortcut miniature. On other bit depths, the icon will be drawn properly.
Assigning to Jerome on his request.