What I would do is insert an Image control on the worksheet, and set the Picture Property to the image I want to show or hide.
Then I would use the Worksheet_Calculate
Event to check the value of your formula and hide or show the control accordingly.
For example, if I had a formula in A1 and wanted to hide the image when the result of the formula equals 1, I would use this code:
Private Sub Worksheet_Calculate()
Me.Image1.Visible = (Range("A1").Value = 1)
I didn't rename the image control so the default name of Image1 applies.
You'll need to insert the image in every worksheet, however, and duplicate the code in each sheet module.