Email Images in Mail Merge

Hi experts
I need to create some e-mails from Word (via Outlook) that contains different pictures for different recipients. All the date is imported from an excel file (name, email, picture path).
When using Merge function I get the emails, but the pictures are the same in all the emails (pic1.png and not pic2.png and so on). The rest of the fields are fine.
For the "Finish and Merge" with "Edit individual documents" I get the documents and pictures (also just one picture for all) and with Ctrl-A and F9 I can see the correctly generated files (all the fields and the pictures are what they are supposed to be).
What should I do to have the right pictures in emails? It's like they don't get refreshed while generating.

I use this codes (picture cell contains the full path, eg: D:\\test\\pic1.png), both are working the same way:

{INCLUDEPICTURE "{MERGEFIELD picture}" \*MERGEFORMAT\d}

{INCLUDEPICTURE "{MERGEFIELD picture}"\D}

You need a particular syntax when mailmerging images or the images don't update. See https://www.gmayor.com/mail_merge_graphics.htm and https://www.gmayor.com/mail_merge_graphics_addin.htm
You may also find https://www.gmayor.com/email_merge_addin.html useful