To put an image you need to write the tag in the image name, not in a cell.
Looking at the style of the tag (##dbTable##IMG_LOGO instead of <#dbTable.IMG_LOGO> i think you are using FlexCel 3. If that is the case then you can find an example in
<FlexCel Install Folder>\TMSSoftware\FlexCelVCL\Demo\Delphi\Modules\20.Reports\80.Images And Comments
Look at the image there. It is named ##FISH##Graphic##JPEG
In FlexCel 3, you need to tell FlexCel the image type, so that's why the tag should be ##dbTable##IMG_LOGO##PNG or ##dbTable##IMG_LOGO##JPEG
For FlexCel 6 specifying the image type is not needed and you could just name the image <#dbTable.IMG_LOGO>. Also there are other options to size the image in FlexCel 6.
But in both cases you need to apply the tag to the image name, by inserting a dummy image, then selecting it, and changing its name.