XnView Software

I enclose a .zip file containing two samples: 1peterpan.exe works, while aj.exe does not.
I produced the first together with many others, all stored in a different directory and they open no more, just like some new ones produced recently as a trial.
So I wonder what's the difference between the ...

I used to open XNView via a portable version, in the http://www.liberkey.com application.
I produced many .exe files with it, but in these days they work no more: if I start them by Explorer, or by a hyperlink I make in an Excel file, this application freezes and nothing more happens. This happens ...