Application shows the version, that could get from DirectShow. DirectShow, for it's turn, stores the name and version only for the very first version of any installed codec. On updating the codec it's name won't change. This is drawback of DirectShow. To force correct version display after version update (for example for DivX), it is needed to find and delete the following registry key:
After deletion it will appear again, but already will have correct codec name, and in Behold TV application you'll need to select DivX codec again, to store it's name in settings.