ohi ohi now I become the answer from Macrium:

Hi,

The reason your system is not booting is because you need a different  mass storage driver early on in the booting process. It is almost definitely  installed as VM's do not emulate exotic hardware. However, it will need to be  enabled.

We have a tool called redeploy that figures out what drivers you  need and reconfigures windows accordingly. Unfortunately, it only included in  the non-trial professional and server editions.

!!!!!

also my problem is not the conversion: even without VM Converter I can get a VHD playable in VMPlayer!

my problem -as Macrium wrote- is the mass storage driver witch have to be injected for booting Windows.....only in the professional build of Macrium.