@echo OFF

setlocal ENABLEEXTENSIONS
set KEY_NAME="HKCU\Software\Microsoft\Internet Explorer\Desktop\General"
set VALUE_NAME=WallpaperSource

FOR /F "usebackq skip=2 tokens=2*" %%A IN (`REG QUERY %KEY_NAME% /v %VALUE_NAME% 2^>nul`) DO (
    set ImgPath=%%B
)

if defined ImgPath (
    Recycle.exe "%ImgPath%"
) else (
    @echo %KEY_NAME%\%VALUE_NAME% not found.
)