There are several ways to achieve what you are trying to do. You mention the term 'View-Model' a few times in your description, which makes me think you are trying to use the design pattern 'MVVM' (Model-View-ViewModel), which is popular when using WPF or Silverlight technology due to things like it's support for databinding against the view, but can be extended to other technologies too.
In MVVM, the tiers are split into the Model, the View-Model and the View.
The Model is essentially your domain, and is used only for Domain specific modelling. Your applications entities should live here, but there should be no calculations, or manipulation of the domain entities. eg. If it was a cycling domain, your 'Bike' and 'Rider' classes should live here, but there should be no code relating to calculating the race winners, or what colour to display the winner in your application GUI.
The View-Model is where you prepare your domain entities to be presented into your View (User interface). You pretty much achieve this by wrapping your domain entities into new classes, that take the domain object in the constructor, but then expose, or translate the existing properties into the ones you want to be displayed in the View. In the cycling analogy your Bike object might have Make, Model, Cost, RRP, TimeBuilt properties, so in the view model I would expose the Make, Model properties, but then translate the Cost and RRP along with margin to come up with the retail price (as seen on the front end).
The View, as you might have guessed is where this information is displayed. This might be a desktop, mobile or web front end - it doesn't really matter. This is also where any rendering of the UI should be achieved. If I wanted to highlight great deals to my customers, and colour any Bikes with very good retail prices in green - I would do it here.
So, when relating to your example, formatting how the object is displayed should be achieved in the View. Even if your not using MVVM, you can achieve very similar results by extending your domain objects into Wrapper classes to be deployed and manipulated. Your rules such as
Highlight the background of the cell if A is in 'xxx', 'zzz' and B = 0 or D > 200
can be modeled in a boolean on your view model class, giving you the effect you need, without polluting your domain objects with non-specific code.
Regardless of architectural choice, (MVC, MVP, MVVM etc) these are good guidelines to develop by, as they deploy separation of concerns between the layers of your application.