If you run multilaunch or GWx2, the system sometimes confuses the 'original' and the 'copy' versions. If you can't load any mod with texmod while using .../GW/GW.exe, try .../GW Copy/GW.exe.
The two biggest reasons for texmod failure after an update are dual clients and partial updates. If running gwx2, use the clear mutex option to restore texmod's ability to link to the correct client. Also, make sure to always update using the -image switch to ensure that you have the entire update.