Picture disappear in Outlook 2003

Have a user with a strange problem. When opening a HTML mail in Outlook 2003, a picture at the top of the mail does not show. Only a red cross telling there should be a picture here.

If I try to “open other users folder” from my computer and opening the same mail, I can see the picture. Tried to look at the email settings and security settings to look for changes between the 2 computers and finds nothing.

Why does one computer not view pictures in mails, and another does?