Outlook 2003 - cannot view image when forward a message

I can view embedded images in Outlook 2003
but from some reason, when trying to forward email with embedded image - i see in the body of the message the source of the image starting with "HYPERLINK"
the other side will receive the image correct. also if sending the message to myself - i will receive it correctly. i guess it is something related to view and I know that it can be fixed by simple shortcut - but i cannot remember it.
can someone help?