Sub test()
For i = 4 To Cells(Rows.Count, 1).End(xlUp).Row
If Cells(i, 1) <> "" Then
Set image = ActiveSheet.Pictures.Insert(Cells(i, 1).Value)
With image
.Left = Cells(i, 1).Left + 1: .Top = Cells(i, 1).Top + 1: .Width = Cells(i, 1).Width - 2: .Height = Cells(i, 1).Height - 2
End With
End If
Next
End Sub