Dim MaxBreite!, MaxHoehe!, Fkt1!, Fkt2!
  Dim Dat1$, Dat2$
  Dim ZielBreite!, ZielHoehe!
  Dim Alpha&
  Dim SW1!, SH1!
  Dim SW2!, SH2!
 
  Dat1 = "C:\EinBild.jpeg" ' Pfad des Hintergrundbildes
  Dat2 = "C:\Wasserzeichen.jpeg" ' Pfad des Wasserzeichenbildes
  MaxBreite = 150
  MaxHoehe = 150
  Alpha = 128 ' Transparenz 0 - 255
  Me.ScaleMode = vbPixels
  With Picture1
    .BorderStyle = vbBSNone
    .ScaleMode = vbPixels
    .BackColor = vbBlack
    .AutoSize = True
    Set .Picture = LoadPicture(Dat2)
    SW1 = .ScaleWidth
    SH1 = .ScaleHeight
    .AutoRedraw = True
  End With
  With Picture2
    .Visible = False
    .BorderStyle = vbBSNone
    .ScaleMode = vbPixels
    .AutoSize = True
    Set .Picture = LoadPicture(Dat1)
    .AutoRedraw = True
    SW2 = .ScaleWidth
    SH2 = .ScaleHeight
  End With
  Fkt1 = SW2 / SW1
  Fkt2 = SH2 / SH1
  If Fkt2 < Fkt1 Then Fkt1 = Fkt2
  ZielBreite = SW1 * Fkt1
  ZielHoehe = SH1 * Fkt1
  With Picture1
    Call AlphaBlend(Picture2.hDC, (SW2 - ZielBreite) / 2, (SH2 - ZielHoehe) / _
      2, ZielBreite, ZielHoehe, .hDC, 0, 0, SW1, SH1, CLng(&H10000 * Alpha))
    .AutoSize = False
    Set .Picture = LoadPicture()
    .Move 8, 8, MaxBreite, MaxHoehe
    .Cls
    Fkt1 = MaxBreite / SW2
    Fkt2 = MaxHoehe / SH2
    If Fkt2 < Fkt1 Then Fkt1 = Fkt2
    ZielBreite = SW2 * Fkt1
    ZielHoehe = SH2 * Fkt1
    .PaintPicture Picture2.Image, (MaxBreite - ZielBreite) / 2, (MaxHoehe - _
      ZielHoehe) / 2, ZielBreite, ZielHoehe
    Set .Picture = .Image
    .Cls
    .AutoRedraw = False
    .ZOrder vbBringToFront
  End With
  With Picture2
    .Cls
    .AutoRedraw = False
    Set .Picture = LoadPicture()
  End With

Gruss,

Zardoz