Try This

Insert a text box or shape. Fill this with a picture and format to no line.
Select the shape/text box. This will then reveal Picture Tools on the Ribbon.

Choose positions and the more layout option.

If picture is required to stay in the same place all the time, choose Position Tab and select the Absolute options - there are several choices.

On Wrapping Tab, say you pick Top and Bottom option, then you can choose the distance from text.