Comparison of the photometric measurements of V4332 Sgr in 2003 (red filled symbols: Tylenda et al. 2005) to those obtained in 2009 (blue open symbols: Kamiński et al. 2010). Full curves: model photometric spectra obtained by summing a standard stellar component with a black-body dust component (individual components are shown with dotted curves) reddened with E_B−V = 0.35. See text for more details of the modelling.