"
wrote...
....
I suppose you think that CELL("address") refers to the current
cell. But according to the CELL Help text: "If [Reference, the
second parameter, is] omitted, information specified in info_type
is returned for the last cell that was changed"(!).
....

A fine example of an error in online help. Enter =CELL("Address") in A1.
Copy A1 and paste into A2, then move to B3 and press [F9]. Did you *change*
B3?

So if you modify a random cell in the spreadsheet,
OFFSET(CELL("address"),...) anywhere in the spreadsheet
becomes relative to the modified cell. It changes all the time!
....

More accurately, it becomes relative to the active cell at the time of the
most recent recalc.