MArcus Baffa wrote...
....
These formulas are, in fact, DDE Links to a resource server. The
resource values are updated as they change, and I need that the loaded formulas
respond to the DDE advise event. That is they should change continuosly as
the resource changes.

And more some formulas must be contructed based on a specific cell. For
instance Column 1 has the name of the resource, so the DDE Link formula in
column 2 must be of type =appserver|topic!&CONTENTS OF ("C1").

Well if I manually put the formulas in a cell like "=app|topic!item"
they work. The Server is working OK !!!!
....

You've come across one of the archaic deficiencies of Excel. DDE links
in cell formulas can only be static, that is, =app|topic!item. You'd
need to use VBA to make them function dynamically, and that involves
using user-defined formulas (udfs) in VBA to create another Excel
application instance, construct static DDE link formulas and evaluate
them in the other instance, then return their values to the calling
instance. It's slow and relatively fragile.

Can you use VBA to do this?