Thread: #REF! error on paste link

The following link works
=Excel.SheetMacroEnabled.12|'C:\Data Business\AAIS\AAIS Financial 10-11.xlsm'!'!VAT!R57C23'
The next one doesn't Why. I get a #REF! error
=Excel.SheetMacroEnabled.12|'C:\Data Business\AAIS\AAIS Financial 10-11.xlsm'!'!VAT!R57C25'

source workbook cell W57 will link to the destination workbook, but cell Y57 won't????

both were created using the copy and paste link functions
both W57 and Y57 contain formulae that don't give errors
Any ideas please

this error is reflecting to a missing document. Might be the file which you are looking for is not in the same place.

both are the same source workbook and worksheet and both go to the same destination workbook and worksheet. It's got me baffled

The only difference is one is column 23 and the other is column 25