HYPERLINK doesn't update urls when input cells change

I've got a spreadsheet generating a list of urls. When I've completed the list I update one of the inputs (B2) and the list of urls is reset.

It all works well in theory.

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The label, Page 204 (for example) is updated but the actual hyperlink isn't.

How do I convince Excel to actually update the link?

works fine for me
put
http://www.gamershood.com/flashgames/
in a1
put 7522 or 7523 in b2
used
=HYPERLINK(($A$1 & B2)) and it links to either of those pages ok

spooky, I've got two columns set up... the one like yours with just the link, and mine with the label.

The simple link updates, the one with the label doesn't. Odd, but not that important