Ca someone please explain this.....

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...in very easy to follow terms too as my head is a wee bit baffled on this.

Following on from my ask for help in another post regarding putting row data into a column when drag filling, I had a play around and managed to get it working. This was done using the following formula

=OFFSET('VSAT - Dashboard'!$K$26,0,ROW()-0)

Now, what I don't understand is that while it does what I want it to do, the first cell that uses it actually displays the contents of VSAT - Dashboard!M26.....and then 27, 28 , 29 after the drag fill.

I must admit, am fumbling in the dark and walking blind on this at the moment.....
 
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