The .xlsm file without visible VBA isn't a mystery, it's a password-protected project, plain and simple. That's our take, and it's grounded in how Excel actually works. When you open the VBA editor and see nothing, but the file extension insists macros are there, the code isn't gone. It's locked behind a password screen, hidden from view until someone supplies the key.
This matters practically because password-protected VBA is a wall, not a dead end. If you need to examine that code, to verify it's safe, to understand what it does, or to modify it, you're stuck unless you have the password. There's no legitimate backdoor in the standard interface. Third-party tools exist that can strip that protection, but they come with risks. They might corrupt the file, introduce malware, or violate the creator's intent. More importantly, using them without permission is ethically dubious at best. The person who handed you the file likely has a reason for locking it, even if that reason is simply "I don't want anyone changing my formulas."
What this really points to is the broader frustration with legacy spreadsheet tools. Users are forced to guess, to search forums, to download sketchy utilities, just to understand a file they already own. That's not empowering. It's a symptom of a system designed around secrecy rather than collaboration. The future of data management shouldn't require detective work to see the logic behind a calculation. It should be transparent by default, with permissions that are clear and reversible, not passwords that hide the entire engine.
So here's the concrete takeaway: If you receive an .xlsm file with no visible VBA, assume it's password-protected and ask the sender for the password. If they won't share it, treat the file as a black box, use it for its outputs, but don't trust it blindly. And if you're the one creating such files, consider whether locking the code really serves your users. Transparency builds trust. Passwords build walls.