All versions of Excel from 2013 and onward come with a tool that lists out cell by cell differences between two spreadsheets, called Spreadsheet Compare [0].

It lists side-by-side differences in hardcoded values, formula changes, calculated value changes, and even changes in VBA code. The list of changes can then be dumped out to a text file.

Default Excel installations also include the Inquire add-in which allows you to perform the comparison within Excel itself.

[0] https://support.microsoft.com/en-us/office/compare-two-versi...