=CONCATENATE(A1:A25) is equivalent to =A1:A25
it returns an array of the cell values with no concatenation at all and what it returns to one cell will depend on how and where you enter it:
1. If you array enter it:
-in one cell and then copy or fill that anywhere, you will get the first entry
-in multiple cells, you will get the respective entries 1:n depending on how many cells you array enter into
2. if you enter it normally:
- in a cell in rows 1:25, you will get the item for that row
- in any other row you will get a #VALUE! error.