At this moment it is highly important to protect your model from reverce engeneering and unauthorized distribution.
Spreadsheet is converted into binary machine code. There is no way to decode it and restore original workbook.
Formulas doesn't exist in their usual text way. You can try to disaccembly EXE file, but you will find nothing!
Conversion to machine code gives not only protection. It gives fast code execution. So, the converted model runs faster.