Perhaps something like this....

With
W1: (the formula that returns "B2")
X1: (the column offset to be used....eg 2)
Y1: (the row offset to be used, sign reversed...eg -5)
D7: (an arbitrary value...eg 999)

This formula returns the value of the cell that is Y1 rows below B2
and X1 columns to the right:
=INDEX($1:$65536,ROW(INDIRECT(W1))-Y1,COLUMN(INDIRECT(W1))+X1)

In the example, the formula returns: 999...(the value of D7)

Does that help?