If you have an Excel VBA Project stored on a server.
It can only be opened by a client that has Excel.exe (the Excel Program).
If Excel is stored on a network drive, the same rule applies. The Project code is being executed with the workstation's application (exe) running that file.
On my Citrix Server, I have an Application Server that has Access, Excel, ... applications installed. Then there is a SQL Server 2008.
The Excel project is just a binary file, like MS Word .
There is a lot of IT staff that won't install any Office application on a server due to the programming aspect. Won't get into that.
Can you describe your goal (i.e. deployment plan)?
Is the query part of SQL Server? (there is a new SQL Server add-in for Excel data mining for example.)