Reassigning cell range

[nascent13]

I'm trying to move down columns. Basically, I'm referencing two cells for a formula, which need to be offset as I go down the columns. However, I'm getting an "object required" error when I'm reassigning "balance" to the next cell down. I can't really remember how to reassign a cell, so any help is appreciated!

Sub annexa()
'variable cells
Dim balance, ltv, proRatBal As Range
balance = Range("N2")
ltv = Range("AQ2")
 
'STEP 2: FIND PRO-RATA VALUES
Range("CC1").Select
ActiveCell.Value = "Pro-rata value"
'start inputting values
ActiveCell.Offset(1, 0).Select
 
Do Until IsEmpty(ActiveCell)
    ActiveCell.Formula = balance / ltv
    Set balance = Range(balance.Offset(1, 0))
    Set ltv = Range(ltv.Offset(1, 0))
    ActiveCell.Offset(1, 0).Select
Loop

 

[VoG]

Perhaps

Sub annexa()
'variable cells
Dim balance As Range, ltv As Range, proRatBal As Range
Set balance = Range("N2")
Set ltv = Range("AQ2")
 
'STEP 2: FIND PRO-RATA VALUES
Range("CC1").Value = "Pro-rata value"
'start inputting values
ActiveCell.Offset(1, 0).Select
 
Do Until IsEmpty(ActiveCell)
    ActiveCell.Value = balance.Value / ltv.Value
    Set balance = balance.Offset(1, 0)
    Set ltv = ltv.Offset(1, 0)
    ActiveCell.Offset(1, 0).Select
Loop