It's confusing. Here is a snippet showing what is possible:
include \masm32\include\masm32rt.inc
.code
start:
cls
mov eax, 123
nd equ eax ; equate without brackets
print str$(nd), " is the value of nd", 13, 10
xd equ <111> ; equate with <brackets>
print str$(xd), " is the value of xd", 13, 10
xz=11111 ; assembly time numeric variable
print str$(xz), " is the value of xz", 13, 10
nd equ 456
xd equ <222>
print str$(xd), " is the value of xd", 13, 10
xz=22222
print str$(xz), " is the value of xz", 13, 10
MsgBox 0, cat$(str$(nd), " is the value of nd"), chr$("Hello"), MB_OK
exit
end start