use IF() with TIMEVALUE() in excel

I have the folowing formula:

=IF(TIMEVALUE("14:30") - TIMEVALUE(NOW()) < TIMEVALUE("00:00"),"Past","Future")

Excel is giving me ERROR, i checked all formulas individually and they all give me the time value (which in theory should be enough to compare with an IF statement).

How come that i keep on getting error. Some cell formats not correct or something? Any help is appreciated!