The photons one pixel collects in one exposure:
N ≈ B × η(NA) × T × Apixel at sample × t
where B is specimen emission per unit area per unit time, η is the fraction of emitted light the objective collects, T is the transmission of everything between objective and sensor, and A is the specimen area one pixel sees.
The trap is in that last term. Apixel at sample = (pitch / M)², which already contains 1/M². Writing the expression with pixel area at the sample and a separate division by M² charges magnification twice and makes photons fall as M⁻⁴ instead of M⁻². At 60× against 25× that is an error of a factor of 5.8 — not a rounding problem, a different answer.
Write it one way and stay there: either pixel area at the specimen, or physical pixel area divided by M². Never both.