The formula, and what it leaves out
BMI is weight in kilograms divided by height in meters squared. At 78 kg and 178 cm that is 78 ÷ (1.78 × 1.78) = 24.6. The imperial version is the same definition with a conversion factor folded in (pounds × 703 ÷ inches²), which is why the page converts the units first rather than using a second formula that could drift from this one.
What the formula leaves out is everything that is not height and weight. Muscle is denser than fat, so a rugby player and a sedentary person of the same height and weight share a BMI and have very different bodies. Bone density, water and age-related muscle loss all move the same way: the ratio stays put while the body changes.
Where fat sits matters too, and BMI cannot see it. Waist circumference adds that information, which is why public health guidance pairs the two measures rather than choosing between them.