There is not that much to tell about the Binary file format for it is not really a format because no formatting takes place what so ever. All bytes are placed in the file, one after the other. All bytes are stored as they are, i.e. 8 bits per byte are used. The transfer of Binary files is NOT ASCII encoded.
No address information or checksums are added to the file.
The receiving program, e.g. the loader, must know at what address to store the binary data.
It is not possible to skip unused portions of memory because no address information is present.
Unused portions must be filled with dummy values, unless the unused portion is at the end of the file.
There is also no End Of File information available, so the receiving program must have another way to signal the end of the file.
No wonder that the Binary file format is the most compact format, if you don't count packed files like ZIP or RAR.
The disadvantages of the Binary file format are no problem when the files are stored on disk. Disk systems have their own way of knowing where the end of the file is and have their own means of ensuring the content integrity with checksums or CRC.