Moody's adjusted leverage typically considers debt to EBITDA. From the data, 2022 shows: Noncurrent Financial Liabilities 5,953,434,000 EUR (approx), Long-term Borrowings 5,896,170,000 EUR, Current Liabilities 2,973,411,000 EUR, Equity 3,685,131,000 EUR. EBITDA not provided, but profit and cash flows indicate volatility. Net debt seems high relative to earnings; but cash flow from operations 1,606,826,000 and investing/financing imply some deleveraging potential. Given deterioration in some liability lines but solid operating cash flow, Moody’s trend would likely be Stable to Improving? Since earnings approximately 681,187,000 profit, interest costs 116,468,000; leverage (net debt/EBITDA) uncertain. I will judge as Stable. 

<answer>Stable</answer>