To assess Moody’s adjusted leverage trend for 2022, I will focus on the change in debt relative to earnings (or cash flow) between the end of 2021 and the end of 2022.  

**Key inputs for leverage calculation:**  
- **Debt:**  
  Short-term borrowings + Current portion of long-term borrowings + Long-term borrowings + Lease liabilities (current and noncurrent) are the main financial obligations.  
  - 2022-01-01:  
    Short-term borrowings: 2,299M  
    Current portion of long-term: 1,781M  
    Long-term borrowings: 23,714M  
    Current lease liabilities: 948M  
    Noncurrent lease liabilities: 4,389M  
    Total debt ≈ 33,131M EUR.  
  - 2023-01-01:  
    Short-term borrowings: 4,446M  
    Current portion of long-term: 3,097M  
    Long-term borrowings: 19,374M  
    Current lease liabilities: 884M  
    Noncurrent lease liabilities: 4,067M  
    Total debt ≈ 31,868M EUR.  
  Debt decreased slightly (≈ -3.8%).

- **Earnings (Profit from operating activities or EBITDA):**  
  Profit from operating activities:  
  - 2021: 12,341M  
  - 2022: 17,510M (increase of ~42%).  
  Depreciation & Amortization:  
  - 2021: 7,063M  
  - 2022: 7,205M  
  Approximate EBITDA:  
  - 2021: 12,341 + 7,063 = 19,404M  
  - 2022: 17,510 + 7,205 = 24,715M (increase of ~27%).

**Leverage ratios:**  
- Debt / Operating profit:  
  - 2021: 33,131 / 12,341 ≈ 2.68  
  - 2022: 31,868 / 17,510 ≈ 1.82 → **Improving**  
- Debt / EBITDA:  
  - 2021: 33,131 / 19,404 ≈ 1.71  
  - 2022: 31,868 / 24,715 ≈ 1.29 → **Improving**

Earnings rose significantly more than the change in debt, so leverage declined substantially over the year.  

<answer>Improving</answer>