Moody’s adjusted leverage is typically assessed by looking at the ratio of adjusted debt to a measure of earnings (such as EBITDA).  
From the data:  

- **Debt**:  
  - Long-term borrowings decreased from €2,390.85 million to €1,695.36 million.  
  - Current borrowings increased from €375.22 million to €638.94 million.  
  - Total borrowings (long-term + current) fell from €2,766.07 million to €2,334.30 million.  

- **Earnings**:  
  - Operating profit rose from €218.86 million to €239.72 million.  
  - Depreciation and amortization increased slightly from €241.94 million to €249.28 million.  
  - Approximate EBITDA:  
    - 2021: €218.86M + €241.94M = €460.80 million  
    - 2022: €239.72M + €249.28M = €489.00 million  

- **Leverage ratio**:  
  - 2021: €2,766.07M / €460.80M ≈ 6.00x  
  - 2022: €2,334.30M / €489.00M ≈ 4.77x  

The reduction in total debt and rise in EBITDA point to a lower leverage ratio, so the trend is improving.  

<answer>Improving</answer>