To assess Moody’s adjusted leverage trend for 2022, I’ll focus on debt levels relative to earnings, as leverage is typically measured by metrics like Debt/EBITDA.  

- **Debt**:  
  - Long-term borrowings decreased from €30,458M (2022-01-01) to €28,083M (2023-01-01).  
  - Current borrowings increased from €10,590M to €12,508M.  
  - Total borrowings went from €41,048M to €40,591M — relatively flat, slight decrease.  

- **Earnings**:  
  - Current Operating Income Including Operating Mtm fell from €6,116M (2021) to €4,309M (2022).  
  - Profit from operating activities dropped from €6,722M to €1,127M.  
  - Profit for the period (total) went from €3,758M to €390M.  

Because debt stayed nearly the same while operating profit and current operating income dropped significantly, the debt-to-earnings ratio will have worsened, indicating deteriorating leverage.  

<answer>Deteriorating</answer>