To estimate the trend for Moody's adjusted leverage, we need to compare the leverage ratios for 2022 and 2021. Moody's adjusted leverage is typically calculated as Adjusted Debt / (Adjusted Debt + Equity) or as Adjusted Debt / EBITDA. 

1. **Adjusted Debt (Gross Debt)**:
   - 2022 Total Debt = Short-term Borrowings + Current Portion of Long-term Borrowings + Long-term Borrowings
     - 2022 Debt = 2,299m + 1,781m + 23,714m = 27,794m EUR
   - 2021 Total Debt = 2,557m (estimated from Cash Flow Statement net change of -910m + 2022 Short-term of 2,299m) OR just by taking 2021's own balance sheet (Short-term 2,550m + Current LT 1,736m + LT 24,498m) which equals ~27,784m EUR.
   Gross Debt remains virtually unchanged (~27.8bn EUR).

2. **Equity**:
   - 2022 Total Equity = 44,519m EUR
   - 2021 Total Equity = 37,493m EUR
   - Equity increased significantly by ~18.7% year-over-year.

3. **Debt-to-Capital (Debt / (Debt + Equity))**:
   - 2022: 27,794 / (27,794 + 44,519) = 38.4%
   - 2021: 27,784 / (27,784 + 37,493) = 42.6%
   The leverage ratio improved (decreased) by over 400 basis points.

4. **EBITDA (Proxy for Cash Flow coverage)**:
   - 2022 EBITDA = Profit from Operating Activities + Depreciation & Amortisation = 12,341m + 7,063m = 19,404m EUR
   - 2021 EBITDA = -3,275m + 7,304m = 4,029m EUR
   - EBITDA increased almost 5x.

With gross debt relatively flat, equity growing substantially, and EBITDA surging, both the balance-sheet leverage and cash-flow leverage metrics show a strong improvement from 2021 to 2022.

<answer>Improving</answer>