Reasoning:
Moody's adjusted leverage is typically measured as Adjusted Debt / Adjusted EBITDA (or Gross Debt / EBITDA). 
1. **Adjusted Debt**: Calculated as Long-Term Financial Liabilities + Short-Term Financial Liabilities. 
- End of 2021 (2022-01-01): 5,785,707,000 + 591,188,000 = 6,376,895,000 EUR
- End of 2022 (2023-01-01): 6,402,913,000 + 142,437,000 = 6,545,350,000 EUR
2. **EBITDA**: Approximated as Profit Loss From Operating Activities + Depreciation Amortisation And Impairment Loss.
- 2021 (2021-01-01 - 2022-01-01): 583,231,000 + 445,251,000 = 1,028,482,000 EUR
- 2022 (2022-01-01 - 2023-01-01): 641,338,000 + 479,186,000 = 1,120,524,000 EUR
3. **Leverage Ratio (Debt / EBITDA)**:
- 2021: 6,376,895,000 / 1,028,482,000 ≈ 6.20x
- 2022: 6,545,350,000 / 1,120,524,000 ≈ 5.84x
Since the adjusted leverage ratio decreased from approximately 6.20x in 2021 to 5.84x in 2022, the leverage trend is improving.

<answer>Improving</answer>