I need to analyze VERBUND AG's leverage trend for 2022 to estimate Moody's adjusted leverage trend.

First, let me identify the key leverage metrics from the balance sheet data:

**Debt and Equity Analysis:**

For 2021 (start of 2022):
- Total Assets: 12,008,058,000 EUR
- Total Equity: 6,807,399,000 EUR
- Total Liabilities: 12,008,058,000 - 6,807,399,000 = 5,200,659,000 EUR

For 2022 (end of 2022/start of 2023):
- Total Assets: 17,281,365,000 EUR
- Total Equity: 6,362,949,000 EUR
- Total Liabilities: 17,281,365,000 - 6,362,949,000 = 10,918,416,000 EUR

**Key Debt Components:**

Noncurrent Financial Liabilities:
- 2021: 1,202,154,000 EUR
- 2022: 1,834,155,000 EUR

Current Financial Liabilities:
- 2021: 84,056,000 EUR
- 2022: 1,462,453,000 EUR

Total Financial Debt:
- 2021: 1,286,210,000 EUR
- 2022: 3,296,608,000 EUR

**Leverage Ratios:**

Debt-to-Equity (Financial Debt / Equity):
- 2021: 1,286,210,000 / 6,807,399,000 = 18.9%
- 2022: 3,296,608,000 / 6,362,949,000 = 51.8%

Debt-to-Assets (Financial Debt / Total Assets):
- 2021: 1,286,210,000 / 12,008,058,000 = 10.7%
- 2022: 3,296,608,000 / 17,281,365,000 = 19.1%

**Additional Context:**

Total Liabilities-to-Equity:
- 2021: 5,200,659,000 / 6,807,399,000 = 76.4%
- 2022: 10,918,416,000 / 6,362,949,000 = 171.6%

**Analysis of the Trend:**

1. Financial debt more than doubled (156% increase) from 1.29 billion to 3.30 billion EUR
2. Debt-to-equity ratio nearly tripled from 18.9% to 51.8%
3. Total liabilities more than doubled while equity actually decreased by 6.5%

The significant increase in leverage is driven by:
- Massive increase in current financial liabilities (from 84M to 1.46B EUR) - 17x increase
- Substantial increase in noncurrent financial liabilities (from 1.2B to 1.83B EUR) - 53% increase
- Large derivative financial liabilities (current and noncurrent) increased dramatically
- Equity decreased despite strong profits, due to large dividends paid (319M in 2021-2022, 460M in 2022-2023) and negative other comprehensive income

The company's financial profile shows significantly higher indebtedness, with debt growing much faster than equity or assets. The balance sheet expanded dramatically (44% asset growth), but this was funded primarily by liabilities rather than equity.

**Moody's Considerations:**
Moody's typically looks at:
- Debt/EBITDA ratio
- Retained cash flow/debt
- Free cash flow/debt
- Debt/capital

With EBITDA growing strongly (from 1.58B to 3.16B), but debt growing even faster proportionally, the leverage metrics are deteriorating on a balance sheet basis. The company's capital structure has become significantly more leveraged.

<answer>Deteriorating</answer>