I need to analyze Bouygues' leverage trend for 2022 based on the financial data provided. Let me focus on key leverage indicators.

First, let me understand the dates: The data shows 2022-01-01 and 2023-01-01 as balance sheet dates, with the period 2022-01-01 to 2023-01-01 representing fiscal year 2022.

**Key Leverage Metrics:**

**Debt Levels:**
- Long-term Borrowings: 5,805M EUR (2022) → 11,586M EUR (2023) - **99.6% increase**
- Total Borrowings (Long-term + Current portion): 5,805 + 1,324 = 7,129M (2022) → 11,586 + 1,361 = 12,947M (2023) - **81.6% increase**

**Equity:**
- Total Equity: 12,789M EUR (2022) → 13,932M EUR (2023) - **8.9% increase**

**Total Assets:**
- Total Assets: 44,642M EUR (2022) → 60,595M EUR (2023) - **35.7% increase**

**Key Leverage Ratios:**

1. **Debt-to-Equity (Total Borrowings / Equity):**
   - 2022: 7,129 / 12,789 = 0.56x
   - 2023: 12,947 / 13,932 = 0.93x

2. **Net Debt:**
   - 2022: 941M EUR
   - 2023: 7,440M EUR - **690% increase**

3. **Net Debt / EBITDA proxy analysis:**
   - Operating Profit (Recurring): 1,962M (2022) vs 1,693M (2021) - improved
   - But Net Debt increased dramatically from 941M to 7,440M

**What happened?**
The massive increase in long-term borrowings (from 5.8B to 11.6B) and net debt (from 0.9B to 7.4B) indicates significant debt-funded expansion. The goodwill increased from 7,446M to 12,626M (+69.5%), suggesting major acquisitions. This is confirmed by "Cash Flows Used In Obtaining Control Of Subsidiaries" of 6,269M in 2022 vs only 382M in 2021.

**Moody's Adjusted Leverage Considerations:**
- Moody's typically adjusts reported debt to include operating leases, pension deficits, and other obligations
- Lease liabilities increased significantly (Noncurrent: 1,473M → 2,107M; Current: 362M → 498M)
- The company went from a very low net debt position (941M) to much higher leverage (7,440M)
- Total liabilities grew from 31,853M to 46,663M (+46.5%), much faster than equity growth (+8.9%)

**Conclusion:**
Despite some operational improvement (revenue growth from 37.6B to 44.3B, recurring operating profit up), the leverage profile has deteriorated significantly due to:
1. Massive increase in gross debt (nearly doubled)
2. Net debt increased almost 8x
3. Debt-funded acquisitions (goodwill up 70%)
4. Debt growing much faster than equity or EBITDA

This represents a clear deterioration in credit metrics that Moody's would view negatively for leverage assessment.

<answer>Deteriorating</answer>