To estimate S&P's adjusted leverage trend for Bouygues for the year 2022, we calculate the Net Debt to EBITDA ratio for both 2021 and 2022 and compare the difference.

**1. Calculate EBITDA**
EBITDA can be approximated by adding "Depreciation and Amortisation Expense" to "Profit Loss From Operating Activities".
*For 2021:*
- Profit Loss From Operating Activities (2021): €1,733,000,000
- Depreciation and Amortisation Expense (2021): €2,065,000,000
- Estimated EBITDA (2021) = €1,733m + €2,065m = €3,798,000,000

*For 2022:*
- Profit Loss From Operating Activities (2022): €1,872,000,000
- Depreciation and Amortisation Expense (2022): €2,228,000,000
- Estimated EBITDA (2022) = €1,872m + €2,228m = €4,100,000,000

**2. Determine Net Debt**
- Net Debt at end of 2021 (2022-01-01): €941,000,000
- Net Debt at end of 2022 (2023-01-01): €7,440,000,000

**3. Calculate Net Debt / EBITDA Ratio**
- **2021 Leverage:** €941m / €3,798m ≈ 0.25x
- **2022 Leverage:** €7,440m / €4,100m ≈ 1.81x

**4. Compare the Ratios**
- Year-on-year gap: 1.81x - 0.25x = +1.56x

The leverage ratio increased by roughly 1.56x. Since this gap is significantly higher than +0.3x, the debt burden relative to earnings has heavily increased, meaning the leverage trend is deteriorating.

<answer>Deteriorating</answer>