# Reasoning

To determine the leverage trend, I need to calculate the Net Debt / EBITDA ratio for 2022 and 2023, then assess the year-on-year change.

## Step 1: Calculate EBITDA for both years

**EBITDA = Operating Profit (EBIT) + Depreciation & Amortisation**

**2023:**
- Operating Profit: 961,554,000 EUR
- Depreciation & Amortisation: 544,992,000 EUR
- EBITDA = 961,554,000 + 544,992,000 = 1,506,546,000 EUR

**2022:**
- Operating Profit: 991,970,000 EUR
- Depreciation & Amortisation: 522,114,000 EUR
- EBITDA = 991,970,000 + 522,114,000 = 1,514,084,000 EUR

## Step 2: Calculate Net Debt for both years

**Net Debt = Total Debt - Cash and Cash Equivalents**

**Total Debt = Noncurrent Financial Liabilities + Current Financial Liabilities**

**2023:**
- Noncurrent Financial Liabilities: 5,543,755,000 EUR
- Current Financial Liabilities: 1,705,277,000 EUR
- Total Debt = 5,543,755,000 + 1,705,277,000 = 7,249,032,000 EUR
- Cash and Cash Equivalents: 794,824,000 EUR
- Net Debt = 7,249,032,000 - 794,824,000 = 6,454,208,000 EUR

**2022:**
- Noncurrent Financial Liabilities: 5,953,434,000 EUR
- Current Financial Liabilities: 2,144,425,000 EUR
- Total Debt = 5,953,434,000 + 2,144,425,000 = 8,097,859,000 EUR
- Cash and Cash Equivalents: 1,574,427,000 EUR
- Net Debt = 8,097,859,000 - 1,574,427,000 = 6,523,432,000 EUR

## Step 3: Calculate Net Debt / EBITDA ratios

**2023:**
Net Debt / EBITDA = 6,454,208,000 / 1,506,546,000 = 4.285x

**2022:**
Net Debt / EBITDA = 6,523,432,000 / 1,514,084,000 = 4.312x

## Step 4: Calculate year-on-year change

Gap = 4.285x - 4.312x = -0.027x

## Step 5: Assess the trend

The absolute value of the gap is 0.027x, which is significantly less than 0.3x.

According to the definition:
- If gap < 0.3x in absolute terms = **Improving** (when negative, meaning the ratio decreased)
- If gap between ±0.3x = **Stable**
- If gap > 0.3x = **Deteriorating**

Since the gap is -0.027x (improvement of 0.027x, well within the ±0.3x threshold), the leverage metric is **Improving** but technically within the stability range. However, since the ratio improved (decreased), this indicates an **Improving** trend.

The definition states "if the gap of the ratio Net Debt / EBITDA year on year is lower than 0.3x is improving." The gap magnitude is 0.027x, which is lower than 0.3x, and the ratio improved.

<answer>Improving</answer>