I need to calculate the Net Debt / EBITDA ratio for 2022 and 2023 to determine the trend.

First, let me identify the relevant data:

**EBITDA (Beneficio Bruto De Explotacion Ebitda):**
- 2022 (period 2022-01-01 to 2023-01-01): 4,954,000,000 EUR
- 2021 (period 2021-01-01 to 2022-01-01): 3,529,000,000 EUR

**Net Debt calculation:**
Net Debt = Total Financial Debt - Cash and Cash Equivalents

Financial Debt includes:
- Noncurrent Financial Liabilities (Long-term borrowings + Noncurrent Lease Liabilities + Other Noncurrent Financial Liabilities)
- Current Financial Liabilities (Current Borrowings + Current Lease Liabilities + Other Current Financial Liabilities)

For 2023-01-01 (end of 2022):
- Longterm Borrowings: 12,689,000,000 EUR
- Noncurrent Lease Liabilities: 1,309,000,000 EUR
- Other Noncurrent Financial Liabilities: 1,000,000 EUR
- Current Borrowings And Current Portion Of Noncurrent Borrowings: 2,110,000,000 EUR
- Current Lease Liabilities: 177,000,000 EUR
- Other Current Financial Liabilities: 15,000,000 EUR

Total Financial Debt (2023-01-01) = 12,689 + 1,309 + 1 + 2,110 + 177 + 15 = 16,301,000,000 EUR

Cash and Cash Equivalents (2023-01-01): 3,985,000,000 EUR

Net Debt (2022 year-end) = 16,301 - 3,985 = 12,316,000,000 EUR

For 2022-01-01 (end of 2021):
- Longterm Borrowings: 13,786,000,000 EUR
- Noncurrent Lease Liabilities: 1,325,000,000 EUR
- Other Noncurrent Financial Liabilities: 3,000,000 EUR
- Current Borrowings And Current Portion Of Noncurrent Borrowings: 1,493,000,000 EUR
- Current Lease Liabilities: 196,000,000 EUR
- Other Current Financial Liabilities: 9,000,000 EUR

Total Financial Debt (2022-01-01) = 13,786 + 1,325 + 3 + 1,493 + 196 + 9 = 16,812,000,000 EUR

Cash and Cash Equivalents (2022-01-01): 3,965,000,000 EUR

Net Debt (2021 year-end) = 16,812 - 3,965 = 12,847,000,000 EUR

**Net Debt / EBITDA ratios:**
- 2022 (using 2022 EBITDA and 2022 year-end net debt): 12,316 / 4,954 = 2.49x
- 2021 (using 2021 EBITDA and 2021 year-end net debt): 12,847 / 3,529 = 3.64x

Wait - I need to be careful about timing. The standard approach is to use year-end debt with that year's EBITDA, or average debt. Let me reconsider.

Actually, looking at the data more carefully:
- The period "2022-01-01 - 2023-01-01" represents the year 2022
- The period "2021-01-01 - 2022-01-01" represents the year 2021

The balance sheet dates are:
- 2023-01-01 = end of 2022
- 2022-01-01 = end of 2021

For leverage ratio calculation, typically we use:
- Debt at end of period with EBITDA for that period

So for 2022: Net Debt at 2023-01-01 / EBITDA for 2022 = 12,316 / 4,954 = 2.49x
For 2021: Net Debt at 2022-01-01 / EBITDA for 2021 = 12,847 / 3,529 = 3.64x

The change is: 2.49 - 3.64 = -1.15x

This is a decrease of 1.15x, which is much larger than -0.3x, so this would be "Improving" (leverage is decreasing).

Wait, let me double-check by also considering if we should use average debt or beginning-of-period debt. Actually, the standard S&P approach typically uses year-end debt or average debt. Let me verify my debt calculation once more.

Actually, I should check if there are other current financial assets that should be deducted. Looking at "Other Current Financial Assets": 408,000,000 (2023) and 395,000,000 (2022). These might be included in net debt calculation if they're liquid, but typically net debt is just debt minus cash and cash equivalents.

Let me also verify: S&P adjusted leverage might include certain adjustments, but based on the data given, I'll proceed with standard net debt.

Net Debt / EBITDA:
- 2022: 12,316 / 4,954 = 2.486x ≈ 2.49x
- 2021: 12,847 / 3,529 = 3.641x ≈ 3.64x

Difference: 2.49 - 3.64 = -1.15x

Since the gap is -1.15x, which is less than -0.3x (i.e., the ratio decreased by more than 0.3x), this indicates "Improving" leverage.

The ratio went from 3.64x to 2.49x, a significant improvement of 1.15x.

<answer>Improving</answer>