I need to calculate Net Debt / EBITDA for both 2022 and 2023 (balance sheet dates 2022-01-01 and 2023-01-01 correspond to end of 2021 and end of 2022 respectively, but given the context these are end-of-year 2022 and 2023 balance sheets, with income statements for the periods 2021-01-01 to 2022-01-01 and 2022-01-01 to 2023-01-01).

Let me clarify the timing: The annual report is for end of 2022. The balance sheet dates "2023-01-01" likely represent December 31, 2022, and "2022-01-01" represents December 31, 2021. The income statement period "2022-01-01 - 2023-01-01" is fiscal year 2022, and "2021-01-01 - 2022-01-01" is fiscal year 2021.

**Net Debt Calculation:**

Net Debt = Total Financial Debt - Cash and Cash Equivalents

For S&P adjusted leverage, I'll use:
- Noncurrent Financial Liabilities (excluding derivatives and lease liabilities) + Current Financial Liabilities (excluding derivatives and lease liabilities) - Cash

**End of 2022 (2023-01-01):**
- Noncurrent Financial Liabilities: 44,216M
- Less Noncurrent Derivative Financial Liabilities: -3,690M
- Less Noncurrent Lease Liabilities: -2,287M
- Current Financial Liabilities: 25,079M
- Less Current Derivative Financial Liabilities: -3,398M
- Less Current Lease Liabilities: -151M
- Gross Debt = 44,216 - 3,690 - 2,287 + 25,079 - 3,398 - 151 = 59,769M
- Cash: 4,608M
- Net Debt = 59,769 - 4,608 = 55,161M

**End of 2021 (2022-01-01):**
- Noncurrent Financial Liabilities: 37,175M
- Less Noncurrent Derivative Financial Liabilities: -1,673M
- Less Noncurrent Lease Liabilities: -2,253M
- Current Financial Liabilities: 21,297M
- Less Current Derivative Financial Liabilities: -2,111M
- Less Current Lease Liabilities: -158M
- Gross Debt = 37,175 - 1,673 - 2,253 + 21,297 - 2,111 - 158 = 52,277M
- Cash: 4,033M
- Net Debt = 52,277 - 4,033 = 48,244M

**EBITDA:**
- FY2022 (2022-01-01 - 2023-01-01): "Beneficio Bruto De Explotacion Ebitda" = 13,228M
- FY2021 (2021-01-01 - 2022-01-01): "Beneficio Bruto De Explotacion Ebitda" = 12,006M

**Net Debt / EBITDA:**

For the ratio, I should match the balance sheet with the corresponding year's EBITDA:

- 2022 ratio: Net Debt (end 2022) / EBITDA (FY2022) = 55,161 / 13,228 = 4.17x
- 2021 ratio: Net Debt (end 2021) / EBITDA (FY2021) = 48,244 / 12,006 = 4.02x

**Change:** 4.17x - 4.02x = +0.15x

The gap is +0.15x, which is within ±0.3x, so the trend is **Stable**.

However, let me double-check if S&P would include lease liabilities. If including leases:
- 2022: (55,161 + 2,287 + 151) / 13,228 = 57,599 / 13,228 = 4.35x
- 2021: (48,244 + 2,253 + 158) / 12,006 = 50,655 / 12,006 = 4.22x
- Gap: +0.13x → Still Stable

Either way, the gap is within ±0.3x.

<answer>Stable</answer>