To estimate the S&P adjusted leverage trend, we need to calculate the Net Debt / EBITDA ratio for the years 2021 and 2022 (representing the periods ending 2022-01-01 and 2023-01-01 respectively, as per the data labels).

**Step 1: Calculate EBITDA for both periods.**
EBITDA is generally calculated as Profit from Operating Activities + Depreciation, Amortization, and Impairment.

*   **For the period 2021-01-01 to 2022-01-01 (Year 2021):**
    *   Profit Loss From Operating Activities: 7,551,000,000 EUR
    *   Depreciation Amortisation And Impairment Loss Reversal...: 8,507,000,000 EUR
    *   EBITDA 2021 = 7,551 + 8,507 = 16,058 million EUR

*   **For the period 2022-01-01 to 2023-01-01 (Year 2022):**
    *   Profit Loss From Operating Activities: 11,193,000,000 EUR
    *   Depreciation Amortisation And Impairment Loss Reversal...: 7,447,000,000 EUR
    *   EBITDA 2022 = 11,193 + 7,447 = 18,640 million EUR

**Step 2: Calculate Net Debt for both periods.**
Net Debt is typically calculated as Total Borrowings (Short-term + Long-term) minus Cash and Cash Equivalents. S&P adjustments might include other items, but based on the provided facts, we use the standard definition derived from the balance sheet items.

*   **For the period ending 2022-01-01 (Year 2021 Balance Sheet):**
    *   Long-term Borrowings: 54,500,000,000 EUR
    *   Short-term Borrowings: 13,306,000,000 EUR
    *   Current Portion of Long-term Borrowings: 4,031,000,000 EUR
    *   Total Debt = 54,500 + 13,306 + 4,031 = 71,837 million EUR
    *   Cash and Cash Equivalents: 8,858,000,000 EUR (Note: The cash flow statement lists "Cash And Cash Equivalents If Different From Statement Of Financial Position" as 8,990, but the Balance Sheet "Cash And Cash Equivalents" is 8,858. We use the Balance Sheet figure for consistency with Debt figures).
    *   Net Debt 2021 = 71,837 - 8,858 = 62,979 million EUR

*   **For the period ending 2023-01-01 (Year 2022 Balance Sheet):**
    *   Long-term Borrowings: 68,191,000,000 EUR
    *   Short-term Borrowings: 18,392,000,000 EUR
    *   Current Portion of Long-term Borrowings: 2,835,000,000 EUR
    *   Total Debt = 68,191 + 18,392 + 2,835 = 89,418 million EUR
    *   Cash and Cash Equivalents: 11,041,000,000 EUR
    *   Net Debt 2022 = 89,418 - 11,041 = 78,377 million EUR

**Step 3: Calculate Leverage Ratios (Net Debt / EBITDA).**

*   **Leverage 2021:** 62,979 / 16,058 ≈ 3.92x
*   **Leverage 2022:** 78,377 / 18,640 ≈ 4.20x

**Step 4: Determine the Trend.**
*   Change in Leverage = Leverage 2022 - Leverage 2021
*   Change = 4.20 - 3.92 = +0.28x

The definition provided states:
*   **Stable**: The gap is among ± 0.3x (meaning between -0.3x and +0.3x).
*   **Improving**: The gap is lower than 0.3x (This phrasing is slightly ambiguous, but typically "improving" leverage means the ratio decreases, i.e., gap < 0. However, the prompt says "if the gap ... is lower than 0.3x is improving". Let's re-read carefully: "Consequently if the gap of the ratio Net Debt / EBITDA year on year is lower than 0.3x is improving. If higher is Deteriorating." This usually implies magnitude or direction. Standard financial logic: Lower leverage is better. If the ratio goes up, it deteriorates. If it goes down, it improves.
    *   However, the prompt defines Stable as being *within* ±0.3x.
    *   It then says if the gap is *lower* than 0.3x it is improving. This likely refers to the algebraic value. If the change is negative (e.g., -0.5), it is lower than 0.3. If the change is positive but small (e.g., +0.1), it is also lower than 0.3. This interpretation conflicts with the "Stable" definition.
    *   Let's look at the standard interpretation of such prompts:
        *   Stable: Change is between -0.3x and +0.3x.
        *   Deteriorating: Change > +0.3x.
        *   Improving: Change < -0.3x.
    *   Let's re-read the specific constraint: "The definition of Stable is : the gap ... is among ± 0.3x ... Consequently if the gap ... is lower than 0.3x is improving. If higher is Deteriorating."
    *   This phrasing is tricky. "Lower than 0.3x" could mean `< 0.3`. "Higher" could mean `> 0.3`.
    *   If the gap is +0.28x, it is lower than 0.3x. Does that mean Improving? Or does it fall into Stable?
    *   The prompt explicitly defines Stable first: "gap ... is among ± 0.3x". My calculated gap is +0.28x. This falls within the range [-0.3, +0.3]. Therefore, it is **Stable**.
    *   The subsequent sentence "Consequently if the gap ... is lower than 0.3x is improving" likely contains a typo or refers to the magnitude of improvement (negative gap) vs deterioration (positive gap) outside the stable band, OR it implies that if the *absolute* gap is small it's stable, but the text says "Stable is ... among ± 0.3x".
    *   Let's assume the standard logic:
        *   Change = +0.28x.
        *   Is it within [-0.3, 0.3]? Yes.
        *   Therefore, it is Stable.

Let's double check the calculation.
EBITDA 2021: 7551 + 8507 = 16058.
Net Debt 2021: (54500 + 13306 + 4031) - 8858 = 71837 - 8858 = 62979.
Ratio 2021: 62979 / 16058 = 3.922.

EBITDA 2022: 11193 + 7447 = 18640.
Net Debt 2022: (68191 + 18392 + 2835) - 11041 = 89418 - 11041 = 78377.
Ratio 2022: 78377 / 18640 = 4.205.

Difference: 4.205 - 3.922 = 0.283.

The difference is approximately 0.28x.
The definition of Stable is that the gap is among ± 0.3x.
0.28 is within the range of -0.3 to +0.3.
Therefore, the trend is Stable.

<answer>Stable</answer>