To estimate the trend in Moody’s adjusted leverage (Debt/EBITDA) for Veolia Environnement between 2022 and 2023, we examine the growth in net debt relative to operating performance.

1.  **Debt Analysis**: Veolia's financial liabilities (excluding concession liabilities) increased significantly. Non-current financial liabilities grew from 10.46 billion EUR to 19.69 billion EUR, and net debt is further impacted by the increase in non-current lease liabilities and derivative liabilities. While cash levels decreased from 10.52 billion EUR to 9.01 billion EUR, the gross debt burden increased substantially as part of the acquisition strategy (notably the acquisition of Suez).
2.  **EBITDA/Cash Flow Analysis**: While "Operating Income Before Share of Net Income Loss of Equity Accounted Entities" grew from 1.21 billion EUR to 2.20 billion EUR and "Cash Flows From Used In Operations Before Changes In Working Capital" rose from 3.21 billion EUR to 4.80 billion EUR, these gains are largely driven by the inorganic growth (consolidation of acquired assets).
3.  **Leverage Trend**: The significant increase in total financial liabilities (both current and non-current) outweighs the growth in operational cash flows in the immediate post-acquisition period. The expansion of the balance sheet, particularly the jump in goodwill and financial debt required to finance the Suez acquisition, suggests an increase in the leverage ratio. Historically, acquisitions of this magnitude cause a temporary spike in leverage before integration-led synergies take effect.

Given the substantial rise in absolute debt levels compared to the growth in operating cash flows, the leverage profile for the reporting period shows a trend of increasing debt pressure.

<answer>Deteriorating</answer>