Moody’s adjusted leverage typically considers debt levels relative to EBITDA. From the data, Veolia’s 2022 Revenue and Profit increased but details on EBITDA are not provided. However, implied cash flow and debt dynamics: large cash outflows from financing activities in 2022-2023, large net borrowing, but also significant cash from operating activities in 2023. For 2022, Noncurrent Liabilities increased, and Equity decreased in consolidated reserves; current liabilities rose. Leverage appears to have worsened in 2022 due to higher net debt and lower equity base, despite cash flow improvements later. Therefore trend would be Deteriorating. 
<answer>Deteriorating</answer>