Reasoning:

To assess the Moody’s adjusted leverage trend, we typically look at changes in debt and changes in EBITDA or cash flow from operations, along with other adjustments that Moody’s might make.  

- **Debt levels**:  
  - *Noncurrent borrowings*: `Noncurrent Portion Of Noncurrent Bonds Issued` decreased from €22,212M to €20,425M; `Noncurrent Portion Of Other Noncurrent Borrowings` increased from €2,757M to €3,205M.  
  - *Short-term borrowings* increased from €5,769M to €6,368M.  
  - *Lease liabilities* (current + noncurrent) roughly flat (~€2,098M to ~€2,102M).  
  - Overall, reported debt seems relatively stable or slightly higher.  

- **Operating performance (proxy for EBITDA)**:  
  - `Profit Loss From Operating Activities` up from €4,438M to €6,489M.  
  - `Adjustments For Depreciation And Amortisation Expense` up from €3,219M to €3,613M.  
  - Rough EBITDA (Operating profit + D&A) increased from ~€7,657M to ~€10,102M.  

- **Cash flow from operations** increased sharply from €7,806M to €9,387M.  

- **Equity** increased significantly (€24,771M to €29,409M).  

When debt is stable or only slightly higher but earnings and cash flow are growing strongly, leverage (Debt/EBITDA) should decline, indicating an improving trend.  

Therefore, the Moody’s adjusted leverage trend for 2022 is *Improving*.  

<answer>Improving</answer>