Based on the provided data, we can estimate the Moody’s adjusted leverage trend by looking at changes in debt and earnings (approximated by EBITDA or operating cash flow).

**Reasoning:**
1.  **Debt Increase:** Total borrowings (Long-term + Current) increased significantly. 
    - 2022: 15,782,604 + 4,239,869 = 20,022,473 (thousands EUR)
    - 2021: 15,299,588 + 1,518,348 = 16,817,936 (thousands EUR)
    This is a substantial increase in gross debt.

2.  **Earnings/Operating Cash Flow Increase:** The operating profit/EBITDA proxy ("Profit Loss Before Provisions Amortisation And Impairment...") increased from 3,723,050 to 4,523,539 (thousands EUR). Cash flows from operations also increased significantly from 2,019,909 to 3,777,785 (thousands EUR).

3.  **Leverage Calculation:**
    - *Debt/EBITDA (2022):* 20.02B / 4.52B ≈ 4.43
    - *Debt/EBITDA (2021):* 16.82B / 3.72B ≈ 4.52
    - *Debt/CFO (2022):* 20.02B / 3.78B ≈ 5.30
    - *Debt/CFO (2021):* 16.82B / 2.02B ≈ 8.33

While gross debt increased materially, earnings (EBITDA) and, especially, cash flow from operations grew at a proportionally higher rate. This results in a slight improvement in the Debt/EBITDA ratio and a significant improvement in the Debt/Cash Flow ratio.

**Conclusion:** The adjusted leverage ratio trend is improving.

<answer>Improving</answer>