To estimate Moody's adjusted leverage trend for 2022, we can look at key indicators from the provided data:

- **Total Assets** increased from €141,752m (2022-01-01) to €154,667m (2023-01-01).
- **Equity** increased from €56,126m to €58,114m.
- **Noncurrent Financial Liabilities** (which include long-term debt) rose from €37,175m to €44,216m.
- **Current Financial Liabilities** rose from €21,297m to €25,079m.
- **Total Debt** (approximated by Deudas Con Entidades De Credito Y Obligaciones U Otros Valores Negociables, both current and noncurrent) increased from €31,179m + €9,984m = €41,163m to €36,129m + €10,458m = €46,587m.
- **EBITDA** (Beneficio Bruto De Explotacion Ebitda) increased from €12,006m to €13,228m.

Leverage can be approximated as Debt / EBITDA:
- 2021: 41,163 / 12,006 ≈ 3.43
- 2022: 46,587 / 13,228 ≈ 3.52

The debt-to-EBITDA ratio increased slightly, indicating leverage deteriorated. Additionally, debt grew faster than equity, and interest costs (Finance Costs) rose from €2,268m to €3,042m, which could pressure coverage ratios.  

Thus, the trend for Moody's adjusted leverage in 2022 is **Deteriorating**.

<answer>Deteriorating</answer>