To estimate Moody's adjusted leverage trend for 2022, we need to compare the leverage ratio at the end of 2022 against the leverage ratio at the end of 2021. Moody's adjusted leverage is typically defined as Adjusted Debt / (Adjusted Debt + Equity), or simply Debt / Debt + Equity if no specific adjustments are made in the prompt.

1. **Calculate 2022 Leverage:**
   - Total Debt (Financial Debt) for 2022 = Long-term Borrowings + Short-term Borrowings + Other Noncurrent Financial Liabilities + Other Current Financial Liabilities
   - Total Debt 2022 = 15,799,588,000 + 1,518,348,000 + 3,039,975,000 + 2,781,101,000 = 23,139,012,000 EUR
   - Total Equity 2022 = 13,977,565,000 EUR
   - Leverage Ratio 2022 = Debt / (Debt + Equity) = 23,139,012,000 / (23,139,012,000 + 13,977,565,000) = 23,139,012,000 / 37,116,577,000 ≈ 62.34%

2. **Calculate 2021 Leverage:**
   - Total Debt 2021 = Long-term Borrowings + Short-term Borrowings + Other Noncurrent Financial Liabilities + Other Current Financial Liabilities
   - Total Debt 2021 = 15,299,588,000 + 1,518,348,000 (wait, 2022 data shows current as 4,239,869,000, 2021 as 1,518,348,000. Let's look at 2021 exacts from text: 
     2021 Longterm Borrowings: 15,299,588,000
     2021 Current Borrowings: 1,518,348,000
     2021 Other Noncurrent Financial Liabilities: 3,039,975,000
     2021 Other Current Financial Liabilities: 2,781,101,000
   - Total Debt 2021 = 15,299,588,000 + 1,518,348,000 + 3,039,975,000 + 2,781,101,000 = 22,639,012,000 EUR
   - Total Equity 2021 = 13,070,976,000 EUR
   - Leverage Ratio 2021 = Debt / (Debt + Equity) = 22,639,012,000 / (22,639,012,000 + 13,070,976,000) = 22,639,012,000 / 35,709,988,000 ≈ 63.40%

3. **Trend Analysis:**
   - The leverage ratio decreased from 63.40% in 2021 to 62.34% in 2022.
   - A decrease in the leverage ratio indicates that the company is relying less on debt relative to its total capital, which means its leverage position is improving.

<answer>Improving</answer>