I need to analyze Moody’s adjusted leverage trend for 2022. Let me first understand what this means and calculate the relevant metrics.

Moody's adjusted leverage typically refers to Debt/EBITDA or a similar leverage metric. Let me work with what we have.

First, let me identify the key components:

**Debt components:**
- Long-term borrowings: 2022-01-01: 12,366M EUR; 2023-01-01: 19,006M EUR
- Short-term borrowings: 2022-01-01: 1,339M EUR; 2023-01-01: 709M EUR
- Current bank overdrafts: 2022-01-01: 64M EUR; 2023-01-01: 0 EUR

Total debt 2022-01-01: 12,366 + 1,339 + 64 = 13,769M EUR
Total debt 2023-01-01: 19,006 + 709 + 0 = 19,715M EUR

**Equity:**
- 2022-01-01: 7,424M EUR
- 2023-01-01: 7,713M EUR

**Total Capitalization:**
- 2022-01-01: 13,769 + 7,424 = 21,193M EUR
- 2023-01-01: 19,715 + 7,713 = 27,428M EUR

**Debt/Total Capitalization ratio:**
- 2022-01-01: 13,769 / 21,193 = 65.0%
- 2023-01-01: 19,715 / 27,428 = 71.9%

This shows leverage increasing.

**EBITDA analysis:**
For 2021-2022: Revenue 5,524M, Operating expense 5,861M, so Operating loss -337M (but they report -275M operating profit/loss from operating activities, which includes share of profit of associates)

Let me use Profit/Loss from operating activities:
- 2021-2022: -275M EUR
- 2022-2023: -976M EUR

Add back Depreciation and Amortization:
- 2021-2022: -275 + 1,165 = 890M EUR (approximate EBITDA)
- 2022-2023: -976 + 1,233 = 257M EUR (approximate EBITDA)

Wait, let me recalculate more carefully. The "Profit Loss From Operating Activities" already includes depreciation. So adding back D&A:

Approximate EBITDA 2021-2022: -275 + 1,165 = 890M EUR
Approximate EBITDA 2022-2023: -976 + 1,233 = 257M EUR

**Debt/EBITDA:**
- 2021-2022: 13,769 / 890 = 15.5x
- 2022-2023: 19,715 / 257 = 76.7x

This is a massive deterioration.

Alternatively, let me look at this differently. The 2022-01-01 to 2023-01-01 period represents the 2022 fiscal year results.

Looking at the trend from 2021 to 2022:
- Debt increased from ~13,769M to ~19,715M (43% increase)
- EBITDA collapsed from 890M to 257M (71% decrease)
- The company went from barely profitable operations to deeply unprofitable operations

Another leverage metric: Debt/Equity
- 2022-01-01: 13,769 / 7,424 = 1.85x
- 2023-01-01: 19,715 / 7,713 = 2.56x

This also shows deterioration.

The equity increased slightly due to capital contributions (1,230M) but this was offset by losses and dividends.

Key observations:
1. Debt increased significantly (long-term borrowings up from 12,366M to 19,006M)
2. Operating profitability worsened dramatically (from -275M to -976M)
3. The company is burning cash in operations before working capital adjustments
4. EBITDA coverage deteriorated severely

The capital structure became more leveraged, and the ability to service debt from operations weakened substantially.

For Moody's purposes, they might also consider:
- Cash increased from 3,204M to 6,547M (but this includes financing inflows)
- Net debt: 2022-01-01: 13,769 - 3,204 = 10,565M; 2023-01-01: 19,715 - 6,547 = 13,168M
- Net debt also increased

The trend is clearly deteriorating - higher debt, weaker earnings, higher leverage ratios across multiple metrics.

<answer>Deteriorating</answer>