I need to analyze VINCI's leverage trend for 2022 based on the financial data provided. Let me focus on key leverage indicators.

## Key Data Points

### Debt and Liabilities:
- **Noncurrent Portion of Noncurrent Bonds Issued**: 20,425M EUR (2023-01-01) vs 22,212M EUR (2022-01-01) → **Decrease**
- **Noncurrent Portion of Other Noncurrent Borrowings**: 3,205M EUR (2023-01-01) vs 2,757M EUR (2022-01-01) → **Increase**
- **Short-term Borrowings**: 6,368M EUR (2023-01-01) vs 5,769M EUR (2022-01-01) → **Increase**
- **Noncurrent Liabilities**: 34,316M EUR (2023-01-01) vs 33,778M EUR (2022-01-01) → **Slight increase**
- **Current Liabilities**: 47,939M EUR (2023-01-01) vs 42,052M EUR (2022-01-01) → **Increase**
- **Total Liabilities** (excluding equity): ~82,255M EUR (2023-01-01) vs ~75,830M EUR (2022-01-01)

### Equity:
- **Equity**: 29,409M EUR (2023-01-01) vs 24,771M EUR (2022-01-01) → **Significant increase of 18.7%**

### Assets:
- **Total Assets**: 111,991M EUR (2023-01-01) vs 100,816M EUR (2022-01-01) → **Increase of 11.1%**

### Profitability and Cash Flow:
- **Profit Loss**: 4,417M EUR (2022) vs 2,195M EUR (2021) → **More than doubled**
- **Profit Loss From Operating Activities**: 6,489M EUR (2022) vs 4,438M EUR (2021) → **Increase of 46%**
- **Cash Flows From Operating Activities**: 9,387M EUR (2022) vs 7,806M EUR (2021) → **Increase of 20%**
- **Revenue From Contracts With Customers**: 62,265M EUR (2022) vs 49,982M EUR (2021) → **Increase of 24.6%**

### Key Leverage Ratios:

**Debt/Equity or similar metrics:**
- Total liabilities increased from ~75,830M to ~82,255M (~8.5% increase)
- Equity increased from 24,771M to 29,409M (~18.7% increase)

Since equity grew faster (18.7%) than total liabilities (~8.5%), the **leverage ratio is improving**.

**EBITDA/Debt service considerations:**
- Operating profit improved significantly (6,489M vs 4,438M)
- Cash flow from operations improved (9,387M vs 7,806M)
- Net finance costs actually decreased slightly (614M vs 658M)

**Additional positive factors:**
- Strong revenue growth (24.6%)
- Margin expansion: Operating profit grew 46% while revenue grew 24.6%, indicating margin improvement
- Goodwill increased (17,360M vs 16,099M), suggesting acquisitions but also value creation
- Service concession rights increased significantly (28,224M vs 25,329M), indicating infrastructure asset growth

**Potential concerns:**
- Current liabilities increased significantly (47,939M vs 42,052M)
- Short-term borrowings increased
- However, cash and cash equivalents also increased (12,578M vs 11,065M)

## Moody's Adjusted Leverage Considerations

Moody's typically adjusts leverage for:
1. **Pension deficits** - Not explicitly shown, but noncurrent provisions for employee benefits decreased (1,149M vs 1,459M), which is positive
2. **Operating leases** - Already capitalized under IFRS 16 (lease liabilities shown)
3. **Hybrid instruments** - Not visible in data
4. **Concession accounting** - Service concession rights are significant; Moody's may make adjustments here

The key trend is that **profitability and cash flow generation improved substantially more than debt levels**. The company generated 9,387M in operating cash flow vs net debt increases that appear manageable. The equity base expanded significantly through retained earnings (profit of 4,417M vs dividends of ~1,892M).

With EBITDA/interest coverage likely improving and debt/equity metrics trending better due to strong equity growth, the leverage trend appears to be **improving**.

<answer>Improving</answer>