Here’s the reasoning:

**Step 1 – Calculate EBITDA for each year**  
EBITDA = Operating Profit + Depreciation & Amortisation  
- 2022: Operating loss = -275M, D&A = 1,165M → EBITDA = 890M  
- 2023: Operating loss = -976M, D&A = 1,233M → EBITDA = 257M  

**Step 2 – Calculate Net Debt for each year**  
Net Debt = (Long-term Borrowings + Short-term Borrowings + Current Bank Overdrafts) – Cash  
- 2022: (12,366M + 1,339M + 64M) – 3,204M = 10,565M  
- 2023: (19,006M + 709M + 0) – 6,547M = 13,168M  

**Step 3 – Calculate Net Debt / EBITDA**  
- 2022: 10,565 / 890 = 11.87x  
- 2023: 13,168 / 257 = 51.24x  

**Step 4 – Year-on-year change**  
51.24x – 11.87x = +39.37x (far beyond ±0.3x stable band, clearly >0.3x higher)  

**Conclusion** → Deteriorating.  

<answer>Deteriorating</answer>