Let’s reason through the data step by step.

First, we need **Net Debt** and **EBITDA** for 2022 and to estimate for 2023 (since the user says “calculated for the years 2022 and 2023” but we only have 2022 data — we can only compute 2021 vs 2022 trend, as 2023 EBITDA and debt are not provided).

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**1. EBITDA for 2022**  
From the income statement:  
- Profit from operating activities (recurring) = €6,481M  
- Add Depreciation & Amortization = €3,613M  
EBITDA ≈ €6,481M + €3,613M = **€10,094M**

**2. Net Debt at end of 2022**  
From the balance sheet:  
- Noncurrent bonds = €20,425M  
- Noncurrent other borrowings = €3,205M  
- Short-term borrowings = €6,368M  
- Current lease liabilities = €522M  
- Noncurrent lease liabilities = €1,580M  
Gross debt = €20,425M + €3,205M + €6,368M + €522M + €1,580M = **€32,100M**

- Cash & cash equivalents = €12,578M  
- Current cash management financial assets = €755M  
Total cash = €12,578M + €755M = **€13,333M**

Net debt = €32,100M - €13,333M = **€18,767M**

**3. Net Debt/EBITDA for 2022**  
= €18,767M / €10,094M ≈ **1.86x**

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**4. EBITDA for 2021**  
- Profit from operating activities (recurring) = €4,464M  
- Depreciation & Amortization = €3,219M  
EBITDA ≈ €4,464M + €3,219M = **€7,683M**

**5. Net Debt at end of 2021**  
- Noncurrent bonds = €22,212M  
- Noncurrent other borrowings = €2,757M  
- Short-term borrowings = €5,769M  
- Current lease liabilities = €524M  
- Noncurrent lease liabilities = €1,574M  
Gross debt = €22,212M + €2,757M + €5,769M + €524M + €1,574M = **€32,836M**

- Cash & cash equivalents = €11,065M  
- Current cash management financial assets = €200M  
Total cash = €11,265M  

Net debt = €32,836M - €11,265M = **€21,571M**

**6. Net Debt/EBITDA for 2021**  
= €21,571M / €7,683M ≈ **2.81x**

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**7. Year-on-year change**  
2.81x → 1.86x is a decrease of **0.95x**  
Since it decreased by more than 0.3x, the trend is **Improving**.

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<answer>Improving</answer>