To determine the S&P adjusted leverage trend for 2022, we need to calculate the Net Debt / EBITDA ratio for both the 2022 and 2023 fiscal years and compare the year-on-year change.

**1. Calculate the Net Debt / EBITDA ratio for 2022 (using 2022 year-end balances and 2022 flow):**
- **Net Debt 2022:** Total Debt - Cash & Cash Equivalents.
  Total Debt = Long-term Borrowings + Short-term Borrowings + Current Bank Overdrafts = 12,366 + 1,339 + 64 = 13,769 million EUR.
  Cash & Cash Equivalents 2022 = 3,204 million EUR.
  Net Debt 2022 = 13,769 - 3,204 = 10,565 million EUR.
- **EBITDA 2022:** Profit Loss from Operating Activities + Depreciation And Amortisation Expense = -275 + 1,165 = 890 million EUR.
- **Ratio 2022:** 10,565 / 890 ≈ 11.87x.

**2. Calculate the Net Debt / EBITDA ratio for 2023 (using 2023 year-end balances and 2023 flow):**
- **Net Debt 2023:** Total Debt - Cash & Cash Equivalents.
  Total Debt = Long-term Borrowings + Short-term Borrowings + Current Bank Overdrafts = 19,006 + 709 + 0 = 19,715 million EUR.
  Cash & Cash Equivalents 2023 = 6,547 million EUR.
  Net Debt 2023 = 19,715 - 6,547 = 13,168 million EUR.
- **EBITDA 2023:** Profit Loss from Operating Activities + Depreciation And Amortisation Expense = -976 + 1,233 = 257 million EUR.
- **Ratio 2023:** 13,168 / 257 ≈ 51.23x.

**3. Compare the year-on-year gap:**
- Gap = Ratio 2023 - Ratio 2022 = 51.23x - 11.87x = +39.36x.
- The gap is significantly higher than +0.3x, indicating a massive increase in leverage. 

Consequently, the trend is Deteriorating.

<answer>Deteriorating</answer>