I need to calculate the Net Debt / EBITDA ratio for both 2021-2022 and 2022-2023 periods, then compare them.

First, let me identify the relevant data:

**For 2022 (period 2022-01-01 to 2023-01-01):**
- EBITDA = "Profit Loss From Operating Activities Before Interest Taxes Depreciation And Amortisation Expense" = 499,430,000 EUR

**For 2021 (period 2021-01-01 to 2022-01-01):**
- EBITDA = 396,680,000 EUR

Now I need to calculate Net Debt for each period. Net Debt = Total Debt - Cash and Cash Equivalents.

Let me find the debt components:

**For 2022-01-01 (end of 2021/beginning of 2022):**
- Cash And Cash Equivalents: 860,352,000 EUR
- Current Financial Liabilities At Fair Value Through Profit Or Loss: 170,857,000 EUR
- Other Current Financial Liabilities: 1,342,688,000 EUR
- Noncurrent Financial Liabilities At Fair Value Through Profit Or Loss: 44,763,000 EUR
- Other Noncurrent Financial Liabilities: 2,064,088,000 EUR

Total Debt at 2022-01-01 = 170,857,000 + 1,342,688,000 + 44,763,000 + 2,064,088,000 = 2,622,396,000 EUR
Net Debt at 2022-01-01 = 2,622,396,000 - 860,352,000 = 1,762,044,000 EUR

**For 2023-01-01 (end of 2022/beginning of 2023):**
- Cash And Cash Equivalents: 392,811,000 EUR
- Current Financial Liabilities At Fair Value Through Profit Or Loss: 76,644,000 EUR
- Other Current Financial Liabilities: 389,716,000 EUR
- Noncurrent Financial Liabilities At Fair Value Through Profit Or Loss: -0.0 EUR (essentially 0)
- Other Noncurrent Financial Liabilities: 1,751,255,000 EUR

Total Debt at 2023-01-01 = 76,644,000 + 389,716,000 + 0 + 1,751,255,000 = 2,217,615,000 EUR
Net Debt at 2023-01-01 = 2,217,615,000 - 392,811,000 = 1,824,804,000 EUR

Now calculate Net Debt / EBITDA ratios:

**For 2021 (using 2022-01-01 net debt and 2021 EBITDA):**
Net Debt / EBITDA = 1,762,044,000 / 396,680,000 = 4.44x

**For 2022 (using 2023-01-01 net debt and 2022 EBITDA):**
Net Debt / EBITDA = 1,824,804,000 / 499,430,000 = 3.65x

Wait - I need to be more careful about timing. The EBITDA is for the period, and net debt should be at the end of the period.

Let me reconsider:
- 2021 EBITDA (2021-01-01 to 2022-01-01): 396,680,000 EUR, with net debt at 2022-01-01: 1,762,044,000 EUR
- 2022 EBITDA (2022-01-01 to 2023-01-01): 499,430,000 EUR, with net debt at 2023-01-01: 1,824,804,000 EUR

Ratio for 2021 = 1,762,044,000 / 396,680,000 = 4.442x
Ratio for 2022 = 1,824,804,000 / 499,430,000 = 3.654x

Gap = 3.654 - 4.442 = -0.788x

The ratio decreased by 0.788x, which is more than 0.3x decrease. This means the leverage is improving (lower ratio = less leverage).

Let me double-check my debt calculations. I should also include lease liabilities as they are financial obligations:

**For 2022-01-01:**
- Current Lease Liabilities: 6,282,000 EUR
- Noncurrent Lease Liabilities: 122,663,000 EUR

**For 2023-01-01:**
- Current Lease Liabilities: 6,362,000 EUR
- Noncurrent Lease Liabilities: 150,955,000 EUR

Revised Total Debt at 2022-01-01 = 2,622,396,000 + 6,282,000 + 122,663,000 = 2,751,341,000 EUR
Net Debt at 2022-01-01 = 2,751,341,000 - 860,352,000 = 1,890,989,000 EUR

Revised Total Debt at 2023-01-01 = 2,217,615,000 + 6,362,000 + 150,955,000 = 2,374,932,000 EUR
Net Debt at 2023-01-01 = 2,374,932,000 - 392,811,000 = 1,982,121,000 EUR

Revised ratios:
- 2021: 1,890,989,000 / 396,680,000 = 4.767x
- 2022: 1,982,121,000 / 499,430,000 = 3.969x

Gap = 3.969 - 4.767 = -0.798x

Still more than 0.3x improvement.

Actually, let me check if S&P typically includes all lease liabilities or just debt-like obligations. For S&P adjusted leverage, they typically focus on debt and debt-like items, but may or may not include all lease liabilities depending on the context.

Let me also verify: the definition says "Net Debt / EBITDA". In standard practice, this typically includes borrowings and debt-like obligations. Let me use a more standard definition focusing on financial liabilities:

Standard debt items:
- Current Financial Liabilities At Fair Value Through Profit Or Loss
- Other Current Financial Liabilities  
- Noncurrent Financial Liabilities At Fair Value Through Profit Or Loss
- Other Noncurrent Financial Liabilities

This is what I used first. The lease liabilities may or may not be included depending on S&P's specific methodology for this company.

Using the more standard definition (without operating leases):
- 2021 ratio: 4.442x
- 2022 ratio: 3.654x
- Gap: -0.788x

Or with leases:
- 2021 ratio: 4.767x  
- 2022 ratio: 3.969x
- Gap: -0.798x

Either way, the gap is approximately -0.8x, which is a decrease of more than 0.3x, indicating improving leverage.

The ratio went from approximately 4.4x-4.8x down to 3.7x-4.0x, a significant improvement of about 0.8x.

Since the gap is lower than -0.3x (i.e., the ratio decreased by more than 0.3x), this is "Improving" according to the definition: "if the gap of the ratio Net Debt / EBITDA year on year is lower than 0.3x is improving."

Wait, let me re-read: "if the gap of the ratio Net Debt / EBITDA year on year is lower than 0.3x is improving."

I think this means if the change is less than 0.3x (in absolute value, or specifically if the new ratio is lower by more than 0.3x). The gap = Ratio_2022 - Ratio_2021 = 3.654 - 4.442 = -0.788.

Since -0.788 < -0.3, the ratio decreased by more than 0.3x, which is improving.

<answer>Improving</answer>