I need to calculate Net Debt / EBITDA for both 2022 and 2023 (using balance sheet dates 2022-01-01 and 2023-01-01, and income/cash flow periods ending at those dates).

**Step 1: Calculate Net Debt**

Net Debt = Total Borrowings (short-term + long-term + current portion of long-term) + Lease Liabilities - Cash and Cash Equivalents - Current Financial Assets at Fair Value

**For 2023-01-01 (end of 2022):**
- Short-term Borrowings: 4,446M
- Current Portion of Long-term Borrowings: 3,097M
- Long-term Borrowings: 19,374M
- Current Lease Liabilities: 884M
- Non-current Lease Liabilities: 4,067M
- Total Debt = 4,446 + 3,097 + 19,374 + 884 + 4,067 = 31,868M
- Cash and Cash Equivalents: 10,155M
- Current Financial Assets at FV through P&L: 8,251M
- Net Debt = 31,868 - 10,155 - 8,251 = 13,462M

**For 2022-01-01 (end of 2021):**
- Short-term Borrowings: 2,299M
- Current Portion of Long-term Borrowings: 1,781M
- Long-term Borrowings: 23,714M
- Current Lease Liabilities: 948M
- Non-current Lease Liabilities: 4,389M
- Total Debt = 2,299 + 1,781 + 23,714 + 948 + 4,389 = 33,131M
- Cash and Cash Equivalents: 8,254M
- Current Financial Assets at FV through P&L: 6,301M
- Net Debt = 33,131 - 8,254 - 6,301 = 18,576M

**Step 2: Calculate EBITDA**

EBITDA = Profit from Operating Activities + Depreciation & Amortisation + Impairment + Write-offs

**For period 2022-01-01 to 2023-01-01 (FY2022):**
- Operating Profit: 17,510M
- D&A: 7,205M
- Impairment: 1,140M
- Write-offs: 599M
- EBITDA = 17,510 + 7,205 + 1,140 + 599 = 26,454M

**For period 2021-01-01 to 2022-01-01 (FY2021):**
- Operating Profit: 12,341M
- D&A: 7,063M
- Impairment: 167M
- Write-offs: 387M
- EBITDA = 12,341 + 7,063 + 167 + 387 = 19,958M

**Step 3: Calculate Net Debt / EBITDA ratios**

- FY2022 (using 2023-01-01 balance sheet / FY2022 EBITDA): 13,462 / 26,454 = 0.51x
- FY2021 (using 2022-01-01 balance sheet / FY2021 EBITDA): 18,576 / 19,958 = 0.93x

**Step 4: Calculate the gap**

Gap = 0.51x - 0.93x = -0.42x

The ratio decreased by 0.42x year-on-year, which is more than 0.3x improvement. This indicates an **Improving** leverage trend.

<answer>Improving</answer>