I need to estimate S&P's adjusted leverage (Net Debt / EBITDA) for 2021 and 2022 to determine the trend.

## Step 1: Calculate EBITDA

EBITDA = Operating Profit + Depreciation, Amortisation & Impairment

**2022 (period 2022-01-01 to 2023-01-01):**
- Operating Profit = 11,193M EUR
- D&A and Impairment = 7,447M EUR
- EBITDA = 11,193 + 7,447 = 18,640M EUR

**2021 (period 2021-01-01 to 2022-01-01):**
- Operating Profit = 7,551M EUR
- D&A and Impairment = 8,507M EUR
- EBITDA = 7,551 + 8,507 = 16,058M EUR

## Step 2: Calculate Net Debt

Net Debt = Total Borrowings - Cash and Cash Equivalents

**End of 2022 (2023-01-01):**
- Long-term Borrowings = 68,191M
- Short-term Borrowings = 18,392M
- Current Portion of Long-term Borrowings = 2,835M
- Total Debt = 68,191 + 18,392 + 2,835 = 89,418M
- Cash = 11,041M
- Short-term investments classified as cash equivalents = 78M
- Net Debt = 89,418 - 11,041 - 78 = 78,299M

Note: S&P typically treats hybrid bonds as partially debt. Hybrid bonds (Equity Instruments Perpetual Hybrid Bonds) = 5,567M at end 2022. S&P typically assigns 50% equity credit, so 50% would be added to debt = 2,783.5M.

S&P adjusted Net Debt ≈ 78,299 + 2,784 = 81,083M (approximately)

**End of 2021 (2022-01-01):**
- Long-term Borrowings = 54,500M
- Short-term Borrowings = 13,306M
- Current Portion of Long-term Borrowings = 4,031M
- Total Debt = 54,500 + 13,306 + 4,031 = 71,837M
- Cash = 8,858M
- Short-term investments = 88M
- Net Debt = 71,837 - 8,858 - 88 = 62,891M
- Hybrid bonds = 5,567M, 50% as debt = 2,784M
- S&P adjusted Net Debt ≈ 62,891 + 2,784 = 65,675M

## Step 3: Calculate Net Debt / EBITDA

**2022:** 81,083 / 18,640 ≈ 4.35x

**2021:** 65,675 / 16,058 ≈ 4.09x

## Step 4: Determine the trend

Change = 4.35 - 4.09 = 0.26x

Wait, but the question asks about the ratio calculated for years 2022 and 2023. Let me re-read: "the gap of the ratio Net Debt / EBITDA calculated for the years 2022 and 2023." But we only have data through end of 2022. Actually, looking at the data, the balance sheet dates are 2023-01-01 (end of fiscal year 2022) and 2022-01-01 (end of fiscal year 2021). The income statement periods are 2022-01-01 to 2023-01-01 (FY2022) and 2021-01-01 to 2022-01-01 (FY2021).

So "years 2022 and 2023" likely means FY2021 and FY2022 results (the two years of data provided).

The change in leverage = 4.35x - 4.09x = +0.26x

This is within the ±0.3x range, so it would be classified as **Stable**.

However, let me reconsider without hybrid adjustment:
- 2022: 78,299 / 18,640 ≈ 4.20x
- 2021: 62,891 / 16,058 ≈ 3.92x
- Change = +0.28x — still within ±0.3x, barely Stable.

Given the increase is close to but under 0.3x, the trend is Stable, though nearly Deteriorating.

<answer>Stable</answer>