I need to calculate Net Debt / EBITDA for both years (2022 and 2021, since the data uses period-end dates of 2023-01-01 for end of 2022 and 2022-01-01 for end of 2021).

**Step 1: Calculate EBITDA for each year**

EBITDA is approximately "Profit Loss Before Provisions Amortisation And Impairment Financial Income And Financial Expenses Income Tax Expense And Extraordinary Contribution To The Energy Sector CESE"

- EBITDA 2022 (period 2022-01-01 to 2023-01-01): 4,523,539,000 EUR
- EBITDA 2021 (period 2021-01-01 to 2022-01-01): 3,723,050,000 EUR

**Step 2: Calculate Net Debt for each year-end**

Net Debt = Total Borrowings (Long-term + Short-term) - Cash and Cash Equivalents

For end of 2022 (2023-01-01):
- Long-term Borrowings: 15,782,604,000
- Current Borrowings: 4,239,869,000
- Total Debt: 20,022,473,000
- Cash: 4,900,205,000
- Net Debt: 20,022,473,000 - 4,900,205,000 = 15,122,268,000

For end of 2021 (2022-01-01):
- Long-term Borrowings: 15,299,588,000
- Current Borrowings: 1,518,348,000
- Total Debt: 16,817,936,000
- Cash: 3,222,409,000
- Net Debt: 16,817,936,000 - 3,222,409,000 = 13,595,527,000

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

For S&P leverage, I should match year-end debt with the corresponding year's EBITDA:

- End of 2022 Net Debt / 2022 EBITDA: 15,122,268,000 / 4,523,539,000 = 3.34x
- End of 2021 Net Debt / 2021 EBITDA: 13,595,527,000 / 3,723,050,000 = 3.65x

**Step 4: Calculate the change**

Change = 3.34x - 3.65x = -0.31x

The ratio decreased by about 0.31x, which is just barely beyond the ±0.3x threshold for "Stable." This suggests the leverage improved slightly.

However, let me reconsider whether S&P would include lease liabilities or institutional partnerships in their adjusted debt. S&P typically adds operating lease obligations and other off-balance sheet items. Looking at the data:

- Right-of-use assets exist (suggesting IFRS 16 leases already on balance sheet)
- Institutional Partnerships in North America: 2,212,162,000 (2023-01-01) and 2,259,741,000 (2022-01-01) - these are tax equity financing that S&P might treat as debt-like

If I include Institutional Partnerships as debt:
- End of 2022: 15,122,268,000 + 2,212,162,000 = 17,334,430,000 → 17,334,430/4,523,539 = 3.83x
- End of 2021: 13,595,527,000 + 2,259,741,000 = 15,855,268,000 → 15,855,268/3,723,050 = 4.26x

Change = 3.83x - 4.26x = -0.43x → Improving

Even without institutional partnerships, the change was -0.31x which is borderline improving. With the institutional partnerships included (which S&P would likely do), the improvement is more clear at -0.43x.

The leverage trend is Improving.

<answer>Improving</answer>