To estimate the S&P adjusted leverage trend, we need to calculate the Net Debt / EBITDA ratio for the years 2021 (ending 2022-01-01) and 2022 (ending 2023-01-01) and compare the change.

**Step 1: Calculate EBITDA for 2022 (Period 2022-01-01 to 2023-01-01)**
EBITDA is typically calculated as Profit from Operating Activities + Depreciation and Amortization.
*   Profit Loss From Operating Activities (2022): 17,510,000,000 EUR
*   Depreciation And Amortisation Expense (2022): 7,205,000,000 EUR
*   **EBITDA 2022** = 17,510 + 7,205 = **24,715 million EUR**

**Step 2: Calculate EBITDA for 2021 (Period 2021-01-01 to 2022-01-01)**
*   Profit Loss From Operating Activities (2021): 12,341,000,000 EUR
*   Depreciation And Amortisation Expense (2021): 7,063,000,000 EUR
*   **EBITDA 2021** = 12,341 + 7,063 = **19,404 million EUR**

**Step 3: Calculate Net Debt for 2022 (as of 2023-01-01)**
Net Debt = Total Debt - Cash and Cash Equivalents.
Total Debt includes Short-term Borrowings, Current Portion of Long-term Borrowings, Current Lease Liabilities, Long-term Borrowings, and Noncurrent Lease Liabilities.
*   Short-term Borrowings: 4,446 million EUR
*   Current Portion Of Longterm Borrowings: 3,097 million EUR
*   Current Lease Liabilities: 884 million EUR
*   Longterm Borrowings: 19,374 million EUR
*   Noncurrent Lease Liabilities: 4,067 million EUR
*   **Total Debt 2022** = 4,446 + 3,097 + 884 + 19,374 + 4,067 = **31,868 million EUR**
*   Cash And Cash Equivalents (2023-01-01): 10,155 million EUR
*   **Net Debt 2022** = 31,868 - 10,155 = **21,713 million EUR**

**Step 4: Calculate Net Debt for 2021 (as of 2022-01-01)**
*   Short-term Borrowings: 2,299 million EUR
*   Current Portion Of Longterm Borrowings: 1,781 million EUR
*   Current Lease Liabilities: 948 million EUR
*   Longterm Borrowings: 23,714 million EUR
*   Noncurrent Lease Liabilities: 4,389 million EUR
*   **Total Debt 2021** = 2,299 + 1,781 + 948 + 23,714 + 4,389 = **33,131 million EUR**
*   Cash And Cash Equivalents (2022-01-01): 8,254 million EUR
*   **Net Debt 2021** = 33,131 - 8,254 = **24,877 million EUR**

**Step 5: Calculate Leverage Ratios**
*   **Leverage 2022** = Net Debt 2022 / EBITDA 2022 = 21,713 / 24,715 ≈ **0.88x**
*   **Leverage 2021** = Net Debt 2021 / EBITDA 2021 = 24,877 / 19,404 ≈ **1.28x**

**Step 6: Determine Trend**
*   Change in Leverage = Leverage 2022 - Leverage 2021 = 0.88 - 1.28 = **-0.40x**
*   The leverage ratio decreased by 0.40x.
*   According to the prompt: "if the gap of the ratio Net Debt / EBITDA year on year is lower than 0.3x is improving." Note: The prompt phrasing "lower than 0.3x" in the context of "Improving" usually implies a significant reduction in leverage (negative gap) or staying within a tight band. However, standard interpretation of "Improving" leverage means the ratio goes down. The prompt defines Stable as the gap being among ±0.3x. Here the gap is -0.40x. The magnitude | -0.40 | is 0.40, which is greater than 0.3.
*   Let's re-read carefully: "The definition of Stable is : the gap of the ratio ... is among ± 0.3x ... Consequently if the gap ... is lower than 0.3x is improving. If higher is Deteriorating."
    *   This phrasing is slightly ambiguous. Usually, "Improving" means leverage goes down. "Deteriorating" means leverage goes up.
    *   If the gap (Year2 - Year1) is negative, leverage improved.
    *   If the gap is positive, leverage deteriorated.
    *   The "Stable" band is ±0.3x.
    *   The gap is -0.40x.
    *   Is -0.40x "lower than 0.3x"? Mathematically, yes (-0.4 < 0.3). But in the context of magnitude of change for stability, usually, a large drop is still an "improvement" in credit quality, just not "stable".
    *   Let's look at the alternative interpretation: Maybe "gap" refers to the absolute difference? If |Gap| > 0.3, it's not stable. If the ratio went down significantly, it is Improving. If it went up significantly, it is Deteriorating.
    *   Leverage went from 1.28x to 0.88x. This is a significant decrease. A decrease in leverage is an **Improving** trend for credit ratings.

<answer>Improving</answer>