To estimate the S&P adjusted leverage trend for 2022, we need to calculate the Net Debt / EBITDA ratio for the years ending 2021 (for comparison) and 2022. Note: The data provided gives balances at 2022-01-01 (start of 2022, which is end of 2021) and 2023-01-01 (end of 2022). The income statement flows are for the periods 2021-01-01 to 2022-01-01 (FY2021) and 2022-01-01 to 2023-01-01 (FY2022).

**Step 1: Calculate EBITDA for FY2021 and FY2022**

EBITDA is typically calculated as Profit from Operating Activities + Depreciation and Amortisation.

*   **FY2021 (Period 2021-01-01 to 2022-01-01):**
    *   Profit Loss From Operating Activities: 991,970,000 EUR
    *   Depreciation And Amortisation Expense: 522,114,000 EUR
    *   EBITDA 2021 = 991,970,000 + 522,114,000 = **1,514,084,000 EUR**

*   **FY2022 (Period 2022-01-01 to 2023-01-01):**
    *   Profit Loss From Operating Activities: 961,554,000 EUR
    *   Depreciation And Amortisation Expense: 544,992,000 EUR
    *   EBITDA 2022 = 961,554,000 + 544,992,000 = **1,506,546,000 EUR**

**Step 2: Calculate Net Debt for Year-End 2021 and Year-End 2022**

Net Debt is generally defined as Total Financial Debt (Current + Noncurrent) minus Cash and Cash Equivalents. We must exclude derivative financial assets/liabilities and other non-debt financial instruments if they are not considered part of core debt for leverage calculations, but standard Net Debt usually includes borrowings. Let's look at the components provided.

*   **Year-End 2021 (Data at 2022-01-01):**
    *   Noncurrent Financial Liabilities: 5,953,434,000 EUR
        *   (Includes Longterm Borrowings: 5,896,170,000 EUR)
    *   Current Financial Liabilities: 2,144,425,000 EUR
        *   (Includes Current Borrowings: 1,391,722,000 EUR)
    *   Total Financial Debt = 5,953,434,000 + 2,144,425,000 = 8,097,859,000 EUR
    *   Cash And Cash Equivalents: 1,574,427,000 EUR
    *   Net Debt 2021 = 8,097,859,000 - 1,574,427,000 = **6,523,432,000 EUR**

*   **Year-End 2022 (Data at 2023-01-01):**
    *   Noncurrent Financial Liabilities: 5,543,755,000 EUR
        *   (Includes Longterm Borrowings: 5,491,124,000 EUR)
    *   Current Financial Liabilities: 1,705,277,000 EUR
        *   (Includes Current Borrowings: 721,845,000 EUR)
    *   Total Financial Debt = 5,543,755,000 + 1,705,277,000 = 7,249,032,000 EUR
    *   Cash And Cash Equivalents: 794,824,000 EUR
    *   Net Debt 2022 = 7,249,032,000 - 794,824,000 = **6,454,208,000 EUR**

*Note: S&P adjustments might include or exclude certain items like leases or derivatives. However, looking at the raw "Financial Liabilities" vs "Borrowings", the difference is relatively small (Other Noncurrent Financial Liabilities + Other Current Financial Liabilities). Using total Financial Liabilities is a conservative and standard approach for "Net Debt" in the absence of specific adjustment instructions. Even if we used only Borrowings:*
*   *Net Debt (Borrowings only) 2021: (5,896,170,000 + 1,391,722,000) - 1,574,427,000 = 5,713,465,000*
*   *Net Debt (Borrowings only) 2022: (5,491,124,000 + 721,845,000) - 794,824,000 = 5,418,145,000*

Let's calculate the ratios for both definitions to ensure robustness.

**Step 3: Calculate Leverage Ratios (Net Debt / EBITDA)**

*   **Using Total Financial Liabilities:**
    *   Leverage 2021 = 6,523,432,000 / 1,514,084,000 ≈ **4.31x**
    *   Leverage 2022 = 6,454,208,000 / 1,506,546,000 ≈ **4.28x**
    *   Change = 4.28 - 4.31 = **-0.03x**

*   **Using Only Borrowings (often closer to S&P adjusted debt if other financial liabilities are operational/derivatives):**
    *   Leverage 2021 = 5,713,465,000 / 1,514,084,000 ≈ **3.77x**
    *   Leverage 2022 = 5,418,145,000 / 1,506,546,000 ≈ **3.60x**
    *   Change = 3.60 - 3.77 = **-0.17x**

**Step 4: Determine Trend**

The definition provided states:
*   **Stable**: Gap is among ± 0.3x (i.e., between -0.3x and +0.3x).
*   **Improving**: Gap is lower than -0.3x? Wait, the prompt says: "if the gap of the ratio Net Debt / EBITDA year on year is lower than 0.3x is improving." This phrasing is slightly ambiguous. Usually, "Improving" leverage means the ratio decreases. "Deteriorating" means it increases.
    *   Let's re-read carefully: "The definition of Stable is : the gap of the ratio Net Debt / EBITDA calculated for the years 2022 and 2023 is among ± 0.3x... Consequently if the gap of the ratio Net Debt / EBITDA year on year is lower than 0.3x is improving. If higher is Deteriorating."
    *   This phrasing is technically flawed or incomplete in standard financial terms because a gap of -0.1x is "lower than 0.3x" but would be considered Stable under the first sentence. A gap of +0.1x is also "lower than 0.3x" but would be Stable.
    *   Standard interpretation of such prompts:
        *   If the change is within [-0.3, +0.3], it is **Stable**.
        *   If the change is < -0.3 (significant decrease in leverage), it is **Improving**.
        *   If the change is > +0.3 (significant increase in leverage), it is **Deteriorating**.
    *   Alternatively, the prompt might mean:
        *   Gap < -0.3 -> Improving
        *   Gap > 0.3 -> Deteriorating
        *   Otherwise -> Stable
    *   Let's look at the calculated gaps:
        *   Case 1 (Total Fin Liab): Gap is -0.03x. This is within ±0.3x. -> **Stable**.
        *   Case 2 (Borrowings): Gap is -0.17x. This is within ±0.3x. -> **Stable**.

In both reasonable interpretations of "Net Debt", the year-on-year change in the leverage ratio is small (less than 0.3x in magnitude). The leverage decreased slightly, but not enough to trigger an "Improving" classification if the threshold for improvement is a drop of *more* than 0.3x (which is the logical counterpart to the Stable band). If the prompt implies that *any* decrease is improving, it contradicts the "Stable" definition. Given the explicit "Stable" band of ±0.3x, a change of -0.03x or -0.17x falls squarely into the Stable category.

Therefore, the trend is Stable.

<answer>Stable</answer>