Royal Decree-Law 4/2025, of April 8, establishes urgent measures with the aim of addressing the tariff threat and promoting economic recovery. Among the main new developments are the extension of the accounting moratorium until December 31, 2025, and an extension for the preparation of annual accounts. The decree, in force since April 9, 2025, following its publication in the Official State Gazette, still needs to be ratified by the Congress of Deputies.

One of the most significant measures is the reinstatement of the suspension of the cause for dissolution due to losses, set forth in Article 363.1.e) of the Capital Companies Act. This suspension is once again in force and establishes that losses for the 2020 and 2021 financial years will not be taken into account in determining the dissolution of a company until the end of the financial year beginning in 2025. However, if subsequent losses continue to reduce net equity to less than half of the share capital, the directors must call a general meeting within two months of the end of the financial year.

In addition, the decree introduces an extraordinary deadline for reformulating annual accounts already prepared before April 9, 2025, allowing administrators to bring them into line with the new regulations. If a meeting had already been called for approval before that date but had not been held, it is permitted to modify or revoke that call with a minimum of 72 hours’ notice. In this case, a new meeting must be convened within one month of the restatement. These measures seek to offer flexibility to companies in a context of economic uncertainty.