The second one (81.181.177.254) would be the actual IP address of the sender server (or client). This log line (which would also appear as an added "Received:" header in successfully transported mail) indicates that the sender tries to pass itself off with the IP address 172.16.4.32, which just belongs to a range that is used for a private network.
Code:
3. Private Address Space
The Internet Assigned Numbers Authority (IANA) has reserved the
following three blocks of the IP address space for private internets:
10.0.0.0 - 10.255.255.255 (10/8 prefix)
172.16.0.0 - 172.31.255.255 (172.16/12 prefix)
192.168.0.0 - 192.168.255.255 (192.168/16 prefix)
Excerpt from RFC 1918, the whole document can be read here:
http://www.faqs.org/rfcs/rfc1918.html
The IP address range 81.181.176.0 - 81.181.177.255, however, belongs to "SC Estel Service Net Srl" in Romania. You might also get in touch with them if you believe they have an abusive client on their network.
http://www.ripe.net/whois?form_type=sim ... rch=Search