Ab Mullvad Oy is a limited company based in Helsinki, registered in 1993. In the financial year ending 31.1.2026, revenue was 5 912 € and operating profit -6 334 €; equity ratio -702.2 %. Public buyers bought 9 350 € from it in 2022–2026; the largest buyer is Opetushallitus (Opetus- ja kulttuuriministeriön hallinnonala).
Revenue 20265 912 €-53 % on the previous year
Operating profit-6 334 €-107,1 % of revenue
Net profit-6 422 €EBITDA -6 729 €
Equity ratio-702,2 %quick ratio 0,09
Taxable income 20240 €
profit as taxed
Income taxes 20240 €0 € in 2020–2024
In business32 yrsregistered 22.12.1993
Sales to public buyers9 350 €2022–2026
Financials
RevenueOperating profitNet profit
| Key figures | 31.1.2026 | 31.1.2025 | 31.1.2024 | 31.1.2023 | 31.1.2022 | 31.1.2021 |
|---|---|---|---|---|---|---|
| Revenue | 5 912 € | 13 t€ | 10 t€ | 16 t€ | 34 t€ | 11 t€ |
| Revenue change | -53,3 % | 23,5 % | -35,3 % | -53,3 % | 218,0 % | – |
| EBITDA | -6 729 € | -5 739 € | -3 357 € | -16 t€ | 18 t€ | -3 114 € |
| EBITDA % | -113,8 % | -45,3 % | -32,7 % | -100,8 % | 53,6 % | -29,2 % |
| Operating profit | -6 334 € | -6 267 € | -4 060 € | -16 t€ | 18 t€ | -3 620 € |
| Operating margin | -107,1 % | -49,5 % | -39,6 % | -102,6 % | 52,5 % | -33,9 % |
| Net profit | -6 422 € | -6 342 € | -4 021 € | -16 t€ | 18 t€ | -3 593 € |
| Personnel costs | -3 659 € | 3 911 € | 3 425 € | 12 t€ | 4 012 € | 0 € |
| Equity ratio | -702,2 % | -327,6 % | -81,0 % | -55,8 % | 66,3 % | -61,5 % |
| Quick ratio | 0,09 | 0,19 | 0,68 | 1,14 | 11,86 | 12,33 |
| Current ratio | 0,09 | 0,19 | 0,68 | 1,14 | 11,86 | 12,33 |
| Debt to revenue | 333,9 % | 111,9 % | 98,3 % | 61,5 % | 19,3 % | 121,3 % |
| Return on equity | – | – | – | – | 138,4 % | – |
| Balance sheet total | 2 461 € | 3 314 € | 5 573 € | 6 256 € | 19 t€ | 8 021 € |
| Equity | -17 t€ | -11 t€ | -4 514 € | -3 493 € | 13 t€ | -4 931 € |
| Cash and bank | 782 € | 835 € | 842 € | 4 035 € | 15 t€ | 5 570 € |
Balance sheet
Balance sheet totalEquityCash
Income statement and balance sheet
Income statement
| 31.1.2026 | 31.1.2025 | 31.1.2024 | 31.1.2023 | 31.1.2022 | 31.1.2021 | |
|---|---|---|---|---|---|---|
| Turnover | 5 912 € | 13 t€ | 10 t€ | 16 t€ | 34 t€ | 11 t€ |
| Other operating income | – | – | 0 € | 287 € | 8 000 € | 0 € |
| Raw materials and services | 725 € | -3 835 € | -2 357 € | -7 540 € | -7 148 € | -2 982 € |
| Personnel expenses | 3 659 € | -3 911 € | -3 425 € | -12 t€ | -4 012 € | 0 € |
| Depreciations and reductions in value | 395 € | -527 € | -703 € | -285 € | -380 € | -506 € |
| Other operating expenses | 7 466 € | -11 t€ | -7 833 € | -13 t€ | -13 t€ | -11 t€ |
| Operating profit (loss) | -6 334 € | -6 267 € | -4 060 € | -16 t€ | 18 t€ | -3 620 € |
| Financial income and expenses + (-) | 88 € | -76 € | 39 € | -64 € | -68 € | 27 € |
| Profit (loss) before appropriations and taxes | -6 422 € | -6 342 € | -4 021 € | -16 t€ | 18 t€ | -3 593 € |
| Profit (loss) for the financial year | -6 422 € | -6 342 € | -4 021 € | -16 t€ | 18 t€ | -3 593 € |
Balance sheet
| 31.1.2026 | 31.1.2025 | 31.1.2024 | 31.1.2023 | 31.1.2022 | 31.1.2021 | |
|---|---|---|---|---|---|---|
| Non-current assets | 1 186 € | 1 582 € | 2 109 € | 856 € | 1 142 € | 1 522 € |
| Receivables | 492 € | 898 € | 2 621 € | 1 364 € | 3 232 € | 929 € |
| Cash in hand and at banks | 782 € | 835 € | 842 € | 4 035 € | 15 t€ | 5 570 € |
| Current assets | 1 274 € | 1 732 € | 3 464 € | 5 399 € | 18 t€ | 6 499 € |
| Assets | 2 461 € | 3 314 € | 5 573 € | 6 256 € | 19 t€ | 8 021 € |
| Share capital or other similar capital | 2 523 € | 2 523 € | 2 523 € | 2 523 € | 2 523 € | 2 523 € |
| Capital and reserves | -17 t€ | -11 t€ | -4 514 € | -3 493 € | 13 t€ | -4 931 € |
| Long-term liabilities | 5 000 € | 5 000 € | 5 000 € | 5 000 € | 5 000 € | 12 t€ |
| Short-term liabilities | 15 t€ | 9 171 € | 5 087 € | 4 749 € | 1 537 € | 527 € |
| Liabilities | 20 t€ | 14 t€ | 10 t€ | 9 749 € | 6 537 € | 13 t€ |
All financial statement items (42)
| 31.1.2026 | 31.1.2025 | 31.1.2024 | 31.1.2023 | 31.1.2022 | 31.1.2021 | |
|---|---|---|---|---|---|---|
| Turnover | 5 912 € | 13 t€ | 10 t€ | 16 t€ | 34 t€ | 11 t€ |
| Other operating income | – | – | 0 € | 287 € | 8 000 € | 0 € |
| Raw materials and services | 725 € | -3 835 € | -2 357 € | -7 540 € | -7 148 € | -2 982 € |
| Personnel expenses | 3 659 € | -3 911 € | -3 425 € | -12 t€ | -4 012 € | 0 € |
| Depreciations and reductions in value | 395 € | -527 € | -703 € | -285 € | -380 € | -506 € |
| Other operating expenses | 7 466 € | -11 t€ | -7 833 € | -13 t€ | -13 t€ | -11 t€ |
| Operating profit (loss) | -6 334 € | -6 267 € | -4 060 € | -16 t€ | 18 t€ | -3 620 € |
| Financial income and expenses + (-) | 88 € | -76 € | 39 € | -64 € | -68 € | 27 € |
| Profit (loss) before appropriations and taxes | -6 422 € | -6 342 € | -4 021 € | -16 t€ | 18 t€ | -3 593 € |
| Profit (loss) for the financial year | -6 422 € | -6 342 € | -4 021 € | -16 t€ | 18 t€ | -3 593 € |
| Non-current assets | 1 186 € | 1 582 € | 2 109 € | 856 € | 1 142 € | 1 522 € |
| Receivables | 492 € | 898 € | 2 621 € | 1 364 € | 3 232 € | 929 € |
| Cash in hand and at banks | 782 € | 835 € | 842 € | 4 035 € | 15 t€ | 5 570 € |
| Current assets | 1 274 € | 1 732 € | 3 464 € | 5 399 € | 18 t€ | 6 499 € |
| Assets | 2 461 € | 3 314 € | 5 573 € | 6 256 € | 19 t€ | 8 021 € |
| Share capital or other similar capital | 2 523 € | 2 523 € | 2 523 € | 2 523 € | 2 523 € | 2 523 € |
| Capital and reserves | -17 t€ | -11 t€ | -4 514 € | -3 493 € | 13 t€ | -4 931 € |
| Long-term liabilities | 5 000 € | 5 000 € | 5 000 € | 5 000 € | 5 000 € | 12 t€ |
| Short-term liabilities | 15 t€ | 9 171 € | 5 087 € | 4 749 € | 1 537 € | 527 € |
| Liabilities | 20 t€ | 14 t€ | 10 t€ | 9 749 € | 6 537 € | 13 t€ |
| Purchases during the financial year | 305 € | -3 589 € | -1 994 € | -5 784 € | -5 392 € | -2 982 € |
| Short-term receivables | 492 € | 898 € | 2 621 € | 1 364 € | 3 232 € | 929 € |
| Other short-term receivables | 492 € | 523 € | 684 € | 372 € | 2 635 € | 557 € |
| Profit (loss) for the period, equity | -6 422 € | -6 342 € | -4 021 € | -16 t€ | 18 t€ | -3 593 € |
| Tangible assets | 1 186 € | 1 582 € | 2 109 € | 856 € | 1 142 € | 1 522 € |
| Other long-term liabilities | – | – | – | – | 0 € | 7 425 € |
| Interest expenses and other financial expenses for non-Group companies | 88 € | -77 € | -60 € | -66 € | -69 € | 27 € |
| Other social security expenses | – | – | 0 € | -107 € | -45 € | 0 € |
| Short-term sales receivables | – | 0 € | 1 240 € | 620 € | 0 € | – |
| Depreciations according to plan | 395 € | -527 € | -703 € | -285 € | -380 € | -506 € |
| Reserve for invested non-restricted equity | 3 000 € | 3 000 € | 3 000 € | 0 € | – | – |
| Other current liabilities | 15 t€ | 9 171 € | 5 087 € | 4 749 € | 1 537 € | 0 € |
| Short-term accounts payable | – | – | – | – | 0 € | 527 € |
| Retained earnings | -16 t€ | -10 t€ | -6 016 € | 10 t€ | -7 454 € | -3 861 € |
| Machinery and equipment | 1 186 € | 1 582 € | 2 109 € | 856 € | 1 142 € | 1 522 € |
| Long-term subordinated loans | 5 000 € | 5 000 € | 5 000 € | 5 000 € | 5 000 € | 5 000 € |
| Wages and salaries | – | – | 0 € | -7 987 € | -3 370 € | 0 € |
| Other interest and financial income from non-group companies | 0 € | 1 € | 99 € | 2 € | 1 € | 0 € |
| Pension expenses | 3 659 € | -3 911 € | -3 425 € | -3 604 € | -597 € | 0 € |
| Services purchased | 420 € | -245 € | -362 € | -1 756 € | -1 756 € | 0 € |
| Liabilities | 2 461 € | 3 314 € | 5 573 € | 6 256 € | 19 t€ | 8 021 € |
| Short-term prepayments and accrued income | 0 € | 375 € | 697 € | 372 € | 597 € | 372 € |
From financial statements filed digitally (XBRL) with the Finnish Patent and Registration Office; ratios calculated from them. Equity ratio = (equity + accumulated appropriations) / (balance sheet total − advances received).
Taxes
Taxable income is the profit as calculated for taxation, not revenue. Public data from the Finnish Tax Administration; figures for 2025 are published in November 2026.
Sales to public buyers
Largest buyers
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