We introduce Mathador-LM, a new benchmark for evaluating the mathematical reasoning on large language models (LLMs), combining ruleset interpretation, planning, and problem-solving. This benchmark is inspired by the Mathador game, where the objective is to reach a target number using basic arithmetic operations on a given set of base numbers, following a simple set of rules. We show that, across leading LLMs, we obtain stable average performance while generating benchmark instances dynamically, following a target difficulty level. Thus, our benchmark alleviates concerns about test-set leakage into training data, an issue that often undermines popular benchmarks. Additionally, we conduct a comprehensive evaluation of both open and closed-source state-of-the-art LLMs on Mathador-LM. Our findings reveal that contemporary models struggle with Mathador-LM, scoring significantly lower than average 3rd graders. This stands in stark contrast to their strong performance on popular mathematical reasoning benchmarks. The implementation of Mathador-LM benchmark is available at https://github.com/IST-DASLab/Mathador-LM.