Unknown mark on Dutch M95

[win73]

Only recently I was so lucky to be able to buy a Dutch M95 Carbine No.5, so I'm far from being an expert on the subject. I hope someone on this forum can help me explaining a marking on the (long) handguard: it is either an M (possibly with a stylized crown?) or a W, depending on how you look at it.
Here's a picture:

Hembrug M95 cartouche

Thanks!
Hans