The dynamic response of magnetic order to ultrafast optical excitation is a fascinating issue of modern magnetism. Indeed, the discoveries of light-induced ultrafast demagnetization in 1996 and all-optical switching in 2007 paved the way towards the development of technological applications operating on the sub-picosecond time scale. One outstanding and unsolved problem occurring after the femtosecond laser pulse excitation of ferromagnets resides in the interplay between direct light excitation and the subsequent generated ultrafast spin current resulting in various type of dynamical effects on the magnetization. Understanding and controlling such processes can lead to combined optomagnetic/spintronic devices operating on ultra-short timescale. We will combine theory and experiment to investigate and disentangle contributions from light and current to the spin dynamics using state of the art experimental techniques and ab-initio, method of time-dependent density functional density.