We theoretically investigate laser-induced spin transport in metallic magnetic heterostructures using an effective spin transport description that treats itinerant electrons and thermal magnons on an equal footing. Electron-magnon scattering is included and taken as the driving force for ultrafast demagnetization. We assume that in the low-fluence limit the magnon system remains in a quasi-equilibrium, allowing a transient nonzero magnon chemical potential. In combination with the diffusive transport equations for the itinerant electrons, the description is used to chart the full spin dynamics within the heterostructure. In agreement with recent experiments, we find that in case the spin-current-receiving material includes an efficient spin dissipation channel, the interfacial spin current becomes directly proportional to the temporal derivative of the magnetization. Based on an analytical calculation, we discuss that other relations between the spin current and magnetization may arise in case the spin-current-receiving material displays inefficient spin-flip scattering. Finally, we discuss the role of (interfacial) magnon transport and show that, a priori, it cannot be neglected. However, its significance strongly depends on the system parameters.