Hagelberg and (most likely) Schwerdtfeger were not the only producers of (early) hold-to-light cards. Especially the ‘Meteor’ type cards where the effect was created during the printing I believe, was around elsewhere before the turn of the century.
This at first sight plain looking picture of a woman with a knife in her hand standing on a cloud is titled ‘Megaera’ It is the old mythical evil woman, the fury.
The card was published for the Hungarian market and the short message is dated 31 December 1899. The publisher (and printer?) was a company with the name KOSMOS and found at Budapest, Graz and Munich. I have seen other cards, usually fine chromolitho printed, with KOSMOS Munich on, all from about the turn of the century.
When held to light the image turns into a little bit different, coloured (!) view. The mythical fury is now an elderly woman, with a broom instead knife in her hand. Her husband has broken a mug in their bedroom He is seen in front of her down on his knees and awaiting punishment. Typical humour of the time and many years to come.