Two Hungarian officers show off a captured flag here. The use of the cyrillic alphabet would suggest a Serbian, Ukrainian, or Russian origin for the flag. Any suggestions in this regard? How about a translation of the inscription? Would appreciate your responses.

Hungarian Soldiers with Captured Flag

Was told that the insignia and Hat adge belonged to Hungarian Army but have been unable to find and similar photos confirming this.
Would anyone Be able to help Identify 

Help to Identify

The top two images show the most common Hungarian helmet used by tankers & motorized troops, the M.39. Also used was the M.37, a direct copy of the Italian M35.