The top flag is the National or Electors Standard. Every Regiment is awarded one of these. The bottom flag is the Regimental Standard for regiments of foot. The color on the flag matches the regimental color.
So what we have here is the Regimental Standard for the Bosklosviakov Musketeer Rgt. the senior musketeer regiment in the Vulgarian Army.
The great white boar is the symbol of the Elector. As a heraldic device the boar represents stubbornness, bravery and a willingness to fight to the death.