How rude. While the treaty of Trianon not only fucked the borders, but the military too, the country tried to build its army underground until the 30s, when an open remilitarization program began and the war was approaching. Hungary also had some pretty good home-made weapons (liderc rocket, Danuvia submachine gun, zrinyi SPG) and prototypes (44M Tas, RMI-8). Supposedly, there were also plans for a sonic weapon and there was a biological weapon research program, but I'm not sure.
Hungary had its air force and an airpalne factory. The country mostly used Italian and German models. There were Hungarian fighter projects and prototypes, but they were dropped during the war, since there was no time for mass production anymore.
The most elite unit was the 101. home air defence wing. The American newspapers called them "Hitler's elite white cross guard". Apparently they thought the Hungarian Air Force's white cross symbol was an insignia for some special Third Reich unit.