Yeah, there is nothing funny about that.
SkyEurope Hungary was, formally, an independet company. In reality, however, it was just a SkyEurope-base in the city of Budapest.
Unlike the bases in Warsaw, Krakow, Vienna and Prague, however, they had (partly) their own management, a different callsign ("Matra" instead of "Relax") and a different identifier (5P, instead of NE).
It worked quite well while it existed, but was shut down for some typical SkyEurope-management reasons. Racism also played part in it.
Closing down SkyEurope Hungary didn't save the mother-company from collapsing. But it was, at that time, the certain proof that SkyEurope was finished; nobody could deny the facts anymore after that.
Formally, "SkyEurope Hungary" actually still exists on paper, but there are no plans about re-activating it.