Flag descriptions and information can be found in many books about flags and online at places like CRWFlags and NationsOnline. These websites offer pictures and descriptions of flags along with their meanings.
Go to Wikipedia and search under Paralympic Symbols. It has a good description of the flag/logo and some historical background information about it and other paralympic symbols.
A simple flag with two equal red and white horizontal bars is a description of the flag of India.
A simple flag with two equal red and white horizontal bars is a description of Indonesia.
You can also gain some insight from the DESCRIPTION of a flag, which occasionally includes some information on symbolism, in the CIA World Factbook.
A flag with a black section on top, a red section in the middle, and a yellow section on the bottom.
See link for picture and description.
"Description of the English flag"
The flag of Belgium contains vertical stripes of black, yellow, and red. Information about the origin of the flag and its design can be found on Wikipedia.
The flag of Algeria seems to be fairly close to your description. The related link shows the Algerian flag.
If you Google Image search "panama flag", I think you'll have your answer.
not 100% sure from your description but sounds like Panama's flag.
Many European flags have eagles on them, but the one that best matches your description is the flag of Montenegro. Click the link for a photo.