The business 'went belly-up' [=went bankrupt] during the long recession.
The team 'went belly-up' in the play-offs.
a middle-aged man with a big 'beer belly'
(..) Lara is overrated. She is good, don't get me wrong, but she's in it for the glory. Whereas I'm in it for the money. Fortunately. - Into the belly of the beast. - And out of the demon's ass. Jasmine. Remember, what we're looking for is hidden not only in space, but also in time. (..)2001 Lara Croft: Tomb Raider