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'
(..) I'm the one who stopped that. Do you know what's happened since then? The children born... have known nothing but full bellies and clear skies. It's a paradise. Because you murdered half the planet. A small price to pay for salvation. (..)2018 Avengers: Infinity War