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'
(..) Would you look at these starving kids in Africa. When l see them, l just want to cry. l mean, why can't l be that skinny? lt's okay, Megan. Just think. They can't wear belly rings with those bloated tummies of theirs. That's true. l feel so much better. Skank alert. My God, girls. (..)2004 White Chicks