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'
(..) You really like him, huh? Yeah. Good. You can help me out. Broken belly. Toss it. Look. This is a good fish. That's a bad fish. Good fish... (..)1993 Free Willy