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'
(..) he's a given a pistol with a single shot. One shot. Well, that won't do much good hunting or to be rescued. But after three weeks of a starving belly and thirst, that pistol will start to look real friendly. But Jack escaped the island, and he still has that single shot. Oh, he won't use it, (..)2003 Pirates of the Caribbean: The Curse of the Black Pearl