I have made many belt in my old hobby of Edison cylinder record players.
Here is how I did it and have done with my S 50 and generator setup.
First I cut the leather belt at an angle and mark about 3/8" on the front
and back. On the front I removed the black part of the belt. on the I filed
or sanded the back. I worked both sides until the belt on each side was
half as thick before I started. See the picture below.
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After gluing with superglue if the back side I would file it down.
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This is the the front sid of belt.
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Here is the belt running a PM generator and a S50
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I hope this is helps with making a leather belt. If it does not make
any sense I could answer any questions you have in making a belt.