One thing to remember however is that France will be in a better position at first without the loss of industrial resources in Belgium, and Britain won't be just sitting tight and hoping for the best, they'll be preparing for war themselves, regardless of whether or not they think they'll actually get involved.Correct, at least until Russia is defeated. Then the situation is whatever Germany wants, Germany does. Since the British blockade violates all standards of international law, then if Germany wants to swallow Belgium and race for the sea, all Germany has to do is mass 200 CP divisions on the Belgian border, then call Britain's bluff in the Channel with a few warships coupled with the warning that Britain either withdraws its illegal naval pledge or the 1839 Treaty is null and void. Does Britain now want to honour its commitment to France or its commitment to Belgium?
What might happen is that Italy declares for the CP, and hits France from the south, but even that may or may not balance out the gains elsewhere.