Are we still considering that the Ottoman and Austro-Hungarian empires collapsed? Perhaps instead of money or colonies for Germany, we see Germany rather that money get funneled towards a "Marshall Plan"-esque for those empires and a guarentee of their borders and German domination of them. As for colonies- Britain and France had given territorial concessions (now in Libya and the Azou Strip in Chad) to Italy in return for joining allies, Italy could be "punished" the worst because initially Italy was a Central Power instead of the Ottomans, and Britain & France could see that dismantling Italian colonies as more acceptable than losing their own. Especially since realistically the Entente CAN'T have lost the overseas aspect of the war, they will have conquered Germany's colonies, just returning them at all is worth a lot in concessions.
Belgium, technically not an Entente member, would probably be left to negotiate on its own. Belgium sympathizers, even to this day, believe the Netherlands was too sympathetic to Germany and collaborated in a manner that the Swiss would later do in WWII, we could see some Belgian territory go to the Dutch.
Dont forget there were "minor" associated states with the Central Powers such as- Jabal Emirates, in a German victory there will be no Saudi Arabia because the Saud family will remain in exile in Kuwait. The Sultanate of Darfur might become recognized as independent, as it was a German ally in WWI, the Dervish state in Somalia similarly could win independence, Somalia could turn into a German protectorate, again to screw Italy.
The main point of the treaty when it comes to colonies- Germany ends up screwing Italy more than either France or Britain- it's easier to do than arguing over trying to get class A territory from Britain and France, and both sides can agree quickly. We've seen similar screws in history at the Peace table.