When the cloth trade ceased to be profitable, the city began to decline and residents revolted.

An excerpt from the article 44 facts about Ghent

Disgruntled officials and workers organized strikes, as a result of which Charles V Habsburg stripped the city of its privileges and the right to exercise authority over areas outside the city walls. He confiscated all city property, and the symbol of the city's independence, the Roeland bell, was taken down from the bell tower. The city had to pay a huge fine.