This is a language question wearing a keyword costume, and the answer is genuinely charming.
The grammar
Dutch is famously in love with diminutives. Add -tje, -je, or -etje to nearly any noun and it becomes small, cute, or dear: a bel (bell) becomes a belletje (little bell). The suffix does emotional work as much as size work — it signals affection. Babybelletje applies that machinery to Babybel, and the result reads to a Dutch ear roughly as the dear little Babybel.
The cheese
Which is why, in practice, the word almost always points at one thing: Mini Babybel, the small round cheese in red wax made by Bel Group, the long-established French cheese company. It is a lunchbox fixture in the Netherlands as everywhere else, and a snack that is literally small, round and wrapped like a present was always going to attract a diminutive. The word is informal — you will not find it on the packaging — but any Dutch speaker will know exactly what you mean.
The invented meanings
Because the keyword picked up search volume, the content farms arrived, and several now offer alternative definitions — most elaborately, that a babybelletje is a traditional pregnancy chime necklace worn over the bump. Pregnancy bell necklaces are real objects (usually called bolas or harmony balls), but we found no evidence the Dutch word for them is babybelletje; that connection appears in exactly the kind of unsourced explainer our field guide describes, alongside a keyword-squatting domain using the word itself. When articles about a foreign word multiply while disagreeing, trust the dictionary logic over the listicles — the same rule that settled our traqueur spelling check.
One-line version
Babybelletje: informal Dutch, little Babybel — the cheese, said with affection. Anything grander is decoration.