With that one, only one of the pulleys is locked to the spindle. The other one rotates freely on the spindle. It's the old fast and loose system, which would be used for a constant drive source like a lineshaft system, rather than with something which can be easily stopped/started like an electric motor. The yoke on the front is used to move the belt between the pulleys. The one which is fixed provides the drive to the spindle, then move it over to the other pulley to disconnect it from the drive. The pulley will turn, but the spindle remains stationary. Flat belt pulleys have a slight crown too, so when you change the belt between pulleys it automatically centres itself on the pulley due to its tendency to aim for the highest spot on the pulley. It's the same method used for bandsaw wheels, linisher wheels etc.