There are a couple of long grubscrews with locknuts atttached to the bases of the countershaft bearing pedestals. The out of sight ends of the grubscrews bear on flats on the shaft attached to the belt slackening lever shaft. You may improve things by adjusting these grubscrews but more likely the corner between flat and shaft diameter has worn to a large radius destroying the over centre effect. Looking at my identical model S7 it looks as if the lever is somehow cast intergrally with its shaft, no sign of locking screws, etc. So I guess it’s either
buy a new lever/shaft assembly or
file the lever shaft flats deeper to get a sharp corner and adjust the grub screws to compensate or
file away part of the stop on the lever which bears on the end of the shaft behind the lever shaft to go further over centre (or file a flat on this shaft) or
a combination of any of the above !
Good luck. Feel free to PM me if it doesn’t make sense.