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@WimVDD
As I said, it's a local folklore. Some say it goes back to the 16 th century and refers to a rather burlesque party organized by king Philip II in his Belgian castle in Binche. Maybe the red lions, red and yellow stripes refer to the Spanish flag. And ofcourse the oranges they throw around symbolize Spain. The bells they carry go back to the old (Pagan) habit of chasing away bad spirits by making noise.