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The timing belt can fail and still look just fine. Get a friend to look into the oil filler hole and watch the camshaft. If it turns, the belt is OK.
The distributor could, I suppose, fail to turn even if its drive gear turns. For that, the dizzy shaft would have to have lost its connection to its drive gear. That happened once in my memory, and it was a Ford V-8, not a Volvo. In that case the roll pin holding the drive gear to the shaft had rusted out.
When the key is turned to Start, the computer (ECU) allows the two fuel pumps to run 5 or 6 seconds. If the ECU has not received a signal that spark is present, the fuel pumps are cut off.
The 5-6 second pump run can be checked by having a friend listen (1) at the gas filler tube, cap off, and (2) next at the gap between the LR wheel and the fender at the 1:00 0'clock position. He should hear the (1) in-tank pump run, and (2) the main pump run.
If you have pumps running, next check for spark. Your car has the Crank Position Sender, it is located atop the bell housing at the back of the engine. It is a known offender. Look down in there with a flashlight for rotted insulation and other signs of failure. Such failure can make for no spark = no fuel = no start.
Try this stuff and post back.
Good Luck,
Bob
:>)
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