Fail 1.7 Dissel Failure

I have a problem with excessive white smoke. It's a recently rebuilt engine. I checked the timing and injection system, and they're correct. I measured the compression, and it's averaging 21 kg/cm². The injectors are working properly with a pressure of 120 bar. No pipes have been changed, and the firing order is correct. The cylinder head was rebuilt with new valves, guides, tappets, and seats. The injection pump was working correctly before disassembly.
My question is whether the timing belt could cause a problem like this. It's producing the typical symptoms of an engine with the injection timing reversed by half a turn: excessive white smoke and no response to the accelerator.

Try the "Brainstorming" system. Write down what you think the solution could be; that way, possibilities will start to emerge. I've already tested it in a mechanics' group on other problems, and it's yielded results, Dr. House-style.

The pump timing is off; advance it and the problem will be solved.

The timing is correct, apart from verifying the timing marks on the distribution, I connected it to the pump with a dial indicator and verified that the first injector was injecting at the right moment by removing it from the cap and injecting it outside.

It could be an air leak in the fuel circuit or the filter