Dieted down, bulked up, looking good, not-so-good... 
Take a cloth tape measure and snug it (not too tight) around the belly-button and the lower back fat. 
What do you get? Be honest. 
Right now I am 201lbs.  5'6" at 14% bodyfat. My waist is at 37"
I have a big waist, and it isn't covered with fat. The suckage.