For men the body stores fat in three primary places: between the skin and the muscles, in between muscle fibers, and between the internal organs. For women, there is also the breast.
For men, getting your body fat to under 7% will usually get rid of most of the fat under the skin.
The pregnant stomach look that many top amateurs and pros have is due to an increase in the visceral fat in between the internal organs. GH and insulin is the probable cause. Even when they get rid of almost all the fat under the skin and in between the muscle fibers, they could still have many pounds of fat in between their organs.