There's a terrible stench of fish going off (I mean it hasn't gone off yet)/ of fish gone off (I mean it has already gone off)/ of decayed fish (I mean it is a state of decay).
Are they all possible?
I think the issue is the verb tense.
Can you see how the verb tense tells exactly what you want to say:
There will be a stench of rotten fish.
There's going to be a stench of rotten fish.
There is a stench of rotten fish.
There was a stench of rotten fish.
There has been a stench of rotten fish
Any other helpful explanations, please?
Fish that's going off has an unpleasant smell.
Fish that's gone off has a bad smell.
(There is no definitive cut-off point between the two states of 'offness' - it's a continuous process. In both cases you would not eat it.)
Rotten fish has a stench of putrefaction.
Rover