No, Kalk cannot go bad in that sense. It can take up water from the environment and become a solid, glumpy mess, but it's still good calcium hydroxide. In solution, it can also take up too much CO2 form the atmosphere and precipitate as calcium carbonate, in which case it is no longer good as kalk, but still not "spoiled."
That said, something ELSE might have gotten in your kalk and ruined it. Do you mean it got into your bucket of soluble top off water? Or do you mean you checked your bag of solid calcium hydroxide and it smelled bad? Either way, it's incredibly strange, as kalk usually inhibits any microbial growth because of it's very high pH.
Is it possible that something inorganic got into your kalk? Or even organics, can you think of any contaminants that might have gotten in there. Also, what brand kalk are you using?