and john palmer provides the answer
"Understanding Fermentation
The fermentation of malt sugars into beer is a complicated biochemical process. It is more than just the conversion of sugar to alcohol, which can be regarded as the primary activity. Total fermentation is better defined as three phases, the Adaptation or Lagtime phase, the Primary or Attenuative phase and a Secondary or Conditioning phase. The yeast do not end Phase 2 before beginning Phase 3, the processes occur in parallel, but the conditioning processes occur more slowly. As the majority of simple sugars are consumed, more and more of the yeast will transition to eating the larger, more complex sugars and early yeast by-products. This is why beer (and wine) improves with age to a degree, as long as they are on the yeast. Beer that has been filtered or pasteurized will not benefit from aging."