We study the structure of generalized Baumslag-Solitar groups from the point of view of their (usually non-unique) splittings as fundamental groups of graphs of infinite cyclic groups. We find and characterize certain decompositions of smallest complexity (fully reduced decompositions) and give a simplified proof of the existence of deformations. We also prove a finiteness theorem and solve the isomorphism problem for generalized Baumslag-Solitar groups with no non-trivial integral moduli.