We study the asymptotic behavior of the solution of a model equation for Bose- Einstein condensation, in the case where the trapping potential varies randomly in time. The model is the so called Gross-Pitaevskii equation, with a quadratic potential with white noise fluctuations in time whose amplitude ε tends to zero. The initial condition of the solution is a standing wave solution of the unperturbed equation. We prove that up to times of the order of ε−2, the solution decomposes into the sum of a randomly modulated standing wave and a small remainder, and we derive the equations for the modulation parameters. In addition, we show that the first order of the remainder, as ε goes to zero, converges to a Gaussian process, whose expected mode amplitudes concentrate on the third eigenmode generated by the Hermite functions, on a certain time scale.