This is a compound single-part form based on a single theme.

• A [a / theme (measures 1-4) + b / thematic development (measures 5-8) + c / conclusion (measures 9-12)]
• A1 [a (measures 13-16) + b1 (measures 17-18) + c1 (measures 19-22)]
• Coda / thematic fragment (measure 23)

Sections 'a' and 'b' are closely related, forming a progression from the theme's presentation to its development.

The theme is characterized by vocal-like eighth-note reiterations of the same pitch, building tension towards a double appoggiatura in the following measure. The chord placed on this double appoggiatura in the second measure of the theme is a non-diatonic dominant ninth chord (with omitted root), which, along with the tension created by the appoggiatura, evokes a beautiful sense of shadow or melancholy.

Section 'c' appears to repeat a very similar melody, but its harmony differs, which is intriguing. The first half is in G minor, featuring a deceptive cadence: IVadd6 → V9 → VI. In the second half, it modulates to E-flat major, leading to a perfect authentic cadence: IVadd6 (the same IVadd6, but with different constituent notes due to the change in key) → V9/iii (dominant ninth chord on the dominant of the mediant key) → I (with harmonic resolution occurring while the dominant is sustained in the bass). The gracefully ascending motion is a noble expression, much like an arabesque in ballet.

The theme reappears from measure 13, accompanied by two sixteenth-note grace notes. Another difference from the opening theme is that the tonic E-flat is sounded an octave lower in the bass. Since these two changes serve to emphasize the character of the theme, it is advisable to take a slight amount of time within the rubato. Indeed, considering the overall nature of the piece, playing these grace notes strictly in time might not be in keeping with its character.

Finally, at measure 23, a fragment of the theme is recapitulated. It concludes abruptly, as if falling asleep, creating an extremely poetic moment.