Andante, E-flat major, 2/4 time

It takes an A-B-A' three-part form. Section A, which begins in E-flat major, primarily focuses on modulations to distant keys through sequences. A six-measure theme opens in E-flat major and, after being repeated with exchange of parts between the left and right hands, concludes with a half cadence to a B-flat major triad. This triad leads to the presentation of the theme in the parallel minor, E-flat minor, and further modulates to its relative major, G-flat major (m. 17). From here, it modulates through F-sharp minor (reinterpreted enharmonically) to D major, and then through a modulation to B-flat major using a mediant relationship, finally concluding with a perfect cadence in the tonic key at the end of Section A (m. 33).

Led by a re-emerging E-flat major cadence, Section B suddenly opens in E-flat minor (m. 38). Section B contrasts with the main section in terms of its 32nd-note passage work and dynamics. This Section B is also in a three-part form, encompassing a soft middle section in G-flat major and D-flat major.

Subsequently, the return of the opening theme at measure 71 marks the recapitulation of Section A, but this is not merely a simple return of Section A. Not only does the opening theme return an octave lower, but the initial Section A and the recapitulated Section A' also differ in their tonal plan, modulating to C-flat major and A-flat major/A-flat minor. This demonstrates Schubert's formal experimentation, avoiding mere repetition while utilizing the same theme.