It is in a single-part form:

a (measures 1-8) + a1 (measures 9-16).

The key is D major. The theme spans eight measures; in the first four measures, it descends centered on the chord tones of the tonic triad (I), while in the latter half, it ascends centered on the dominant triad. The harmonic rhythm is slow, which suggests a broad phrasing encompassing four measures as a single unit in performance, along with a tempo that allows this to be felt.

The staccato quarter notes that leap after disjunct motion evoke a joyful depiction of splashing water, reminiscent of the water play suggested by the work's title.