The theme is taken from the romance of André-Ernest-Modeste Grétry's (1741-1813) opera Richard Coeur-de-Lion, which premiered in Paris in 1784. He was a composer born in Belgium who was active primarily in France. He composed a large number of operas, and this particular opera, taken up by Beethoven, became one of Grétry's representative works.

The variations largely retain the gentle melodic movement of the theme, making their relationship to the theme very clear. In the final variation, the meter changes to 2/4 and the tempo accelerates to allegro, yet the melodic line remains clearly present in the upper voice. The same applies to the coda: the theme melody can be discerned in both the A-flat major section (a third below) and the first half of the arpeggiated presto section. Finally, the arpeggios cascade like an avalanche, bringing the variations to a close.