While many variations of the time were based on existing melodies familiar to the audience (e.g., popular opera arias), this set of variations uses a theme composed by the composer himself. Upon publication, Beethoven advertised it as a work employing "a truly new method."

Perhaps the characteristic Beethoven intended to emphasize was that the keys of the six variations descend by thirds, as follows:

• Theme: F major
• Variation 1: D major
• Variation 2: B-flat major
• Variation 3: G major
• Variation 4: E-flat major
• Variation 5: C minor – C major
• Variation 6: F major

Along with the key, the time signature and tempo markings also change, giving each variation a distinct character. Consequently, one might momentarily feel disoriented by the transitions from the theme to a variation, or from one variation to the next; however, upon closer listening, it becomes clear that these are harmonically stable ornamental variations.