The author shows how the analyst’s “personal equation” plays a central role in the constitution of the analysand’s internal transference object, referred to here as the subjective object. He shows how the constitution of this object is supported by a variety of psychic processes at work, ranging from the cathexis of the analyst’s tangible object to processual identification with his or her psychic functioning. The author illustrates this process by recounting a psychoanalytic treatment in which the analyst was the victim of a road accident that left him a paraplegic. The author describes how the change in his “personal equation” during the analysis had a major impact on the analysand’s transference modalities. He shows how the radical modification of the analyst’s “personal equation” had the value of an enacted interpretation, and made it possible to elaborate psychic issues that had hitherto succumbed to the work of the negative.