Hello Jyosh,
It is difficult to find the exact reason for this.
But I can suggest you one thing, since this often happens when you design a new report.
Just open the KE24 document relevant for the variance settlement. Check characteristics one by one with that of characteristics restriction you have given in the report.
Don't miss out anything right from your Controlling area, Plant etc. There could be some simple reason due to which it is not working.
In case if this is not working, continue the same for Value fields also with Key figure schema. Might be the relevant value fields are missed out in the report. It should work.
Hope, it helps.
Regards,
Muneer Ahamed N