A bit of background is required for this one.
This scan is from a companion piece in the same doujinshi as "Moonlight Beauty". This story is called "Sunshine Beauty", and it's about Ruby Moon. Nakuru tells Eriol that she thinks she loves him, and he tells her that it's an illusion, a "...mixture of respect and affection". Nakuru becomes upset at Eriol, basically tells him not to treat her(him) like a fool, and runs off. Spinel twits Eriol, and asks him how his relationship with Nakuru compares with that of his "former Guardian". Eriol's response is below, along with the accompanying scan.