had the same problem
a couple of years ago. I ended up breaking the panel and had to reglue it. However, I think You also need to remove the wood trim covers on each side of the steering column. Then remove the foam knee pads under the steering wheel which frees up the top edge of the panel. I also think you need to remove the trim carpet on the console. There may be a sensor or chime connected to the trim panel as well.
Not sure where I found that out. Think it was the archives. Also section 513-4 of the Bentley manual. Get it if you do not have it.

Originally Posted by
GoldenEagleFan
What a wonderful Forum. I have learned much about my new car in the last week and fixed a few nagging items thanks to the info here. I have the infamous brake circuit warning and want to replace my switch. I've removed the screws holding the panel underneath the steering wheel but for the life of me can't figure out how to get it out. Is it attached somehow to the front panel beneath the steering whell with invisible clips? I've removed the screws attacheing to this panel but still no luck.
94 525i, 155,000 miles.
Thanks,
1995 525i Auto, M50TU 2.5L, EAT chip, 1/95 build, USA, 205/65/15 tires, ASC+T, HID, lumbar, EC Mirror, BMW Alpine 5 radio with BMW-Pioneer CD Changer, abt 236k miles, Oxford Green/Parchment