Public Class Form1
    Private WithEvents Pnl As New MyPanel With {.Dock = DockStyle.Fill, .Parent _
      = Me}
    Private rec As New Rectangle(130, 120, 32, 32)
    Private inrec As Boolean
    Private Bmp As New Bitmap(SystemIcons.Error.ToBitmap)
 
    Private Sub Pnl_MouseMove(ByVal sender As Object, ByVal e As _
      System.Windows.Forms.MouseEventArgs) Handles Pnl.MouseMove
        inrec = rec.Contains(e.Location)
        Pnl.Invalidate(rec)       
    End Sub
 
    Private Sub Pnl_Paint(ByVal sender As Object, ByVal e As _
      System.Windows.Forms.PaintEventArgs) Handles Pnl.Paint
        e.Graphics.FillRectangle(If(inrec, Brushes.Blue, Brushes.Gold), rec)
        e.Graphics.DrawImage(Bmp, rec)
    End Sub
End Class
 
Public Class MyPanel
    Inherits Panel
    Sub New()
        Me.DoubleBuffered = True
        Me.BackColor = Color.Black
    End Sub
End Class