I found that it's possible to start Acrobat without toolbar with the following command:
Acrobat.exe" /A "toolbar=0" "%1"
and that it's possible to hide the navpanes with the following:
Acrobat.exe" /A "navpanes=0" "%1"
However I found no reference about how to combine these parameters.
Do you know how to make both of them work simultaneously?