Yeah, one of the events that can happen (if the player isn't Burgundy) is that Burgundy gets split up and its territories divided. The mechanics of who gets what are kind of complicated, but usually how it works out is that France takes a bit of it and the Holy Roman Emperor (usually Austria) gets the lion's share.

The Spanish Netherlands (which, as you'll be able to see if you page through the start dates, were a thing for a really long time) basically never form.

As far as I can tell, yeah, now that I look at it, in this particular game Spain got everything - not even France took any, and they pretty much always make sure they get their share!