The Guelders Wars end with a Habsburg defeat?

The Guelders Wars were a series of conflicts between the Duchy of Guelders and the Habsburg Netherlands which lasted for more than forty years (1502-1543) before finally ending with a victory for the latter and the creation of the Seventeen Provinces. But what if the Habsburgs lost and were forced to officially recognize the loss of some or several important areas of the Low Countries (say, Friesland, Groningen and Overijssel at the very least, maybe more if Guelders wins decisively) a century early?

What would this alt-Netherlands look like? Could it become a major economic and colonial power like the Dutch Republic did?