Only way would be keeping strong Catholic foothold and it would be difficult. Kingdom of Low Countries would be divide to two countries, both probably would be incorporated by their neighbours or at least vassalised.
The southern Walloon speaking part is still mostly catholic and remained loyal to the Spanish king until the Dutch resistence manage to finaly capture them. I could see a more competent Spanish reaction to the Dutch revolt keep those areas. The big danger is them falling into French hands, but Spain would probably be able to defend them. Than in the age of nationalism I could see them (maybe with Dutch help) become independent from Spain.
I don't think the Dutch would worry too much about being conquered by their neighbours. The Dutch did manage to defend their territory against France pretty well originaly. The Walloon areas weren't terribly important, well until the coal deposits were used during the industrial revolution. It was mainly the trading towns of Flanders, Brabant and Holland (ok, and Zeeland and Frisia) that made the Netherlands strong and wealthy. Even without Wallonia the Dutch could defend themselves.