Spain did not have the resources to commit to conquering like France did.
France had pushed the English out recently and Burgundy had been vanquished. However France had no other avenues of expansion, the Tuscan League (rather surprisingly) prevented any expansion in Italy, the Empire was off limits, and England was too strong, and there was nothing to gain in Spain. It was pretty natural that France turn to conquering territory.
Now compare this to Spain.
Spain united all of the peninsula very recently ( first Castile, then Aragon, then Portugal ), and then started to expand the reconquista into North Africa. Then Spain and England got pulled into Continental Wars in the Low Countries, Burgundy, and Germany because they both wanted to maintain a balance of power.
If Spain didn't have troops fighting in Apulia, Naples, Sicily, Tuscany, and North Africa from Tripoli to Morocco, then it could focus on the New World.
After all the Spanish had every opportunity to expand in the New World, Mexico was NAMED by them, Columbus discovered the New World sailing for Spain. The gap between these early discoveries and Spain's involvement in continental affairs needs to be widened, perhaps prevent the Portuguese Union and the wars in North Africa.
At the same time making the French more involved in European affairs (no Tuscan League? France gets into an Italian War instead of Spain?) will do wonders.
Then you get the reverse, a colonial power conquering land in the form of Spain and a mainland power with colonies on the periphery looking for money.