The situation depends on where the deceased lived.
If the deceased was resident in Flanders, you pay Flemish inheritance tax on the property in Spain. In addition, you pay inheritance tax in Spain based on the regional rules. You can deduct the inheritance tax paid in Spain from the Flemish inheritance tax. Find more information here.
If the deceased was resident in Spain, you pay Spanish inheritance tax based on the regional rules. There is then no Flemish inheritance tax on property in Spain, but there is a right of transfer on property in Flanders. Find more information here.
AIf the deceased was resident in the Netherlands, you will pay Dutch inheritance tax on the property in Spain. In addition, you pay inheritance tax in Spain based on the regional rules. You can offset the Dutch tax against the Spanish tax. Find more information here.