Spain to me is the favorite to win this tournament.
I don't have much time right now, so I can't get into the rosters. But Spain is full of very good players at every position. There is no superstar on the team (Inesta past his prime, but still a top 10 midfielder in the world).
Belgium has 3 of the top 15 players in the World imo. De Bruyne, Hazard and Lukaku. Lukaku is underrated. As I said, club performances don't mean dick. International stage is where the real players shine. Lukaku will take home the Golden Ball. De Bruyne is a magician, and maybe the 5th best player in the world right now.
Good luck to all.