Well located little hotel
I have been to Bruges four times so far and have always stayed at Hotel van Eyck (except for the last time, because the hotel was full, had to stay somewhere else).
It is a very simple but cozy hotel, very clean. I felt at home :)
I remember it was run by a very nice young couple. The girl's name was Anouk and was extremely kind.
Breakfast was very good. They suggested a restaurant as well, Den Amand, which turned out to be very good and reasonably priced (I eat at that restaurant each time I visit Bruges).
A year ago I contacted the hotel again because I was planning to travel to Bruges soon and found out that Anouk quit in 2004. The hotel is run by two guys now, who took over the hotel when the other couple quit. I haven't met them yet, just e-mailed them, they seem to be very nice too.
So if you're looking for an inexpensive, clean and cozy hotel I can recommend Hotel van Eyck.
But keep in mind the rooms are very plain and basic, but clean, that at least for me, is the most important thing. The first time I stayed there I was with two other friends and stayed in a bigger room, with bathroom and bathtub, with a nice view of the Belfry tower, and paid around 80 euro (triple bedroom). The two other times I stayed in smaller rooms, which is true looked a little tired, but still very clean and with bathroom and shower, for 65 euro (two twin beds). They also have rooms with no bathroom, which means you have to share bathroom with other rooms. So it depends on what you like. Personally, I don´t like sharing the bathroom with anyone, but assume those rooms without bathroom must be cheaper. The hotel has in all 8 rooms.
The location of the hotel is also unbeatable, just one and a half blocks away from the Market Square.