<?xml version="1.0" encoding="UTF-8" standalone="yes"?>
<!--
  This file is part of the Dutch Taxonomy (Nederlandse Taxonomie; NT)
  Intellectual Property of the State of the Netherlands
  Architecture: NT13
  Version: 20181212.a
  Release date: Tue Jun 19 09:00:00 2018
-->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink">
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:label id="bzk-ti-i_RealEstateForSale_documentation_nl" xlink:label="bzk-ti-i_RealEstateForSale_documentation_nl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="nl">Aangehouden terreinen en gebouwen die zijn bestemd voor verkoop.</link:label>
    <link:label id="bzk-ti-i_RealEstateForSalePolicy_documentation_nl" xlink:label="bzk-ti-i_RealEstateForSalePolicy_documentation_nl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="nl">De criteria voor de opname en waardering van vastgoed bestemd voor de verkoop in de balans.</link:label>
    <link:label id="bzk-ti-i_TaxesSocialSecurityContributionsReceivablesDisclosure_documentation_nl" xlink:label="bzk-ti-i_TaxesSocialSecurityContributionsReceivablesDisclosure_documentation_nl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="nl">De nadere informatie over de te ontvangen belastingen en premies sociale verzekeringen.</link:label>
    <link:label id="bzk-ti-i_RealEstateForSaleDisclosure_documentation_nl" xlink:label="bzk-ti-i_RealEstateForSaleDisclosure_documentation_nl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="nl">De nadere informatie over vastgoed bestemd voor de verkoop.</link:label>
    <link:label id="bzk-ti-i_TaxesSocialSecurityContributionsReceivables_documentation_nl" xlink:label="bzk-ti-i_TaxesSocialSecurityContributionsReceivables_documentation_nl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="nl">De nog te ontvangen bedragen van de belastingdienst voor belastingen en premies sociale verzekeringen.</link:label>
    <link:label id="bzk-ti-i_IncomeCommercialRealEstate_documentation_nl" xlink:label="bzk-ti-i_IncomeCommercialRealEstate_documentation_nl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="nl">Opbrengsten uit operationele activiteiten uit bedrijfsmatig onroerend goed.</link:label>
    <link:label id="bzk-ti-i_IncomeSocialRealEstate_documentation_nl" xlink:label="bzk-ti-i_IncomeSocialRealEstate_documentation_nl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="nl">Opbrengsten uit operationele activiteiten uit maatschappelijk onroerend goed.</link:label>
    <link:label id="bzk-ti-i_IntramuralIncomeClassifiedAsOperatingActivities_documentation_nl" xlink:label="bzk-ti-i_IntramuralIncomeClassifiedAsOperatingActivities_documentation_nl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="nl">Opbrengsten uit operationele activiteiten uit terreinen en gebouwen in exploitatie met betrekking tot verpleeg- en verzorgingshuizen.</link:label>
    <link:label id="bzk-ti-i_EquityWithPublicHousingPurpose_documentation_nl" xlink:label="bzk-ti-i_EquityWithPublicHousingPurpose_documentation_nl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="nl">Volkshuisvestelijke bestemming op het eigen vermogen (vanwege het niet marktconform handelen in de DAEB-portefeuille).</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ti-i_EquityWithPublicHousingPurpose_loc" xlink:to="bzk-ti-i_EquityWithPublicHousingPurpose_documentation_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ti-i_IncomeCommercialRealEstate_loc" xlink:to="bzk-ti-i_IncomeCommercialRealEstate_documentation_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ti-i_IncomeSocialRealEstate_loc" xlink:to="bzk-ti-i_IncomeSocialRealEstate_documentation_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ti-i_IntramuralIncomeClassifiedAsOperatingActivities_loc" xlink:to="bzk-ti-i_IntramuralIncomeClassifiedAsOperatingActivities_documentation_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ti-i_RealEstateForSaleDisclosure_loc" xlink:to="bzk-ti-i_RealEstateForSaleDisclosure_documentation_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ti-i_RealEstateForSalePolicy_loc" xlink:to="bzk-ti-i_RealEstateForSalePolicy_documentation_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ti-i_RealEstateForSale_loc" xlink:to="bzk-ti-i_RealEstateForSale_documentation_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ti-i_TaxesSocialSecurityContributionsReceivablesDisclosure_loc" xlink:to="bzk-ti-i_TaxesSocialSecurityContributionsReceivablesDisclosure_documentation_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ti-i_TaxesSocialSecurityContributionsReceivables_loc" xlink:to="bzk-ti-i_TaxesSocialSecurityContributionsReceivables_documentation_nl" xlink:type="arc"/>
    <link:loc xlink:href="bzk-ti-data.xsd#bzk-ti-i_EquityWithPublicHousingPurpose" xlink:label="bzk-ti-i_EquityWithPublicHousingPurpose_loc" xlink:type="locator"/>
    <link:loc xlink:href="bzk-ti-data.xsd#bzk-ti-i_IncomeCommercialRealEstate" xlink:label="bzk-ti-i_IncomeCommercialRealEstate_loc" xlink:type="locator"/>
    <link:loc xlink:href="bzk-ti-data.xsd#bzk-ti-i_IncomeSocialRealEstate" xlink:label="bzk-ti-i_IncomeSocialRealEstate_loc" xlink:type="locator"/>
    <link:loc xlink:href="bzk-ti-data.xsd#bzk-ti-i_IntramuralIncomeClassifiedAsOperatingActivities" xlink:label="bzk-ti-i_IntramuralIncomeClassifiedAsOperatingActivities_loc" xlink:type="locator"/>
    <link:loc xlink:href="bzk-ti-data.xsd#bzk-ti-i_RealEstateForSaleDisclosure" xlink:label="bzk-ti-i_RealEstateForSaleDisclosure_loc" xlink:type="locator"/>
    <link:loc xlink:href="bzk-ti-data.xsd#bzk-ti-i_RealEstateForSalePolicy" xlink:label="bzk-ti-i_RealEstateForSalePolicy_loc" xlink:type="locator"/>
    <link:loc xlink:href="bzk-ti-data.xsd#bzk-ti-i_RealEstateForSale" xlink:label="bzk-ti-i_RealEstateForSale_loc" xlink:type="locator"/>
    <link:loc xlink:href="bzk-ti-data.xsd#bzk-ti-i_TaxesSocialSecurityContributionsReceivablesDisclosure" xlink:label="bzk-ti-i_TaxesSocialSecurityContributionsReceivablesDisclosure_loc" xlink:type="locator"/>
    <link:loc xlink:href="bzk-ti-data.xsd#bzk-ti-i_TaxesSocialSecurityContributionsReceivables" xlink:label="bzk-ti-i_TaxesSocialSecurityContributionsReceivables_loc" xlink:type="locator"/>
  </link:labelLink>
</link:linkbase>
