<?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
-->
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    <link:label id="bzk-ti-i_ChangesValueNotRealisedRealEstatePortfolio_totalLabel_nl" xlink:label="bzk-ti-i_ChangesValueNotRealisedRealEstatePortfolio_totalLabel_nl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="nl">Niet-gerealiseerde waardeveranderingen vastgoedportefeuille, totaal</link:label>
    <link:label id="bzk-ti-i_BalanceFinancialFixedAssets_totalLabel_nl" xlink:label="bzk-ti-i_BalanceFinancialFixedAssets_totalLabel_nl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="nl">Saldo in- en uitgaande kasstroom FVA</link:label>
    <link:label id="bzk-ti-i_CashFlowPPEActivities_totalLabel_nl" xlink:label="bzk-ti-i_CashFlowPPEActivities_totalLabel_nl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="nl">Saldo in- en uitgaande kasstroom MVA</link:label>
    <link:label id="bzk-ti-i_BalanceCashInflows_totalLabel_nl" xlink:label="bzk-ti-i_BalanceCashInflows_totalLabel_nl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="nl">Saldo ingaande kasstromen</link:label>
    <link:label id="bzk-ti-i_BalanceCashOutflows_totalLabel_nl" xlink:label="bzk-ti-i_BalanceCashOutflows_totalLabel_nl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="nl">Saldo uitgaande kasstromen</link:label>
    <link:label id="bzk-ti-i_InvestedMonies_totalLabel_nl" xlink:label="bzk-ti-i_InvestedMonies_totalLabel_nl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="nl">Totaal van de balanswaarde van belegde gelden</link:label>
    <link:label id="bzk-ti-i_HousingFacilitiesSoldUnderConditionsMovement_totalLabel_nl" xlink:label="bzk-ti-i_HousingFacilitiesSoldUnderConditionsMovement_totalLabel_nl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="nl">Totaal van mutaties verkochte woongelegenheden onder voorwaarden</link:label>
    <link:label id="bzk-ti-i_NetRealisedResultSalesRealEstatePortfolio_totalLabel_nl" xlink:label="bzk-ti-i_NetRealisedResultSalesRealEstatePortfolio_totalLabel_nl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="nl">Totaal van netto gerealiseerd resultaat verkoop vastgoedportefeuille</link:label>
    <link:label id="bzk-ti-i_NetResultExploitationOfRealEstatePortfolio_totalLabel_nl" xlink:label="bzk-ti-i_NetResultExploitationOfRealEstatePortfolio_totalLabel_nl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="nl">Totaal van netto resultaat exploitatie van vastgoedportefeuille</link:label>
    <link:label id="bzk-ti-i_NetResultOtherActivities_totalLabel_nl" xlink:label="bzk-ti-i_NetResultOtherActivities_totalLabel_nl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="nl">Totaal van netto resultaat overige activiteiten</link:label>
    <link:label id="bzk-ti-i_NetResultSoldRealEstateInDevelopment_totalLabel_nl" xlink:label="bzk-ti-i_NetResultSoldRealEstateInDevelopment_totalLabel_nl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="nl">Totaal van netto resultaat verkocht vastgoed in ontwikkeling</link:label>
    <link:label id="bzk-ti-i_HousingFacilitiesSoldUnderConditions_totalLabel_nl" xlink:label="bzk-ti-i_HousingFacilitiesSoldUnderConditions_totalLabel_nl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="nl">Totaal van verkochte woongelegenheden onder voorwaarden</link:label>
    <link:label id="bzk-ti-i_SalesToThirdParties_totalLabel_nl" xlink:label="bzk-ti-i_SalesToThirdParties_totalLabel_nl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="nl">Totaal van verkopen aan derden</link:label>
    <link:label id="bzk-ti-i_TaxesSocialSecurityContributionsReceivables_totalLabel_nl" xlink:label="bzk-ti-i_TaxesSocialSecurityContributionsReceivables_totalLabel_nl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="nl">Totaal van vorderingen ter zake van belastingen en premies sociale verzekeringen</link:label>
    <link:label id="bzk-ti-i_ChangesValueRealEstatePortfolio_totalLabel_nl" xlink:label="bzk-ti-i_ChangesValueRealEstatePortfolio_totalLabel_nl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="nl">Totaal van waardeveranderingen vastgoedportefeuille</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ti-i_BalanceCashInflows_loc" xlink:to="bzk-ti-i_BalanceCashInflows_totalLabel_nl" xlink:type="arc"/>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ti-i_ChangesValueRealEstatePortfolio_loc" xlink:to="bzk-ti-i_ChangesValueRealEstatePortfolio_totalLabel_nl" xlink:type="arc"/>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ti-i_NetResultExploitationOfRealEstatePortfolio_loc" xlink:to="bzk-ti-i_NetResultExploitationOfRealEstatePortfolio_totalLabel_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ti-i_NetResultOtherActivities_loc" xlink:to="bzk-ti-i_NetResultOtherActivities_totalLabel_nl" xlink:type="arc"/>
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    <link:loc xlink:href="bzk-ti-data.xsd#bzk-ti-i_BalanceCashOutflows" xlink:label="bzk-ti-i_BalanceCashOutflows_loc" xlink:type="locator"/>
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    <link:loc xlink:href="bzk-ti-data.xsd#bzk-ti-i_CashFlowPPEActivities" xlink:label="bzk-ti-i_CashFlowPPEActivities_loc" xlink:type="locator"/>
    <link:loc xlink:href="bzk-ti-data.xsd#bzk-ti-i_ChangesValueNotRealisedRealEstatePortfolio" xlink:label="bzk-ti-i_ChangesValueNotRealisedRealEstatePortfolio_loc" xlink:type="locator"/>
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