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<!--
  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-dm_HousingFacilitiesSoldUnderConditionsExistingBuildingsMember_label_nl" xlink:label="bzk-ti-dm_HousingFacilitiesSoldUnderConditionsExistingBuildingsMember_label_nl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="nl">Bestaande verkochte woongelegenheden onder voorwaarden</link:label>
    <link:label id="bzk-ti-dm_DAEBActivitiesMember_label_nl" xlink:label="bzk-ti-dm_DAEBActivitiesMember_label_nl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="nl">DAEB activiteiten</link:label>
    <link:label id="bzk-ti-dm_DAEBNonDAEBActivitiesMember_label_nl" xlink:label="bzk-ti-dm_DAEBNonDAEBActivitiesMember_label_nl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="nl">DAEB en niet-DAEB activiteiten</link:label>
    <link:label id="bzk-ti-dm_DAEBNonDAEBActivitiesCompoundMember_label_nl" xlink:label="bzk-ti-dm_DAEBNonDAEBActivitiesCompoundMember_label_nl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="nl">DAEB, niet-DAEB en activiteiten in verbinding</link:label>
    <link:label id="bzk-ti-dm_SecuritiesNoncurrentMember_label_nl" xlink:label="bzk-ti-dm_SecuritiesNoncurrentMember_label_nl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="nl">Effecten (langlopend)</link:label>
    <link:label id="bzk-ti-dm_CompoundMember_label_nl" xlink:label="bzk-ti-dm_CompoundMember_label_nl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="nl">Geconsolideerde verbindingen</link:label>
    <link:label id="bzk-ti-dm_LandPositionsBalanceSheetMember_label_nl" xlink:label="bzk-ti-dm_LandPositionsBalanceSheetMember_label_nl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="nl">Grondposities in de balans opgenomen</link:label>
    <link:label id="bzk-ti-dm_LandPositionsConstructionMember_label_nl" xlink:label="bzk-ti-dm_LandPositionsConstructionMember_label_nl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="nl">Grondposities met bouwbestemming</link:label>
    <link:label id="bzk-ti-dm_LandPositionsOffBalanceSheetMember_label_nl" xlink:label="bzk-ti-dm_LandPositionsOffBalanceSheetMember_label_nl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="nl">Grondposities niet in de balans opgenomen</link:label>
    <link:label id="bzk-ti-dm_LandPositionsNoConstructionMember_label_nl" xlink:label="bzk-ti-dm_LandPositionsNoConstructionMember_label_nl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="nl">Grondposities zonder bouwbestemming</link:label>
    <link:label id="bzk-ti-dm_CompoundNonDAEBActivitiesMember_label_nl" xlink:label="bzk-ti-dm_CompoundNonDAEBActivitiesMember_label_nl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="nl">Niet-DAEB activiteiten in verbindingen</link:label>
    <link:label id="bzk-ti-dm_NonDAEBActivitiesMember_label_nl" xlink:label="bzk-ti-dm_NonDAEBActivitiesMember_label_nl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="nl">Niet-DAEB activiteiten</link:label>
    <link:label id="bzk-ti-dm_HousingFacilitiesSoldUnderConditionsNewBuildingsMember_label_nl" xlink:label="bzk-ti-dm_HousingFacilitiesSoldUnderConditionsNewBuildingsMember_label_nl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="nl">Nieuwbouw verkochte woongelegenheden onder voorwaarden</link:label>
    <link:label id="bzk-ti-dm_RealEstateSoldSubjectTermsConditionsMember_label_nl" xlink:label="bzk-ti-dm_RealEstateSoldSubjectTermsConditionsMember_label_nl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="nl">Onroerende zaken verkocht onder voorwaarden</link:label>
    <link:label id="bzk-ti-dm_PayablesGovernmentNoncurrentMember_label_nl" xlink:label="bzk-ti-dm_PayablesGovernmentNoncurrentMember_label_nl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="nl">Schulden aan overheid (langlopend)</link:label>
    <link:label id="bzk-ti-dm_ReceivablesBWSSubsidiesNoncurrentMember_label_nl" xlink:label="bzk-ti-dm_ReceivablesBWSSubsidiesNoncurrentMember_label_nl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="nl">Te vorderen BWS-subsidies (langlopend)</link:label>
    <link:label id="bzk-ti-dm_RealEstateInDevelopmentForOwnExploitationMember_label_nl" xlink:label="bzk-ti-dm_RealEstateInDevelopmentForOwnExploitationMember_label_nl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="nl">Vastgoed in ontwikkeling bestemd voor eigen exploitatie</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ti-dm_CompoundMember_loc" xlink:to="bzk-ti-dm_CompoundMember_label_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ti-dm_CompoundNonDAEBActivitiesMember_loc" xlink:to="bzk-ti-dm_CompoundNonDAEBActivitiesMember_label_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ti-dm_DAEBActivitiesMember_loc" xlink:to="bzk-ti-dm_DAEBActivitiesMember_label_nl" xlink:type="arc"/>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ti-dm_DAEBNonDAEBActivitiesMember_loc" xlink:to="bzk-ti-dm_DAEBNonDAEBActivitiesMember_label_nl" xlink:type="arc"/>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ti-dm_HousingFacilitiesSoldUnderConditionsNewBuildingsMember_loc" xlink:to="bzk-ti-dm_HousingFacilitiesSoldUnderConditionsNewBuildingsMember_label_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ti-dm_LandPositionsBalanceSheetMember_loc" xlink:to="bzk-ti-dm_LandPositionsBalanceSheetMember_label_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ti-dm_LandPositionsConstructionMember_loc" xlink:to="bzk-ti-dm_LandPositionsConstructionMember_label_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ti-dm_LandPositionsNoConstructionMember_loc" xlink:to="bzk-ti-dm_LandPositionsNoConstructionMember_label_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ti-dm_LandPositionsOffBalanceSheetMember_loc" xlink:to="bzk-ti-dm_LandPositionsOffBalanceSheetMember_label_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ti-dm_NonDAEBActivitiesMember_loc" xlink:to="bzk-ti-dm_NonDAEBActivitiesMember_label_nl" xlink:type="arc"/>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ti-dm_RealEstateSoldSubjectTermsConditionsMember_loc" xlink:to="bzk-ti-dm_RealEstateSoldSubjectTermsConditionsMember_label_nl" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ti-dm_ReceivablesBWSSubsidiesNoncurrentMember_loc" xlink:to="bzk-ti-dm_ReceivablesBWSSubsidiesNoncurrentMember_label_nl" xlink:type="arc"/>
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    <link:loc xlink:href="bzk-ti-domains.xsd#bzk-ti-dm_CompoundMember" xlink:label="bzk-ti-dm_CompoundMember_loc" xlink:type="locator"/>
    <link:loc xlink:href="bzk-ti-domains.xsd#bzk-ti-dm_CompoundNonDAEBActivitiesMember" xlink:label="bzk-ti-dm_CompoundNonDAEBActivitiesMember_loc" xlink:type="locator"/>
    <link:loc xlink:href="bzk-ti-domains.xsd#bzk-ti-dm_DAEBActivitiesMember" xlink:label="bzk-ti-dm_DAEBActivitiesMember_loc" xlink:type="locator"/>
    <link:loc xlink:href="bzk-ti-domains.xsd#bzk-ti-dm_DAEBNonDAEBActivitiesCompoundMember" xlink:label="bzk-ti-dm_DAEBNonDAEBActivitiesCompoundMember_loc" xlink:type="locator"/>
    <link:loc xlink:href="bzk-ti-domains.xsd#bzk-ti-dm_DAEBNonDAEBActivitiesMember" xlink:label="bzk-ti-dm_DAEBNonDAEBActivitiesMember_loc" xlink:type="locator"/>
    <link:loc xlink:href="bzk-ti-domains.xsd#bzk-ti-dm_HousingFacilitiesSoldUnderConditionsExistingBuildingsMember" xlink:label="bzk-ti-dm_HousingFacilitiesSoldUnderConditionsExistingBuildingsMember_loc" xlink:type="locator"/>
    <link:loc xlink:href="bzk-ti-domains.xsd#bzk-ti-dm_HousingFacilitiesSoldUnderConditionsNewBuildingsMember" xlink:label="bzk-ti-dm_HousingFacilitiesSoldUnderConditionsNewBuildingsMember_loc" xlink:type="locator"/>
    <link:loc xlink:href="bzk-ti-domains.xsd#bzk-ti-dm_LandPositionsBalanceSheetMember" xlink:label="bzk-ti-dm_LandPositionsBalanceSheetMember_loc" xlink:type="locator"/>
    <link:loc xlink:href="bzk-ti-domains.xsd#bzk-ti-dm_LandPositionsConstructionMember" xlink:label="bzk-ti-dm_LandPositionsConstructionMember_loc" xlink:type="locator"/>
    <link:loc xlink:href="bzk-ti-domains.xsd#bzk-ti-dm_LandPositionsNoConstructionMember" xlink:label="bzk-ti-dm_LandPositionsNoConstructionMember_loc" xlink:type="locator"/>
    <link:loc xlink:href="bzk-ti-domains.xsd#bzk-ti-dm_LandPositionsOffBalanceSheetMember" xlink:label="bzk-ti-dm_LandPositionsOffBalanceSheetMember_loc" xlink:type="locator"/>
    <link:loc xlink:href="bzk-ti-domains.xsd#bzk-ti-dm_NonDAEBActivitiesMember" xlink:label="bzk-ti-dm_NonDAEBActivitiesMember_loc" xlink:type="locator"/>
    <link:loc xlink:href="bzk-ti-domains.xsd#bzk-ti-dm_PayablesGovernmentNoncurrentMember" xlink:label="bzk-ti-dm_PayablesGovernmentNoncurrentMember_loc" xlink:type="locator"/>
    <link:loc xlink:href="bzk-ti-domains.xsd#bzk-ti-dm_RealEstateInDevelopmentForOwnExploitationMember" xlink:label="bzk-ti-dm_RealEstateInDevelopmentForOwnExploitationMember_loc" xlink:type="locator"/>
    <link:loc xlink:href="bzk-ti-domains.xsd#bzk-ti-dm_RealEstateSoldSubjectTermsConditionsMember" xlink:label="bzk-ti-dm_RealEstateSoldSubjectTermsConditionsMember_loc" xlink:type="locator"/>
    <link:loc xlink:href="bzk-ti-domains.xsd#bzk-ti-dm_ReceivablesBWSSubsidiesNoncurrentMember" xlink:label="bzk-ti-dm_ReceivablesBWSSubsidiesNoncurrentMember_loc" xlink:type="locator"/>
    <link:loc xlink:href="bzk-ti-domains.xsd#bzk-ti-dm_SecuritiesNoncurrentMember" xlink:label="bzk-ti-dm_SecuritiesNoncurrentMember_loc" xlink:type="locator"/>
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