﻿<?xml version="1.0" encoding="utf-8" standalone="yes"?>
<!--Created by Sturnis 365, Powered by IRIS Carbon, Unique Code 6246cfa454148f6a2028d5a9, Generated At Fri, 01 Apr 2022 10:14:13 GMT-->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_PropertyAndEquipmentAndInvestmentProperty" xlink:label="PropertyAndEquipmentAndInvestmentProperty" xlink:title="PropertyAndEquipmentAndInvestmentProperty" />
    <link:label xlink:type="resource" xlink:label="label_PropertyAndEquipmentAndInvestmentProperty" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PropertyAndEquipmentAndInvestmentProperty" xml:lang="en" id="label_PropertyAndEquipmentAndInvestmentProperty">Property and Equipment and Investment Property</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyAndEquipmentAndInvestmentProperty" xlink:to="label_PropertyAndEquipmentAndInvestmentProperty" xlink:title="Label : PropertyAndEquipmentAndInvestmentProperty to label_PropertyAndEquipmentAndInvestmentProperty" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_TaxLiabilities" xlink:label="TaxLiabilities" xlink:title="TaxLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_TaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxLiabilities" xml:lang="en" id="label_TaxLiabilities">Tax Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxLiabilities" xlink:to="label_TaxLiabilities" xlink:title="Label : TaxLiabilities to label_TaxLiabilities" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_AdditionalTier1InstrumentsIncludedInEquity" xlink:label="AdditionalTier1InstrumentsIncludedInEquity" xlink:title="AdditionalTier1InstrumentsIncludedInEquity" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalTier1InstrumentsIncludedInEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionalTier1InstrumentsIncludedInEquity" xml:lang="en" id="label_AdditionalTier1InstrumentsIncludedInEquity">Additional Tier 1 Instruments Included in Equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalTier1InstrumentsIncludedInEquity" xlink:to="label_AdditionalTier1InstrumentsIncludedInEquity" xlink:title="Label : AdditionalTier1InstrumentsIncludedInEquity to label_AdditionalTier1InstrumentsIncludedInEquity" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_EarnedPremiumLessTechnicalChargesNonLifeInsuranceBeforeReinsurance" xlink:label="EarnedPremiumLessTechnicalChargesNonLifeInsuranceBeforeReinsurance" xlink:title="EarnedPremiumLessTechnicalChargesNonLifeInsuranceBeforeReinsurance" />
    <link:label xlink:type="resource" xlink:label="label_EarnedPremiumLessTechnicalChargesNonLifeInsuranceBeforeReinsurance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EarnedPremiumLessTechnicalChargesNonLifeInsuranceBeforeReinsurance" xml:lang="en" id="label_EarnedPremiumLessTechnicalChargesNonLifeInsuranceBeforeReinsurance">Earned Premium Less Technical Charges Non Life Insurance Before Reinsurance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarnedPremiumLessTechnicalChargesNonLifeInsuranceBeforeReinsurance" xlink:to="label_EarnedPremiumLessTechnicalChargesNonLifeInsuranceBeforeReinsurance" xlink:title="Label : EarnedPremiumLessTechnicalChargesNonLifeInsuranceBeforeReinsurance to label_EarnedPremiumLessTechnicalChargesNonLifeInsuranceBeforeReinsurance" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_IncomeArisingFromNonLifeInsuranceContracts" xlink:label="IncomeArisingFromNonLifeInsuranceContracts" xlink:title="IncomeArisingFromNonLifeInsuranceContracts" />
    <link:label xlink:type="resource" xlink:label="label_IncomeArisingFromNonLifeInsuranceContracts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeArisingFromNonLifeInsuranceContracts" xml:lang="en" id="label_IncomeArisingFromNonLifeInsuranceContracts">Income Arising from Non Life Insurance Contracts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeArisingFromNonLifeInsuranceContracts" xlink:to="label_IncomeArisingFromNonLifeInsuranceContracts" xlink:title="Label : IncomeArisingFromNonLifeInsuranceContracts to label_IncomeArisingFromNonLifeInsuranceContracts" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_ExpenseArisingFromNonLifeInsuranceContracts" xlink:label="ExpenseArisingFromNonLifeInsuranceContracts" xlink:title="ExpenseArisingFromNonLifeInsuranceContracts" />
    <link:label xlink:type="resource" xlink:label="label_ExpenseArisingFromNonLifeInsuranceContracts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExpenseArisingFromNonLifeInsuranceContracts" xml:lang="en" id="label_ExpenseArisingFromNonLifeInsuranceContracts">Expense Arising from Non Life Insurance Contracts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpenseArisingFromNonLifeInsuranceContracts" xlink:to="label_ExpenseArisingFromNonLifeInsuranceContracts" xlink:title="Label : ExpenseArisingFromNonLifeInsuranceContracts to label_ExpenseArisingFromNonLifeInsuranceContracts" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_EarnedPremiumLessTechnicalChargesLifeInsuranceBeforeReinsurance" xlink:label="EarnedPremiumLessTechnicalChargesLifeInsuranceBeforeReinsurance" xlink:title="EarnedPremiumLessTechnicalChargesLifeInsuranceBeforeReinsurance" />
    <link:label xlink:type="resource" xlink:label="label_EarnedPremiumLessTechnicalChargesLifeInsuranceBeforeReinsurance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EarnedPremiumLessTechnicalChargesLifeInsuranceBeforeReinsurance" xml:lang="en" id="label_EarnedPremiumLessTechnicalChargesLifeInsuranceBeforeReinsurance">Earned Premium Less Technical Charges Life Insurance Before Reinsurance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarnedPremiumLessTechnicalChargesLifeInsuranceBeforeReinsurance" xlink:to="label_EarnedPremiumLessTechnicalChargesLifeInsuranceBeforeReinsurance" xlink:title="Label : EarnedPremiumLessTechnicalChargesLifeInsuranceBeforeReinsurance to label_EarnedPremiumLessTechnicalChargesLifeInsuranceBeforeReinsurance" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_IncomeArisingFromLifeInsuranceContracts" xlink:label="IncomeArisingFromLifeInsuranceContracts" xlink:title="IncomeArisingFromLifeInsuranceContracts" />
    <link:label xlink:type="resource" xlink:label="label_IncomeArisingFromLifeInsuranceContracts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeArisingFromLifeInsuranceContracts" xml:lang="en" id="label_IncomeArisingFromLifeInsuranceContracts">Income Arising from Life Insurance Contracts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeArisingFromLifeInsuranceContracts" xlink:to="label_IncomeArisingFromLifeInsuranceContracts" xlink:title="Label : IncomeArisingFromLifeInsuranceContracts to label_IncomeArisingFromLifeInsuranceContracts" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_ExpenseArisingFromLifeInsuranceContracts" xlink:label="ExpenseArisingFromLifeInsuranceContracts" xlink:title="ExpenseArisingFromLifeInsuranceContracts" />
    <link:label xlink:type="resource" xlink:label="label_ExpenseArisingFromLifeInsuranceContracts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExpenseArisingFromLifeInsuranceContracts" xml:lang="en" id="label_ExpenseArisingFromLifeInsuranceContracts">Expense Arising from Life Insurance Contracts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpenseArisingFromLifeInsuranceContracts" xlink:to="label_ExpenseArisingFromLifeInsuranceContracts" xlink:title="Label : ExpenseArisingFromLifeInsuranceContracts to label_ExpenseArisingFromLifeInsuranceContracts" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_CededReinsuranceResult" xlink:label="CededReinsuranceResult" xlink:title="CededReinsuranceResult" />
    <link:label xlink:type="resource" xlink:label="label_CededReinsuranceResult" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CededReinsuranceResult" xml:lang="en" id="label_CededReinsuranceResult">Ceded Reinsurance Result</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CededReinsuranceResult" xlink:to="label_CededReinsuranceResult" xlink:title="Label : CededReinsuranceResult to label_CededReinsuranceResult" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_NetResultFromFinancialInstrumentsAtFairValueThroughProfitOrLoss" xlink:label="NetResultFromFinancialInstrumentsAtFairValueThroughProfitOrLoss" xlink:title="NetResultFromFinancialInstrumentsAtFairValueThroughProfitOrLoss" />
    <link:label xlink:type="resource" xlink:label="label_NetResultFromFinancialInstrumentsAtFairValueThroughProfitOrLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetResultFromFinancialInstrumentsAtFairValueThroughProfitOrLoss" xml:lang="en" id="label_NetResultFromFinancialInstrumentsAtFairValueThroughProfitOrLoss">Net Result from Financial Instruments at Fair Value Through Profit or Loss</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetResultFromFinancialInstrumentsAtFairValueThroughProfitOrLoss" xlink:to="label_NetResultFromFinancialInstrumentsAtFairValueThroughProfitOrLoss" xlink:title="Label : NetResultFromFinancialInstrumentsAtFairValueThroughProfitOrLoss to label_NetResultFromFinancialInstrumentsAtFairValueThroughProfitOrLoss" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_NetResultFromFinancialInstrumentsAtFairValueThroughProfitOrLossRelatedToEquityInstrumentsOverlayApproach" xlink:label="NetResultFromFinancialInstrumentsAtFairValueThroughProfitOrLossRelatedToEquityInstrumentsOverlayApproach" xlink:title="NetResultFromFinancialInstrumentsAtFairValueThroughProfitOrLossRelatedToEquityInstrumentsOverlayApproach" />
    <link:label xlink:type="resource" xlink:label="label_NetResultFromFinancialInstrumentsAtFairValueThroughProfitOrLossRelatedToEquityInstrumentsOverlayApproach" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetResultFromFinancialInstrumentsAtFairValueThroughProfitOrLossRelatedToEquityInstrumentsOverlayApproach" xml:lang="en" id="label_NetResultFromFinancialInstrumentsAtFairValueThroughProfitOrLossRelatedToEquityInstrumentsOverlayApproach">Net Result from Financial Instruments at Fair Value Through Profit or Loss Related to Equity Instruments Overlay Approach</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetResultFromFinancialInstrumentsAtFairValueThroughProfitOrLossRelatedToEquityInstrumentsOverlayApproach" xlink:to="label_NetResultFromFinancialInstrumentsAtFairValueThroughProfitOrLossRelatedToEquityInstrumentsOverlayApproach" xlink:title="Label : NetResultFromFinancialInstrumentsAtFairValueThroughProfitOrLossRelatedToEquityInstrumentsOverlayApproach to label_NetResultFromFinancialInstrumentsAtFairValueThroughProfitOrLossRelatedToEquityInstrumentsOverlayApproach" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_NetRealisedResultFromDebtInstrumentsAtFairValueThroughOtherComprehensiveIncome" xlink:label="NetRealisedResultFromDebtInstrumentsAtFairValueThroughOtherComprehensiveIncome" xlink:title="NetRealisedResultFromDebtInstrumentsAtFairValueThroughOtherComprehensiveIncome" />
    <link:label xlink:type="resource" xlink:label="label_NetRealisedResultFromDebtInstrumentsAtFairValueThroughOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetRealisedResultFromDebtInstrumentsAtFairValueThroughOtherComprehensiveIncome" xml:lang="en" id="label_NetRealisedResultFromDebtInstrumentsAtFairValueThroughOtherComprehensiveIncome">Net Realised Result from Debt Instruments at Fair Value Through Other Comprehensive Income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetRealisedResultFromDebtInstrumentsAtFairValueThroughOtherComprehensiveIncome" xlink:to="label_NetRealisedResultFromDebtInstrumentsAtFairValueThroughOtherComprehensiveIncome" xlink:title="Label : NetRealisedResultFromDebtInstrumentsAtFairValueThroughOtherComprehensiveIncome to label_NetRealisedResultFromDebtInstrumentsAtFairValueThroughOtherComprehensiveIncome" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_ImpairmentOther" xlink:label="ImpairmentOther" xlink:title="ImpairmentOther" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentOther" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ImpairmentOther" xml:lang="en" id="label_ImpairmentOther">Impairment Other</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentOther" xlink:to="label_ImpairmentOther" xlink:title="Label : ImpairmentOther to label_ImpairmentOther" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeRelatedToImpairment" xlink:label="ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeRelatedToImpairment" xlink:title="ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeRelatedToImpairment" />
    <link:label xlink:type="resource" xlink:label="label_ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeRelatedToImpairment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeRelatedToImpairment" xml:lang="en" id="label_ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeRelatedToImpairment">Reclassification Adjustments on Financial Assets Measured at Fair Value Through Other Comprehensive Income Related to Impairment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeRelatedToImpairment" xlink:to="label_ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeRelatedToImpairment" xlink:title="Label : ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeRelatedToImpairment to label_ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeRelatedToImpairment" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeRelatedToNetGainsOrLossesOnDisposal" xlink:label="ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeRelatedToNetGainsOrLossesOnDisposal" xlink:title="ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeRelatedToNetGainsOrLossesOnDisposal" />
    <link:label xlink:type="resource" xlink:label="label_ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeRelatedToNetGainsOrLossesOnDisposal" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeRelatedToNetGainsOrLossesOnDisposal" xml:lang="en" id="label_ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeRelatedToNetGainsOrLossesOnDisposal">Reclassification Adjustments on Financial Assets Measured at Fair Value Through Other Comprehensive Income Related to Net Gains or Losses on Disposal</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeRelatedToNetGainsOrLossesOnDisposal" xlink:to="label_ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeRelatedToNetGainsOrLossesOnDisposal" xlink:title="Label : ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeRelatedToNetGainsOrLossesOnDisposal to label_ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeRelatedToNetGainsOrLossesOnDisposal" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeRelatedToDeferredTaxesOnIncome" xlink:label="ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeRelatedToDeferredTaxesOnIncome" xlink:title="ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeRelatedToDeferredTaxesOnIncome" />
    <link:label xlink:type="resource" xlink:label="label_ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeRelatedToDeferredTaxesOnIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeRelatedToDeferredTaxesOnIncome" xml:lang="en" id="label_ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeRelatedToDeferredTaxesOnIncome">Reclassification Adjustments on Financial Assets Measured at Fair Value Through Other Comprehensive Income Related to Deferred Taxes on Income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeRelatedToDeferredTaxesOnIncome" xlink:to="label_ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeRelatedToDeferredTaxesOnIncome" xlink:title="Label : ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeRelatedToDeferredTaxesOnIncome to label_ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeRelatedToDeferredTaxesOnIncome" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeRelatedToDeferredTaxesOnIncomeForOverlayApproach" xlink:label="ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeRelatedToDeferredTaxesOnIncomeForOverlayApproach" xlink:title="ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeRelatedToDeferredTaxesOnIncomeForOverlayApproach" />
    <link:label xlink:type="resource" xlink:label="label_ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeRelatedToDeferredTaxesOnIncomeForOverlayApproach" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeRelatedToDeferredTaxesOnIncomeForOverlayApproach" xml:lang="en" id="label_ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeRelatedToDeferredTaxesOnIncomeForOverlayApproach">Reclassification Adjustments on Financial Assets Measured at Fair Value Through Other Comprehensive Income Related to Deferred Taxes on Income for Overlay Approach</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeRelatedToDeferredTaxesOnIncomeForOverlayApproach" xlink:to="label_ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeRelatedToDeferredTaxesOnIncomeForOverlayApproach" xlink:title="Label : ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeRelatedToDeferredTaxesOnIncomeForOverlayApproach to label_ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeRelatedToDeferredTaxesOnIncomeForOverlayApproach" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_AdditionalTier1InstrumentsIncludedInEquityMember" xlink:label="AdditionalTier1InstrumentsIncludedInEquityMember" xlink:title="AdditionalTier1InstrumentsIncludedInEquityMember" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalTier1InstrumentsIncludedInEquityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionalTier1InstrumentsIncludedInEquityMember" xml:lang="en" id="label_AdditionalTier1InstrumentsIncludedInEquityMember">Additional Tier 1 Instruments Included In Equity [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalTier1InstrumentsIncludedInEquityMember" xlink:to="label_AdditionalTier1InstrumentsIncludedInEquityMember" xlink:title="Label : AdditionalTier1InstrumentsIncludedInEquityMember to label_AdditionalTier1InstrumentsIncludedInEquityMember" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_AdjustmentsForResultBeforeTaxFromDiscontinuedOperations" xlink:label="AdjustmentsForResultBeforeTaxFromDiscontinuedOperations" xlink:title="AdjustmentsForResultBeforeTaxFromDiscontinuedOperations" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForResultBeforeTaxFromDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForResultBeforeTaxFromDiscontinuedOperations" xml:lang="en" id="label_AdjustmentsForResultBeforeTaxFromDiscontinuedOperations">Adjustments for Result Before Tax from Discontinued Operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForResultBeforeTaxFromDiscontinuedOperations" xlink:to="label_AdjustmentsForResultBeforeTaxFromDiscontinuedOperations" xlink:title="Label : AdjustmentsForResultBeforeTaxFromDiscontinuedOperations to label_AdjustmentsForResultBeforeTaxFromDiscontinuedOperations" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_AdjustmentsForProfitLossOnDisposalOfInvestments" xlink:label="AdjustmentsForProfitLossOnDisposalOfInvestments" xlink:title="AdjustmentsForProfitLossOnDisposalOfInvestments" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForProfitLossOnDisposalOfInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForProfitLossOnDisposalOfInvestments" xml:lang="en" id="label_AdjustmentsForProfitLossOnDisposalOfInvestments">Adjustments for Profit Loss on Disposal of Investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForProfitLossOnDisposalOfInvestments" xlink:to="label_AdjustmentsForProfitLossOnDisposalOfInvestments" xlink:title="Label : AdjustmentsForProfitLossOnDisposalOfInvestments to label_AdjustmentsForProfitLossOnDisposalOfInvestments" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_AdjustmentsForChangeInTechnicalProvisionsBeforeReinsurance" xlink:label="AdjustmentsForChangeInTechnicalProvisionsBeforeReinsurance" xlink:title="AdjustmentsForChangeInTechnicalProvisionsBeforeReinsurance" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForChangeInTechnicalProvisionsBeforeReinsurance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForChangeInTechnicalProvisionsBeforeReinsurance" xml:lang="en" id="label_AdjustmentsForChangeInTechnicalProvisionsBeforeReinsurance">Adjustments for Change in Technical Provisions Before Reinsurance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForChangeInTechnicalProvisionsBeforeReinsurance" xlink:to="label_AdjustmentsForChangeInTechnicalProvisionsBeforeReinsurance" xlink:title="Label : AdjustmentsForChangeInTechnicalProvisionsBeforeReinsurance to label_AdjustmentsForChangeInTechnicalProvisionsBeforeReinsurance" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_AdjustmentsForChangeInOtherProvisions" xlink:label="AdjustmentsForChangeInOtherProvisions" xlink:title="AdjustmentsForChangeInOtherProvisions" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForChangeInOtherProvisions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForChangeInOtherProvisions" xml:lang="en" id="label_AdjustmentsForChangeInOtherProvisions">Adjustments for Change in Other Provisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForChangeInOtherProvisions" xlink:to="label_AdjustmentsForChangeInOtherProvisions" xlink:title="Label : AdjustmentsForChangeInOtherProvisions to label_AdjustmentsForChangeInOtherProvisions" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_AdjustmentsForOtherUnrealisedGainsLosses" xlink:label="AdjustmentsForOtherUnrealisedGainsLosses" xlink:title="AdjustmentsForOtherUnrealisedGainsLosses" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForOtherUnrealisedGainsLosses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForOtherUnrealisedGainsLosses" xml:lang="en" id="label_AdjustmentsForOtherUnrealisedGainsLosses">Adjustments for Other Unrealised Gains Losses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForOtherUnrealisedGainsLosses" xlink:to="label_AdjustmentsForOtherUnrealisedGainsLosses" xlink:title="Label : AdjustmentsForOtherUnrealisedGainsLosses to label_AdjustmentsForOtherUnrealisedGainsLosses" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_ChangesInOperatingAssetsExcludingCashAndCashEquivalents" xlink:label="ChangesInOperatingAssetsExcludingCashAndCashEquivalents" xlink:title="ChangesInOperatingAssetsExcludingCashAndCashEquivalents" />
    <link:label xlink:type="resource" xlink:label="label_ChangesInOperatingAssetsExcludingCashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ChangesInOperatingAssetsExcludingCashAndCashEquivalents" xml:lang="en" id="label_ChangesInOperatingAssetsExcludingCashAndCashEquivalents">Changes in Operating Assets Excluding Cash and Cash Equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInOperatingAssetsExcludingCashAndCashEquivalents" xlink:to="label_ChangesInOperatingAssetsExcludingCashAndCashEquivalents" xlink:title="Label : ChangesInOperatingAssetsExcludingCashAndCashEquivalents to label_ChangesInOperatingAssetsExcludingCashAndCashEquivalents" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtAmortisedCostExcludingDebtSecurities" xlink:label="AdjustmentsForDecreaseIncreaseInFinancialAssetsAtAmortisedCostExcludingDebtSecurities" xlink:title="AdjustmentsForDecreaseIncreaseInFinancialAssetsAtAmortisedCostExcludingDebtSecurities" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtAmortisedCostExcludingDebtSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtAmortisedCostExcludingDebtSecurities" xml:lang="en" id="label_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtAmortisedCostExcludingDebtSecurities">Adjustments For Decrease Increase In Financial Assets At Amortised Cost Excluding Debt Securities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForDecreaseIncreaseInFinancialAssetsAtAmortisedCostExcludingDebtSecurities" xlink:to="label_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtAmortisedCostExcludingDebtSecurities" xlink:title="Label : AdjustmentsForDecreaseIncreaseInFinancialAssetsAtAmortisedCostExcludingDebtSecurities to label_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtAmortisedCostExcludingDebtSecurities" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_AdjustmentsForDecreaseIncreaseInFinancialAssetsHeldForTradingAtFairValueThroughProfitOrLoss" xlink:label="AdjustmentsForDecreaseIncreaseInFinancialAssetsHeldForTradingAtFairValueThroughProfitOrLoss" xlink:title="AdjustmentsForDecreaseIncreaseInFinancialAssetsHeldForTradingAtFairValueThroughProfitOrLoss" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForDecreaseIncreaseInFinancialAssetsHeldForTradingAtFairValueThroughProfitOrLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForDecreaseIncreaseInFinancialAssetsHeldForTradingAtFairValueThroughProfitOrLoss" xml:lang="en" id="label_AdjustmentsForDecreaseIncreaseInFinancialAssetsHeldForTradingAtFairValueThroughProfitOrLoss">Adjustments For Decrease Increase In Financial Assets Held For Trading At Fair Value Through Profit Or Loss</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForDecreaseIncreaseInFinancialAssetsHeldForTradingAtFairValueThroughProfitOrLoss" xlink:to="label_AdjustmentsForDecreaseIncreaseInFinancialAssetsHeldForTradingAtFairValueThroughProfitOrLoss" xlink:title="Label : AdjustmentsForDecreaseIncreaseInFinancialAssetsHeldForTradingAtFairValueThroughProfitOrLoss to label_AdjustmentsForDecreaseIncreaseInFinancialAssetsHeldForTradingAtFairValueThroughProfitOrLoss" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_AdjustmentsForDecreaseIncreaseInOperatingAssetsAssociatedWithDisposalGroupsAndOtherAssets" xlink:label="AdjustmentsForDecreaseIncreaseInOperatingAssetsAssociatedWithDisposalGroupsAndOtherAssets" xlink:title="AdjustmentsForDecreaseIncreaseInOperatingAssetsAssociatedWithDisposalGroupsAndOtherAssets" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForDecreaseIncreaseInOperatingAssetsAssociatedWithDisposalGroupsAndOtherAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForDecreaseIncreaseInOperatingAssetsAssociatedWithDisposalGroupsAndOtherAssets" xml:lang="en" id="label_AdjustmentsForDecreaseIncreaseInOperatingAssetsAssociatedWithDisposalGroupsAndOtherAssets">Adjustments For Decrease Increase In Operating Assets Associated With Disposal Groups And Other Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForDecreaseIncreaseInOperatingAssetsAssociatedWithDisposalGroupsAndOtherAssets" xlink:to="label_AdjustmentsForDecreaseIncreaseInOperatingAssetsAssociatedWithDisposalGroupsAndOtherAssets" xlink:title="Label : AdjustmentsForDecreaseIncreaseInOperatingAssetsAssociatedWithDisposalGroupsAndOtherAssets to label_AdjustmentsForDecreaseIncreaseInOperatingAssetsAssociatedWithDisposalGroupsAndOtherAssets" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_IncreaseDecreaseInOperatingLiabilitiesExcludingCashAndCashEquivalents" xlink:label="IncreaseDecreaseInOperatingLiabilitiesExcludingCashAndCashEquivalents" xlink:title="IncreaseDecreaseInOperatingLiabilitiesExcludingCashAndCashEquivalents" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInOperatingLiabilitiesExcludingCashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseInOperatingLiabilitiesExcludingCashAndCashEquivalents" xml:lang="en" id="label_IncreaseDecreaseInOperatingLiabilitiesExcludingCashAndCashEquivalents">Increase Decrease in Operating Liabilities Excluding Cash and Cash Equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInOperatingLiabilitiesExcludingCashAndCashEquivalents" xlink:to="label_IncreaseDecreaseInOperatingLiabilitiesExcludingCashAndCashEquivalents" xlink:title="Label : IncreaseDecreaseInOperatingLiabilitiesExcludingCashAndCashEquivalents to label_IncreaseDecreaseInOperatingLiabilitiesExcludingCashAndCashEquivalents" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAmortisedCost" xlink:label="AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAmortisedCost" xlink:title="AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAmortisedCost" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAmortisedCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAmortisedCost" xml:lang="en" id="label_AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAmortisedCost">Adjustments For Increase Decrease In Financial Liabilities Amortised Cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAmortisedCost" xlink:to="label_AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAmortisedCost" xlink:title="Label : AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAmortisedCost to label_AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAmortisedCost" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAtFairValueThroughProfitOrLoss" xlink:label="AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAtFairValueThroughProfitOrLoss" xlink:title="AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAtFairValueThroughProfitOrLoss" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAtFairValueThroughProfitOrLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAtFairValueThroughProfitOrLoss" xml:lang="en" id="label_AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAtFairValueThroughProfitOrLoss">Adjustments For Increase Decrease In Financial Liabilities At Fair Value Through Profit Or Loss</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAtFairValueThroughProfitOrLoss" xlink:to="label_AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAtFairValueThroughProfitOrLoss" xlink:title="Label : AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAtFairValueThroughProfitOrLoss to label_AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAtFairValueThroughProfitOrLoss" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_AdjustmentsForIncreaseDecreaseInTechnicalProvisionsBeforeReinsurance" xlink:label="AdjustmentsForIncreaseDecreaseInTechnicalProvisionsBeforeReinsurance" xlink:title="AdjustmentsForIncreaseDecreaseInTechnicalProvisionsBeforeReinsurance" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForIncreaseDecreaseInTechnicalProvisionsBeforeReinsurance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForIncreaseDecreaseInTechnicalProvisionsBeforeReinsurance" xml:lang="en" id="label_AdjustmentsForIncreaseDecreaseInTechnicalProvisionsBeforeReinsurance">Adjustments for Increase Decrease in Technical Provisions Before Reinsurance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForIncreaseDecreaseInTechnicalProvisionsBeforeReinsurance" xlink:to="label_AdjustmentsForIncreaseDecreaseInTechnicalProvisionsBeforeReinsurance" xlink:title="Label : AdjustmentsForIncreaseDecreaseInTechnicalProvisionsBeforeReinsurance to label_AdjustmentsForIncreaseDecreaseInTechnicalProvisionsBeforeReinsurance" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_AdjustmentsForIncreaseDecreaseInOperatingLiabilitiesAssociatedWithDisposalGroupsAndOtherLiabilities" xlink:label="AdjustmentsForIncreaseDecreaseInOperatingLiabilitiesAssociatedWithDisposalGroupsAndOtherLiabilities" xlink:title="AdjustmentsForIncreaseDecreaseInOperatingLiabilitiesAssociatedWithDisposalGroupsAndOtherLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForIncreaseDecreaseInOperatingLiabilitiesAssociatedWithDisposalGroupsAndOtherLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForIncreaseDecreaseInOperatingLiabilitiesAssociatedWithDisposalGroupsAndOtherLiabilities" xml:lang="en" id="label_AdjustmentsForIncreaseDecreaseInOperatingLiabilitiesAssociatedWithDisposalGroupsAndOtherLiabilities">Adjustments For Increase Decrease In Operating Liabilities Associated With Disposal Groups And Other Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForIncreaseDecreaseInOperatingLiabilitiesAssociatedWithDisposalGroupsAndOtherLiabilities" xlink:to="label_AdjustmentsForIncreaseDecreaseInOperatingLiabilitiesAssociatedWithDisposalGroupsAndOtherLiabilities" xlink:title="Label : AdjustmentsForIncreaseDecreaseInOperatingLiabilitiesAssociatedWithDisposalGroupsAndOtherLiabilities to label_AdjustmentsForIncreaseDecreaseInOperatingLiabilitiesAssociatedWithDisposalGroupsAndOtherLiabilities" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_ProceedsFromIssueRepaymentsOfPromissoryNotesAndOtherDebtSecurities" xlink:label="ProceedsFromIssueRepaymentsOfPromissoryNotesAndOtherDebtSecurities" xlink:title="ProceedsFromIssueRepaymentsOfPromissoryNotesAndOtherDebtSecurities" />
    <link:label xlink:type="resource" xlink:label="label_ProceedsFromIssueRepaymentsOfPromissoryNotesAndOtherDebtSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProceedsFromIssueRepaymentsOfPromissoryNotesAndOtherDebtSecurities" xml:lang="en" id="label_ProceedsFromIssueRepaymentsOfPromissoryNotesAndOtherDebtSecurities">Proceeds from Issue Repayments of Promissory Notes and Other Debt Securities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromIssueRepaymentsOfPromissoryNotesAndOtherDebtSecurities" xlink:to="label_ProceedsFromIssueRepaymentsOfPromissoryNotesAndOtherDebtSecurities" xlink:title="Label : ProceedsFromIssueRepaymentsOfPromissoryNotesAndOtherDebtSecurities to label_ProceedsFromIssueRepaymentsOfPromissoryNotesAndOtherDebtSecurities" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_ProceedsFromIssueOrRepaymentsOfSubordinatedLiabilities" xlink:label="ProceedsFromIssueOrRepaymentsOfSubordinatedLiabilities" xlink:title="ProceedsFromIssueOrRepaymentsOfSubordinatedLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_ProceedsFromIssueOrRepaymentsOfSubordinatedLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProceedsFromIssueOrRepaymentsOfSubordinatedLiabilities" xml:lang="en" id="label_ProceedsFromIssueOrRepaymentsOfSubordinatedLiabilities">Proceeds from Issue or Repayments of Subordinated Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromIssueOrRepaymentsOfSubordinatedLiabilities" xlink:to="label_ProceedsFromIssueOrRepaymentsOfSubordinatedLiabilities" xlink:title="Label : ProceedsFromIssueOrRepaymentsOfSubordinatedLiabilities to label_ProceedsFromIssueOrRepaymentsOfSubordinatedLiabilities" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_ProceedsFromPaymentForIssueOfAdditionalTier1Instruments" xlink:label="ProceedsFromPaymentForIssueOfAdditionalTier1Instruments" xlink:title="ProceedsFromPaymentForIssueOfAdditionalTier1Instruments" />
    <link:label xlink:type="resource" xlink:label="label_ProceedsFromPaymentForIssueOfAdditionalTier1Instruments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProceedsFromPaymentForIssueOfAdditionalTier1Instruments" xml:lang="en" id="label_ProceedsFromPaymentForIssueOfAdditionalTier1Instruments">Proceeds From Payment for Issue of Additional Tier 1 Instruments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromPaymentForIssueOfAdditionalTier1Instruments" xlink:to="label_ProceedsFromPaymentForIssueOfAdditionalTier1Instruments" xlink:title="Label : ProceedsFromPaymentForIssueOfAdditionalTier1Instruments to label_ProceedsFromPaymentForIssueOfAdditionalTier1Instruments" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_CouponOnAdditionalTier1InstrumentsClassifiedAsFinancingActivities" xlink:label="CouponOnAdditionalTier1InstrumentsClassifiedAsFinancingActivities" xlink:title="CouponOnAdditionalTier1InstrumentsClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_CouponOnAdditionalTier1InstrumentsClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CouponOnAdditionalTier1InstrumentsClassifiedAsFinancingActivities" xml:lang="en" id="label_CouponOnAdditionalTier1InstrumentsClassifiedAsFinancingActivities">Coupon on Additional Tier 1 Instruments Classified as Financing Activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CouponOnAdditionalTier1InstrumentsClassifiedAsFinancingActivities" xlink:to="label_CouponOnAdditionalTier1InstrumentsClassifiedAsFinancingActivities" xlink:title="Label : CouponOnAdditionalTier1InstrumentsClassifiedAsFinancingActivities to label_CouponOnAdditionalTier1InstrumentsClassifiedAsFinancingActivities" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_TransferFromReserveToNetResultDeferredTaxesOnIncomeRelatedToHedgeOfNetInvestmentsInForeignOperations" xlink:label="TransferFromReserveToNetResultDeferredTaxesOnIncomeRelatedToHedgeOfNetInvestmentsInForeignOperations" xlink:title="TransferFromReserveToNetResultDeferredTaxesOnIncomeRelatedToHedgeOfNetInvestmentsInForeignOperations" />
    <link:label xlink:type="resource" xlink:label="label_TransferFromReserveToNetResultDeferredTaxesOnIncomeRelatedToHedgeOfNetInvestmentsInForeignOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TransferFromReserveToNetResultDeferredTaxesOnIncomeRelatedToHedgeOfNetInvestmentsInForeignOperations" xml:lang="en" id="label_TransferFromReserveToNetResultDeferredTaxesOnIncomeRelatedToHedgeOfNetInvestmentsInForeignOperations">Transfer from Reserve to Net Result Deferred Taxes on Income Related to Hedge of Net Investments in Foreign Operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransferFromReserveToNetResultDeferredTaxesOnIncomeRelatedToHedgeOfNetInvestmentsInForeignOperations" xlink:to="label_TransferFromReserveToNetResultDeferredTaxesOnIncomeRelatedToHedgeOfNetInvestmentsInForeignOperations" xlink:title="Label : TransferFromReserveToNetResultDeferredTaxesOnIncomeRelatedToHedgeOfNetInvestmentsInForeignOperations to label_TransferFromReserveToNetResultDeferredTaxesOnIncomeRelatedToHedgeOfNetInvestmentsInForeignOperations" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_PrimaryFinancialStatementTable" xlink:label="PrimaryFinancialStatementTable" xlink:title="PrimaryFinancialStatementTable" />
    <link:label xlink:type="resource" xlink:label="label_PrimaryFinancialStatementTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PrimaryFinancialStatementTable" xml:lang="en" id="label_PrimaryFinancialStatementTable">Primary Financial Statement [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrimaryFinancialStatementTable" xlink:to="label_PrimaryFinancialStatementTable" xlink:title="Label : PrimaryFinancialStatementTable to label_PrimaryFinancialStatementTable" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_TransferFromReserveToNetResultDeferredTaxesOnIncomeRelatedToCashFlowHedges" xlink:label="TransferFromReserveToNetResultDeferredTaxesOnIncomeRelatedToCashFlowHedges" xlink:title="TransferFromReserveToNetResultDeferredTaxesOnIncomeRelatedToCashFlowHedges" />
    <link:label xlink:type="resource" xlink:label="label_TransferFromReserveToNetResultDeferredTaxesOnIncomeRelatedToCashFlowHedges" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TransferFromReserveToNetResultDeferredTaxesOnIncomeRelatedToCashFlowHedges" xml:lang="en" id="label_TransferFromReserveToNetResultDeferredTaxesOnIncomeRelatedToCashFlowHedges">Transfer From Reserve to Net Result Deferred Taxes on Income Related to Cash Flow Hedges</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransferFromReserveToNetResultDeferredTaxesOnIncomeRelatedToCashFlowHedges" xlink:to="label_TransferFromReserveToNetResultDeferredTaxesOnIncomeRelatedToCashFlowHedges" xlink:title="Label : TransferFromReserveToNetResultDeferredTaxesOnIncomeRelatedToCashFlowHedges to label_TransferFromReserveToNetResultDeferredTaxesOnIncomeRelatedToCashFlowHedges" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_TaxAssets" xlink:label="TaxAssets" xlink:title="TaxAssets" />
    <link:label xlink:type="resource" xlink:label="label_TaxAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxAssets" xml:lang="en" id="label_TaxAssets">Tax Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxAssets" xlink:to="label_TaxAssets" xlink:title="Label : TaxAssets to label_TaxAssets" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_DecreaseThroughCouponOnAdditionalTier1Instruments" xlink:label="DecreaseThroughCouponOnAdditionalTier1Instruments" xlink:title="DecreaseThroughCouponOnAdditionalTier1Instruments" />
    <link:label xlink:type="resource" xlink:label="label_DecreaseThroughCouponOnAdditionalTier1Instruments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DecreaseThroughCouponOnAdditionalTier1Instruments" xml:lang="en" id="label_DecreaseThroughCouponOnAdditionalTier1Instruments">Decrease Through Coupon on Additional Tier 1 Instruments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreaseThroughCouponOnAdditionalTier1Instruments" xlink:to="label_DecreaseThroughCouponOnAdditionalTier1Instruments" xlink:title="Label : DecreaseThroughCouponOnAdditionalTier1Instruments to label_DecreaseThroughCouponOnAdditionalTier1Instruments" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_OtherComprehensiveIncomeBeforeTaxApplicationOfOverlayApproachOnEquityInstruments" xlink:label="OtherComprehensiveIncomeBeforeTaxApplicationOfOverlayApproachOnEquityInstruments" xlink:title="OtherComprehensiveIncomeBeforeTaxApplicationOfOverlayApproachOnEquityInstruments" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncomeBeforeTaxApplicationOfOverlayApproachOnEquityInstruments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherComprehensiveIncomeBeforeTaxApplicationOfOverlayApproachOnEquityInstruments" xml:lang="en" id="label_OtherComprehensiveIncomeBeforeTaxApplicationOfOverlayApproachOnEquityInstruments">Other Comprehensive Income Before Tax Application of Overlay Approach on Equity Instruments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeBeforeTaxApplicationOfOverlayApproachOnEquityInstruments" xlink:to="label_OtherComprehensiveIncomeBeforeTaxApplicationOfOverlayApproachOnEquityInstruments" xlink:title="Label : OtherComprehensiveIncomeBeforeTaxApplicationOfOverlayApproachOnEquityInstruments to label_OtherComprehensiveIncomeBeforeTaxApplicationOfOverlayApproachOnEquityInstruments" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_OtherComprehensiveIncomeFairValueAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeNetOfTaxApplicationOfOverlayApproach" xlink:label="OtherComprehensiveIncomeFairValueAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeNetOfTaxApplicationOfOverlayApproach" xlink:title="OtherComprehensiveIncomeFairValueAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeNetOfTaxApplicationOfOverlayApproach" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncomeFairValueAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeNetOfTaxApplicationOfOverlayApproach" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherComprehensiveIncomeFairValueAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeNetOfTaxApplicationOfOverlayApproach" xml:lang="en" id="label_OtherComprehensiveIncomeFairValueAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeNetOfTaxApplicationOfOverlayApproach">Other Comprehensive Income Fair Value Adjustments on Equity Instruments Measured at Fair Value Through Other Comprehensive Income, Net of Tax Application of Overlay Approach</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeFairValueAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeNetOfTaxApplicationOfOverlayApproach" xlink:to="label_OtherComprehensiveIncomeFairValueAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeNetOfTaxApplicationOfOverlayApproach" xlink:title="Label : OtherComprehensiveIncomeFairValueAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeNetOfTaxApplicationOfOverlayApproach to label_OtherComprehensiveIncomeFairValueAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeNetOfTaxApplicationOfOverlayApproach" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_OtherComprehensiveIncomeFairValueAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeBeforeTaxApplicationOfOverlayApproach" xlink:label="OtherComprehensiveIncomeFairValueAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeBeforeTaxApplicationOfOverlayApproach" xlink:title="OtherComprehensiveIncomeFairValueAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeBeforeTaxApplicationOfOverlayApproach" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncomeFairValueAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeBeforeTaxApplicationOfOverlayApproach" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherComprehensiveIncomeFairValueAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeBeforeTaxApplicationOfOverlayApproach" xml:lang="en" id="label_OtherComprehensiveIncomeFairValueAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeBeforeTaxApplicationOfOverlayApproach">Other Comprehensive Income Fair Value Adjustments on Equity Instruments Measured at Fair Value Through Other Comprehensive Income Before Tax Application of Overlay Approach</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeFairValueAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeBeforeTaxApplicationOfOverlayApproach" xlink:to="label_OtherComprehensiveIncomeFairValueAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeBeforeTaxApplicationOfOverlayApproach" xlink:title="Label : OtherComprehensiveIncomeFairValueAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeBeforeTaxApplicationOfOverlayApproach to label_OtherComprehensiveIncomeFairValueAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeBeforeTaxApplicationOfOverlayApproach" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_IncomeTaxRelatingToApplicationOfOverlayApproachOnEquityInstrumentsInOtherComprehensiveIncome" xlink:label="IncomeTaxRelatingToApplicationOfOverlayApproachOnEquityInstrumentsInOtherComprehensiveIncome" xlink:title="IncomeTaxRelatingToApplicationOfOverlayApproachOnEquityInstrumentsInOtherComprehensiveIncome" />
    <link:label xlink:type="resource" xlink:label="label_IncomeTaxRelatingToApplicationOfOverlayApproachOnEquityInstrumentsInOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeTaxRelatingToApplicationOfOverlayApproachOnEquityInstrumentsInOtherComprehensiveIncome" xml:lang="en" id="label_IncomeTaxRelatingToApplicationOfOverlayApproachOnEquityInstrumentsInOtherComprehensiveIncome">Income Tax Relating to Application of Overlay Approach on Equity Instruments in Other Comprehensive Income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxRelatingToApplicationOfOverlayApproachOnEquityInstrumentsInOtherComprehensiveIncome" xlink:to="label_IncomeTaxRelatingToApplicationOfOverlayApproachOnEquityInstrumentsInOtherComprehensiveIncome" xlink:title="Label : IncomeTaxRelatingToApplicationOfOverlayApproachOnEquityInstrumentsInOtherComprehensiveIncome to label_IncomeTaxRelatingToApplicationOfOverlayApproachOnEquityInstrumentsInOtherComprehensiveIncome" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_ReclassificationAdjustmentsOnApplicationOfOverlayApproachOnEquityInstrumentsBeforeTax" xlink:label="ReclassificationAdjustmentsOnApplicationOfOverlayApproachOnEquityInstrumentsBeforeTax" xlink:title="ReclassificationAdjustmentsOnApplicationOfOverlayApproachOnEquityInstrumentsBeforeTax" />
    <link:label xlink:type="resource" xlink:label="label_ReclassificationAdjustmentsOnApplicationOfOverlayApproachOnEquityInstrumentsBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReclassificationAdjustmentsOnApplicationOfOverlayApproachOnEquityInstrumentsBeforeTax" xml:lang="en" id="label_ReclassificationAdjustmentsOnApplicationOfOverlayApproachOnEquityInstrumentsBeforeTax">Reclassification Adjustments on Application of Overlay Approach on Equity Instruments Before Tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReclassificationAdjustmentsOnApplicationOfOverlayApproachOnEquityInstrumentsBeforeTax" xlink:to="label_ReclassificationAdjustmentsOnApplicationOfOverlayApproachOnEquityInstrumentsBeforeTax" xlink:title="Label : ReclassificationAdjustmentsOnApplicationOfOverlayApproachOnEquityInstrumentsBeforeTax to label_ReclassificationAdjustmentsOnApplicationOfOverlayApproachOnEquityInstrumentsBeforeTax" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_ReclassificationAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughProfitOrLossRelatedToNetGainsOrLossesOnDisposalForOverlayApproach" xlink:label="ReclassificationAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughProfitOrLossRelatedToNetGainsOrLossesOnDisposalForOverlayApproach" xlink:title="ReclassificationAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughProfitOrLossRelatedToNetGainsOrLossesOnDisposalForOverlayApproach" />
    <link:label xlink:type="resource" xlink:label="label_ReclassificationAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughProfitOrLossRelatedToNetGainsOrLossesOnDisposalForOverlayApproach" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReclassificationAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughProfitOrLossRelatedToNetGainsOrLossesOnDisposalForOverlayApproach" xml:lang="en" id="label_ReclassificationAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughProfitOrLossRelatedToNetGainsOrLossesOnDisposalForOverlayApproach">Reclassification Adjustments on Equity Instruments Measured at Fair Value Through Profit or Loss Related to Net Gains or Losses on Disposal for Overlay Approach</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReclassificationAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughProfitOrLossRelatedToNetGainsOrLossesOnDisposalForOverlayApproach" xlink:to="label_ReclassificationAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughProfitOrLossRelatedToNetGainsOrLossesOnDisposalForOverlayApproach" xlink:title="Label : ReclassificationAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughProfitOrLossRelatedToNetGainsOrLossesOnDisposalForOverlayApproach to label_ReclassificationAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughProfitOrLossRelatedToNetGainsOrLossesOnDisposalForOverlayApproach" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_ReclassificationAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughProfitOrLossRelatedToImpairmentForOverlayApproach" xlink:label="ReclassificationAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughProfitOrLossRelatedToImpairmentForOverlayApproach" xlink:title="ReclassificationAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughProfitOrLossRelatedToImpairmentForOverlayApproach" />
    <link:label xlink:type="resource" xlink:label="label_ReclassificationAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughProfitOrLossRelatedToImpairmentForOverlayApproach" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReclassificationAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughProfitOrLossRelatedToImpairmentForOverlayApproach" xml:lang="en" id="label_ReclassificationAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughProfitOrLossRelatedToImpairmentForOverlayApproach">Reclassification Adjustments on Equity Instruments Measured at Fair Value Through Profit or Loss Related to Impairment for Overlay Approach</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReclassificationAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughProfitOrLossRelatedToImpairmentForOverlayApproach" xlink:to="label_ReclassificationAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughProfitOrLossRelatedToImpairmentForOverlayApproach" xlink:title="Label : ReclassificationAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughProfitOrLossRelatedToImpairmentForOverlayApproach to label_ReclassificationAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughProfitOrLossRelatedToImpairmentForOverlayApproach" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_InAccordanceWithInternationalAccountingStandard39Member" xlink:label="InAccordanceWithInternationalAccountingStandard39Member" xlink:title="InAccordanceWithInternationalAccountingStandard39Member" />
    <link:label xlink:type="resource" xlink:label="label_InAccordanceWithInternationalAccountingStandard39Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InAccordanceWithInternationalAccountingStandard39Member" xml:lang="en" id="label_InAccordanceWithInternationalAccountingStandard39Member">In Accordance With International Accounting Standard 39 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InAccordanceWithInternationalAccountingStandard39Member" xlink:to="label_InAccordanceWithInternationalAccountingStandard39Member" xlink:title="Label : InAccordanceWithInternationalAccountingStandard39Member to label_InAccordanceWithInternationalAccountingStandard39Member" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_ReclassificationAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughProfitOrLossRelatedToUnrealisedResultsThroughProfitOrLossForOverlayApproach" xlink:label="ReclassificationAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughProfitOrLossRelatedToUnrealisedResultsThroughProfitOrLossForOverlayApproach" xlink:title="ReclassificationAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughProfitOrLossRelatedToUnrealisedResultsThroughProfitOrLossForOverlayApproach" />
    <link:label xlink:type="resource" xlink:label="label_ReclassificationAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughProfitOrLossRelatedToUnrealisedResultsThroughProfitOrLossForOverlayApproach" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReclassificationAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughProfitOrLossRelatedToUnrealisedResultsThroughProfitOrLossForOverlayApproach" xml:lang="en" id="label_ReclassificationAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughProfitOrLossRelatedToUnrealisedResultsThroughProfitOrLossForOverlayApproach">Reclassification Adjustments on Equity Instruments Measured at Fair Value Through Profit or Loss Related to Unrealised Results Through Profit or Loss for Overlay Approach</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReclassificationAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughProfitOrLossRelatedToUnrealisedResultsThroughProfitOrLossForOverlayApproach" xlink:to="label_ReclassificationAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughProfitOrLossRelatedToUnrealisedResultsThroughProfitOrLossForOverlayApproach" xlink:title="Label : ReclassificationAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughProfitOrLossRelatedToUnrealisedResultsThroughProfitOrLossForOverlayApproach to label_ReclassificationAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughProfitOrLossRelatedToUnrealisedResultsThroughProfitOrLossForOverlayApproach" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_FinalDividendPaidPerShare" xlink:label="FinalDividendPaidPerShare" xlink:title="FinalDividendPaidPerShare" />
    <link:label xlink:type="resource" xlink:label="label_FinalDividendPaidPerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinalDividendPaidPerShare" xml:lang="en" id="label_FinalDividendPaidPerShare">Final dividend paid, per share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinalDividendPaidPerShare" xlink:to="label_FinalDividendPaidPerShare" xlink:title="Label : FinalDividendPaidPerShare to label_FinalDividendPaidPerShare" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_InterimDividendPaidPerShare" xlink:label="InterimDividendPaidPerShare" xlink:title="InterimDividendPaidPerShare" />
    <link:label xlink:type="resource" xlink:label="label_InterimDividendPaidPerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterimDividendPaidPerShare" xml:lang="en" id="label_InterimDividendPaidPerShare">Interim dividend paid, per share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterimDividendPaidPerShare" xlink:to="label_InterimDividendPaidPerShare" xlink:title="Label : InterimDividendPaidPerShare to label_InterimDividendPaidPerShare" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_RepaymentsOfBorrowingsUnderTargetedLongerTermRefinancingOperations" xlink:label="RepaymentsOfBorrowingsUnderTargetedLongerTermRefinancingOperations" xlink:title="RepaymentsOfBorrowingsUnderTargetedLongerTermRefinancingOperations" />
    <link:label xlink:type="resource" xlink:label="label_RepaymentsOfBorrowingsUnderTargetedLongerTermRefinancingOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RepaymentsOfBorrowingsUnderTargetedLongerTermRefinancingOperations" xml:lang="en" id="label_RepaymentsOfBorrowingsUnderTargetedLongerTermRefinancingOperations">Repayments of Borrowings Under Targeted Longer Term Refinancing Operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepaymentsOfBorrowingsUnderTargetedLongerTermRefinancingOperations" xlink:to="label_RepaymentsOfBorrowingsUnderTargetedLongerTermRefinancingOperations" xlink:title="Label : RepaymentsOfBorrowingsUnderTargetedLongerTermRefinancingOperations to label_RepaymentsOfBorrowingsUnderTargetedLongerTermRefinancingOperations" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_BorrowingsUnderTargetedLongerTermRefinancingOperations" xlink:label="BorrowingsUnderTargetedLongerTermRefinancingOperations" xlink:title="BorrowingsUnderTargetedLongerTermRefinancingOperations" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsUnderTargetedLongerTermRefinancingOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsUnderTargetedLongerTermRefinancingOperations" xml:lang="en" id="label_BorrowingsUnderTargetedLongerTermRefinancingOperations">Borrowings Under Targeted Longer Term Refinancing Operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsUnderTargetedLongerTermRefinancingOperations" xlink:to="label_BorrowingsUnderTargetedLongerTermRefinancingOperations" xlink:title="Label : BorrowingsUnderTargetedLongerTermRefinancingOperations to label_BorrowingsUnderTargetedLongerTermRefinancingOperations" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_ReserveOfGainsAndLossesOnRemeasuringDebtInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember" xlink:label="ReserveOfGainsAndLossesOnRemeasuringDebtInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember" xlink:title="ReserveOfGainsAndLossesOnRemeasuringDebtInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember" />
    <link:label xlink:type="resource" xlink:label="label_ReserveOfGainsAndLossesOnRemeasuringDebtInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReserveOfGainsAndLossesOnRemeasuringDebtInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember" xml:lang="en" id="label_ReserveOfGainsAndLossesOnRemeasuringDebtInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember">Reserve of Gains and Losses on Remeasuring Debt Instruments Measured at Fair Value Through Other Comprehensive Income [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReserveOfGainsAndLossesOnRemeasuringDebtInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember" xlink:to="label_ReserveOfGainsAndLossesOnRemeasuringDebtInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember" xlink:title="Label : ReserveOfGainsAndLossesOnRemeasuringDebtInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember to label_ReserveOfGainsAndLossesOnRemeasuringDebtInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_ReserveOfHedgeOfNetInvestmentsInForeignOperationsMember" xlink:label="ReserveOfHedgeOfNetInvestmentsInForeignOperationsMember" xlink:title="ReserveOfHedgeOfNetInvestmentsInForeignOperationsMember" />
    <link:label xlink:type="resource" xlink:label="label_ReserveOfHedgeOfNetInvestmentsInForeignOperationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReserveOfHedgeOfNetInvestmentsInForeignOperationsMember" xml:lang="en" id="label_ReserveOfHedgeOfNetInvestmentsInForeignOperationsMember">Reserve of Hedge of Net Investments in Foreign Operations [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReserveOfHedgeOfNetInvestmentsInForeignOperationsMember" xlink:to="label_ReserveOfHedgeOfNetInvestmentsInForeignOperationsMember" xlink:title="Label : ReserveOfHedgeOfNetInvestmentsInForeignOperationsMember to label_ReserveOfHedgeOfNetInvestmentsInForeignOperationsMember" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_InAccordanceWithIFRS9WithoutOverlayMember" xlink:label="InAccordanceWithIFRS9WithoutOverlayMember" xlink:title="InAccordanceWithIFRS9WithoutOverlayMember" />
    <link:label xlink:type="resource" xlink:label="label_InAccordanceWithIFRS9WithoutOverlayMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InAccordanceWithIFRS9WithoutOverlayMember" xml:lang="en" id="label_InAccordanceWithIFRS9WithoutOverlayMember">In Accordance With I F R S 9 Without Overlay [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InAccordanceWithIFRS9WithoutOverlayMember" xlink:to="label_InAccordanceWithIFRS9WithoutOverlayMember" xlink:title="Label : InAccordanceWithIFRS9WithoutOverlayMember to label_InAccordanceWithIFRS9WithoutOverlayMember" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughOtherComprehensiveIncome" xlink:label="AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughOtherComprehensiveIncome" xlink:title="AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughOtherComprehensiveIncome" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughOtherComprehensiveIncome" xml:lang="en" id="label_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughOtherComprehensiveIncome">Adjustments for Decrease Increase in Financial Assets at Fair Value Through Other Comprehensive Income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughOtherComprehensiveIncome" xlink:to="label_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughOtherComprehensiveIncome" xlink:title="Label : AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughOtherComprehensiveIncome to label_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughOtherComprehensiveIncome" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_AdditionalGrossDividendPerShare" xlink:label="AdditionalGrossDividendPerShare" xlink:title="AdditionalGrossDividendPerShare" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalGrossDividendPerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionalGrossDividendPerShare" xml:lang="en" id="label_AdditionalGrossDividendPerShare">Additional Gross Dividend Per Share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalGrossDividendPerShare" xlink:to="label_AdditionalGrossDividendPerShare" xlink:title="Label : AdditionalGrossDividendPerShare to label_AdditionalGrossDividendPerShare" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_PurchaseSaleOfTreasuryShares" xlink:label="PurchaseSaleOfTreasuryShares" xlink:title="PurchaseSaleOfTreasuryShares" />
    <link:label xlink:type="resource" xlink:label="label_PurchaseSaleOfTreasuryShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PurchaseSaleOfTreasuryShares" xml:lang="en" id="label_PurchaseSaleOfTreasuryShares">Purchase Sale Of Treasury Shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchaseSaleOfTreasuryShares" xlink:to="label_PurchaseSaleOfTreasuryShares" xlink:title="Label : PurchaseSaleOfTreasuryShares to label_PurchaseSaleOfTreasuryShares" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_AdjustmentsForChangeInReinsurersShareInTechnicalProvisions" xlink:label="AdjustmentsForChangeInReinsurersShareInTechnicalProvisions" xlink:title="AdjustmentsForChangeInReinsurersShareInTechnicalProvisions" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForChangeInReinsurersShareInTechnicalProvisions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForChangeInReinsurersShareInTechnicalProvisions" xml:lang="en" id="label_AdjustmentsForChangeInReinsurersShareInTechnicalProvisions">Adjustments for Change in Reinsurers Share in Technical Provisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForChangeInReinsurersShareInTechnicalProvisions" xlink:to="label_AdjustmentsForChangeInReinsurersShareInTechnicalProvisions" xlink:title="Label : AdjustmentsForChangeInReinsurersShareInTechnicalProvisions to label_AdjustmentsForChangeInReinsurersShareInTechnicalProvisions" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughProfitOrLoss" xlink:label="AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughProfitOrLoss" xlink:title="AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughProfitOrLoss" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughProfitOrLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughProfitOrLoss" xml:lang="en" id="label_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughProfitOrLoss">Adjustments For Decrease Increase In Financial Assets At Fair Value Through Profit Or Loss</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughProfitOrLoss" xlink:to="label_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughProfitOrLoss" xlink:title="Label : AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughProfitOrLoss to label_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughProfitOrLoss" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_CashCashBalancesWithCentralBanksAndOtherDemandDepositsWithCreditInstitutions" xlink:label="CashCashBalancesWithCentralBanksAndOtherDemandDepositsWithCreditInstitutions" xlink:title="CashCashBalancesWithCentralBanksAndOtherDemandDepositsWithCreditInstitutions" />
    <link:label xlink:type="resource" xlink:label="label_CashCashBalancesWithCentralBanksAndOtherDemandDepositsWithCreditInstitutions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashCashBalancesWithCentralBanksAndOtherDemandDepositsWithCreditInstitutions" xml:lang="en" id="label_CashCashBalancesWithCentralBanksAndOtherDemandDepositsWithCreditInstitutions">Cash Cash Balances with Central Banks and Other Demand Deposits with Credit Institutions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashCashBalancesWithCentralBanksAndOtherDemandDepositsWithCreditInstitutions" xlink:to="label_CashCashBalancesWithCentralBanksAndOtherDemandDepositsWithCreditInstitutions" xlink:title="Label : CashCashBalancesWithCentralBanksAndOtherDemandDepositsWithCreditInstitutions to label_CashCashBalancesWithCentralBanksAndOtherDemandDepositsWithCreditInstitutions" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_OrdinaryDividendPerShare" xlink:label="OrdinaryDividendPerShare" xlink:title="OrdinaryDividendPerShare" />
    <link:label xlink:type="resource" xlink:label="label_OrdinaryDividendPerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OrdinaryDividendPerShare" xml:lang="en" id="label_OrdinaryDividendPerShare">Ordinary Dividend Per Share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OrdinaryDividendPerShare" xlink:to="label_OrdinaryDividendPerShare" xlink:title="Label : OrdinaryDividendPerShare to label_OrdinaryDividendPerShare" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_ExtraordinaryDividendPayablePerShare" xlink:label="ExtraordinaryDividendPayablePerShare" xlink:title="ExtraordinaryDividendPayablePerShare" />
    <link:label xlink:type="resource" xlink:label="label_ExtraordinaryDividendPayablePerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExtraordinaryDividendPayablePerShare" xml:lang="en" id="label_ExtraordinaryDividendPayablePerShare">Extraordinary Dividend Payable Per Share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExtraordinaryDividendPayablePerShare" xlink:to="label_ExtraordinaryDividendPayablePerShare" xlink:title="Label : ExtraordinaryDividendPayablePerShare to label_ExtraordinaryDividendPayablePerShare" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_DividendPayablePerShare" xlink:label="DividendPayablePerShare" xlink:title="DividendPayablePerShare" />
    <link:label xlink:type="resource" xlink:label="label_DividendPayablePerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendPayablePerShare" xml:lang="en" id="label_DividendPayablePerShare">Dividend Payable Per Share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendPayablePerShare" xlink:to="label_DividendPayablePerShare" xlink:title="Label : DividendPayablePerShare to label_DividendPayablePerShare" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_ReclassificationAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughProfitOrLossRelatedToRealisedAndUnrealisedChangesForOverlayApproachBeforeTax" xlink:label="ReclassificationAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughProfitOrLossRelatedToRealisedAndUnrealisedChangesForOverlayApproachBeforeTax" xlink:title="ReclassificationAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughProfitOrLossRelatedToRealisedAndUnrealisedChangesForOverlayApproachBeforeTax" />
    <link:label xlink:type="resource" xlink:label="label_ReclassificationAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughProfitOrLossRelatedToRealisedAndUnrealisedChangesForOverlayApproachBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReclassificationAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughProfitOrLossRelatedToRealisedAndUnrealisedChangesForOverlayApproachBeforeTax" xml:lang="en" id="label_ReclassificationAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughProfitOrLossRelatedToRealisedAndUnrealisedChangesForOverlayApproachBeforeTax">Reclassification Adjustments On Equity Instruments Measured At Fair Value Through Profit Or Loss Related To Realised And Unrealised Changes For Overlay Approach Before Tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReclassificationAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughProfitOrLossRelatedToRealisedAndUnrealisedChangesForOverlayApproachBeforeTax" xlink:to="label_ReclassificationAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughProfitOrLossRelatedToRealisedAndUnrealisedChangesForOverlayApproachBeforeTax" xlink:title="Label : ReclassificationAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughProfitOrLossRelatedToRealisedAndUnrealisedChangesForOverlayApproachBeforeTax to label_ReclassificationAdjustmentsOnEquityInstrumentsMeasuredAtFairValueThroughProfitOrLossRelatedToRealisedAndUnrealisedChangesForOverlayApproachBeforeTax" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_AcquisitionOfSubsidiaryOrBusinessUnitNetOfCashAcquiredClassifiedAsInvestingActivities" xlink:label="AcquisitionOfSubsidiaryOrBusinessUnitNetOfCashAcquiredClassifiedAsInvestingActivities" xlink:title="AcquisitionOfSubsidiaryOrBusinessUnitNetOfCashAcquiredClassifiedAsInvestingActivities" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionOfSubsidiaryOrBusinessUnitNetOfCashAcquiredClassifiedAsInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AcquisitionOfSubsidiaryOrBusinessUnitNetOfCashAcquiredClassifiedAsInvestingActivities" xml:lang="en" id="label_AcquisitionOfSubsidiaryOrBusinessUnitNetOfCashAcquiredClassifiedAsInvestingActivities">Acquisition Of Subsidiary Or Business Unit Net Of Cash Acquired Classified As Investing Activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionOfSubsidiaryOrBusinessUnitNetOfCashAcquiredClassifiedAsInvestingActivities" xlink:to="label_AcquisitionOfSubsidiaryOrBusinessUnitNetOfCashAcquiredClassifiedAsInvestingActivities" xlink:title="Label : AcquisitionOfSubsidiaryOrBusinessUnitNetOfCashAcquiredClassifiedAsInvestingActivities to label_AcquisitionOfSubsidiaryOrBusinessUnitNetOfCashAcquiredClassifiedAsInvestingActivities" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_GrossDividendPerShare" xlink:label="GrossDividendPerShare" xlink:title="GrossDividendPerShare" />
    <link:label xlink:type="resource" xlink:label="label_GrossDividendPerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GrossDividendPerShare" xml:lang="en" id="label_GrossDividendPerShare">Gross Dividend Per Share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossDividendPerShare" xlink:to="label_GrossDividendPerShare" xlink:title="Label : GrossDividendPerShare to label_GrossDividendPerShare" />
    <link:label xlink:type="resource" xlink:label="label_GrossDividendPerShare_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_GrossDividendPerShare_1" xml:lang="en" id="label_GrossDividendPerShare_1">The amount of gross dividend to be distributed per ordinary share.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossDividendPerShare" xlink:to="label_GrossDividendPerShare_1" xlink:title="Label : GrossDividendPerShare to label_GrossDividendPerShare_1" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_NNsBulgarianPensionAndLifeInsuranceBusinessMember" xlink:label="NNsBulgarianPensionAndLifeInsuranceBusinessMember" xlink:title="NNsBulgarianPensionAndLifeInsuranceBusinessMember" />
    <link:label xlink:type="resource" xlink:label="label_NNsBulgarianPensionAndLifeInsuranceBusinessMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NNsBulgarianPensionAndLifeInsuranceBusinessMember" xml:lang="en" id="label_NNsBulgarianPensionAndLifeInsuranceBusinessMember">N Ns Bulgarian Pension and Life Insurance Business [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NNsBulgarianPensionAndLifeInsuranceBusinessMember" xlink:to="label_NNsBulgarianPensionAndLifeInsuranceBusinessMember" xlink:title="Label : NNsBulgarianPensionAndLifeInsuranceBusinessMember to label_NNsBulgarianPensionAndLifeInsuranceBusinessMember" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_AdjustmentsForDepreciationImpairmentAndAmortisationOfPropertyAndEquipmentIntangibleFixedAssetsInvestmentPropertyAndSecurities" xlink:label="AdjustmentsForDepreciationImpairmentAndAmortisationOfPropertyAndEquipmentIntangibleFixedAssetsInvestmentPropertyAndSecurities" xlink:title="AdjustmentsForDepreciationImpairmentAndAmortisationOfPropertyAndEquipmentIntangibleFixedAssetsInvestmentPropertyAndSecurities" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForDepreciationImpairmentAndAmortisationOfPropertyAndEquipmentIntangibleFixedAssetsInvestmentPropertyAndSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForDepreciationImpairmentAndAmortisationOfPropertyAndEquipmentIntangibleFixedAssetsInvestmentPropertyAndSecurities" xml:lang="en" id="label_AdjustmentsForDepreciationImpairmentAndAmortisationOfPropertyAndEquipmentIntangibleFixedAssetsInvestmentPropertyAndSecurities">Adjustments for Depreciation Impairment and Amortisation of Property and Equipment Intangible Fixed Assets Investment Property and Securities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForDepreciationImpairmentAndAmortisationOfPropertyAndEquipmentIntangibleFixedAssetsInvestmentPropertyAndSecurities" xlink:to="label_AdjustmentsForDepreciationImpairmentAndAmortisationOfPropertyAndEquipmentIntangibleFixedAssetsInvestmentPropertyAndSecurities" xlink:title="Label : AdjustmentsForDepreciationImpairmentAndAmortisationOfPropertyAndEquipmentIntangibleFixedAssetsInvestmentPropertyAndSecurities to label_AdjustmentsForDepreciationImpairmentAndAmortisationOfPropertyAndEquipmentIntangibleFixedAssetsInvestmentPropertyAndSecurities" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_FirstInterimDividendPaidPerShare" xlink:label="FirstInterimDividendPaidPerShare" xlink:title="FirstInterimDividendPaidPerShare" />
    <link:label xlink:type="resource" xlink:label="label_FirstInterimDividendPaidPerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FirstInterimDividendPaidPerShare" xml:lang="en" id="label_FirstInterimDividendPaidPerShare">First Interim Dividend Paid Per Share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirstInterimDividendPaidPerShare" xlink:to="label_FirstInterimDividendPaidPerShare" xlink:title="Label : FirstInterimDividendPaidPerShare to label_FirstInterimDividendPaidPerShare" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_SecondInterimDividendPaidPerShare" xlink:label="SecondInterimDividendPaidPerShare" xlink:title="SecondInterimDividendPaidPerShare" />
    <link:label xlink:type="resource" xlink:label="label_SecondInterimDividendPaidPerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SecondInterimDividendPaidPerShare" xml:lang="en" id="label_SecondInterimDividendPaidPerShare">Second Interim Dividend Paid Per Share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SecondInterimDividendPaidPerShare" xlink:to="label_SecondInterimDividendPaidPerShare" xlink:title="Label : SecondInterimDividendPaidPerShare to label_SecondInterimDividendPaidPerShare" />
    <link:loc xlink:type="locator" xlink:href="213800X3Q9LSAKRUWY91-2021-12-31.xsd#kbc_FinancialAssetsExcludingCashCashBalancesWithCentralBanksAndDemandDeposits" xlink:label="FinancialAssetsExcludingCashCashBalancesWithCentralBanksAndDemandDeposits" xlink:title="FinancialAssetsExcludingCashCashBalancesWithCentralBanksAndDemandDeposits" />
    <link:label xlink:type="resource" xlink:label="label_FinancialAssetsExcludingCashCashBalancesWithCentralBanksAndDemandDeposits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialAssetsExcludingCashCashBalancesWithCentralBanksAndDemandDeposits" xml:lang="en" id="label_FinancialAssetsExcludingCashCashBalancesWithCentralBanksAndDemandDeposits">Financial Assets Excluding Cash Cash Balances With Central Banks and Demand Deposits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssetsExcludingCashCashBalancesWithCentralBanksAndDemandDeposits" xlink:to="label_FinancialAssetsExcludingCashCashBalancesWithCentralBanksAndDemandDeposits" xlink:title="Label : FinancialAssetsExcludingCashCashBalancesWithCentralBanksAndDemandDeposits to label_FinancialAssetsExcludingCashCashBalancesWithCentralBanksAndDemandDeposits" />
  </link:labelLink>
</link:linkbase>