Well, if it's in a userform then it's an ActiveX object.
I don't know what you mean by not being able to use event handlers seeing as you are using event-driven ActiveX objects such as Label controls in a userform.
Since you are calling a userform you can use the Initialize event to see a cell's value in the Label when you call the userform. This would do that, assuming your Label control is named "Label1" (you have not yet said what its name is) and the cell of interest is A1 (you have not yet said what cell you have in mind).
This goes in the userform module:
Private Sub UserForm_Initialize()
Label1.Caption = Range("A1").Value
End Sub
Then again, if your userform is modeless and you want the Label caption handled when someone enters a new value in cell A1 when the userform is visible, it will require a Change event in the worksheet module.
If for whatever reason you are against invoking any events, you are out of luck.