I'm afraid you will have to load the big image at least once to do anything with it.
You can use scaled() func, to get a scaled-down version of your original image, to use in your QLabel.
QImage QImage::scaled(const QSize & size, Qt::AspectRatioMode aspectRatioMode = Qt::IgnoreAspectRatio, Qt::TransformationMode transformMode = Qt::FastTransformation) const