diff --git a/tools/emul/Makefile b/tools/emul/Makefile
index d24d287..f189a08 100644
--- a/tools/emul/Makefile
+++ b/tools/emul/Makefile
@@ -1,30 +1,30 @@
-TARGETS = shell zasm
-KERNEL_HEADERS = shell-kernel.h zasm-kernel.h
-USER_HEADERS = zasm-user.h
+TARGETS = shell/shell zasm/zasm
+KERNEL_HEADERS = shell/kernel.h zasm/kernel.h
+USER_HEADERS = zasm/user.h
 CFSPACK = ../cfspack/cfspack
 
 .PHONY: all
 all: $(TARGETS)
 
-shell-kernel.h: shell_.asm
-zasm-kernel.h: zasm_glue.asm
+shell/kernel.h: shell/shell_.asm
+zasm/kernel.h: zasm/glue.asm
 $(KERNEL_HEADERS):
 	scas -o - -I ../../parts/z80 $< | ./bin2c.sh KERNEL | tee $@ > /dev/null
 
-zasm-user.h: zasm_user.asm
+zasm/user.h: zasm/user.asm
 	scas -o - -I ../../apps/zasm $< | ./bin2c.sh USERSPACE | tee $@ > /dev/null
 
-zasm-includes.cfs: ../../parts/z80 $(CFSPACK)
-	cp -rf $< zasm-includes
-	rm zasm-includes/README.md
-	$(CFSPACK) zasm-includes > $@
-	rm -rf zasm-includes
+zasm/includes.cfs: ../../parts/z80 $(CFSPACK)
+	cp -rf $< zasm/includes
+	rm zasm/includes/README.md
+	$(CFSPACK) zasm/includes > $@
+	rm -rf zasm/includes
 
-zasm-includes.h: zasm-includes.cfs
+zasm/includes.h: zasm/includes.cfs
 	./bin2c.sh FSDEV < $< | tee $@ > /dev/null
 	
-shell: shell.c libz80/libz80.o shell-kernel.h $(CFSPACK)
-zasm: zasm.c libz80/libz80.o zasm-kernel.h zasm-user.h zasm-includes.h
+shell/shell: shell/shell.c libz80/libz80.o shell/kernel.h $(CFSPACK)
+zasm/zasm: zasm/zasm.c libz80/libz80.o zasm/kernel.h zasm/user.h zasm/includes.h
 $(TARGETS):
 	cc $< libz80/libz80.o -o $@
 
@@ -37,4 +37,4 @@ $(CFSPACK):
 
 .PHONY: clean
 clean:
-	rm -f $(TARGETS) $(KERNEL_HEADERS) $(USER_HEADERS) zasm-includes.*
+	rm -f $(TARGETS) $(KERNEL_HEADERS) $(USER_HEADERS) zasm/includes.*
diff --git a/tools/emul/shell.c b/tools/emul/shell/shell.c
similarity index 98%
rename from tools/emul/shell.c
rename to tools/emul/shell/shell.c
index f3263bf..1d71b83 100644
--- a/tools/emul/shell.c
+++ b/tools/emul/shell/shell.c
@@ -1,8 +1,8 @@
 #include <stdint.h>
 #include <stdio.h>
 #include <termios.h>
-#include "libz80/z80.h"
-#include "shell-kernel.h"
+#include "../libz80/z80.h"
+#include "kernel.h"
 
 /* Collapse OS shell with filesystem
  *
diff --git a/tools/emul/shell_.asm b/tools/emul/shell/shell_.asm
similarity index 100%
rename from tools/emul/shell_.asm
rename to tools/emul/shell/shell_.asm
diff --git a/tools/emul/zasm_glue.asm b/tools/emul/zasm/glue.asm
similarity index 100%
rename from tools/emul/zasm_glue.asm
rename to tools/emul/zasm/glue.asm
diff --git a/tools/emul/zasm_user.asm b/tools/emul/zasm/user.asm
similarity index 100%
rename from tools/emul/zasm_user.asm
rename to tools/emul/zasm/user.asm
diff --git a/tools/emul/zasm.c b/tools/emul/zasm/zasm.c
similarity index 97%
rename from tools/emul/zasm.c
rename to tools/emul/zasm/zasm.c
index 24be458..158ae0e 100644
--- a/tools/emul/zasm.c
+++ b/tools/emul/zasm/zasm.c
@@ -1,9 +1,9 @@
 #include <stdint.h>
 #include <stdio.h>
-#include "libz80/z80.h"
-#include "zasm-kernel.h"
-#include "zasm-user.h"
-#include "zasm-includes.h"
+#include "../libz80/z80.h"
+#include "kernel.h"
+#include "user.h"
+#include "includes.h"
 
 /* zasm reads from a specified blkdev, assemble the file and writes the result
  * in another specified blkdev. In our emulator layer, we use stdin and stdout
diff --git a/tools/tests/zasm/runtests.sh b/tools/tests/zasm/runtests.sh
index dd0b11e..ede830e 100755
--- a/tools/tests/zasm/runtests.sh
+++ b/tools/tests/zasm/runtests.sh
@@ -5,7 +5,7 @@ set -e
 TMPFILE=$(mktemp)
 SCAS=scas
 PARTS=../../../parts/z80
-ZASM=../../emul/zasm
+ZASM=../../emul/zasm/zasm
 ASMFILE=../../../apps/zasm/instr.asm
 
 cmpas() {