So... (Spoilers)
Jan in the end, realizing there was no escape from the pool\forest, sacrificed Emilie to the spirit haunting it. At least that is the impression I got. Being foreign I do not fault it for it's ambiguous ending as that tends to be the trademark of all foreign films. if it were yet another American low budget horror film that left me guessing I'd be pissed!
Emilie was a bit of a bitch for slugging Jan and so before the end I half expected him to turn to her and say "I am not forgetting you punched me!" Did she deserve to be sacrificed? Wish I truly knew as it seemed she had to be drown in the pool (and who swims in or trusts anything from a stagnant pool? I am no camper but even I know they are breeding grounds for mosquitoes and bacteria). So did Jan convince her to return to camp, knock her out, tie her up as dad had done, and then toss her in the pool?? I assume so since he is suddenly seen overlooking a highway holding hands with the ghost girl from both his fathers and his visions\dreams. "Take me with you" it kept saying. So Jan did. By killing Emilie the spirit became whole. Or did it? Was Jan still having a delusion??
For ten minute epilogue!!