diff --git a/Makefile b/Makefile
index 091b2a3..bc1290d 100644
--- a/Makefile
+++ b/Makefile
@@ -1,3 +1,12 @@
+ifeq ($(strip $(V)),)
+	E = @echo
+	Q = @
+else
+	E = @\#
+	Q =
+endif
+export E Q
+
 PROGRAM	= kvm
 
 OBJS	+= cpuid.o
@@ -32,34 +41,56 @@ CFLAGS	+= $(WARNINGS)
 all: $(PROGRAM)
 
 $(PROGRAM): $(OBJS)
-	$(CC) $(OBJS) -o $@
+	$(E) "  LINK    " $@
+	$(Q) $(CC) $(OBJS) -o $@
 
 $(OBJS):
 
+%.o: %.c
+	$(E) "  CC      " $@
+	$(Q) $(CC) -c $(CFLAGS) $< -o $@
+
 #
 # BIOS assembly weirdness
 #
 BIOS=-D__ASSEMBLY__ -m32 -march=i386 -Os -fno-strict-aliasing -fomit-frame-pointer
+
 bios/c-intfake.o: bios/c-intfake.c
-	$(CC) $(CFLAGS) -c bios/c-intfake.c -o bios/c-intfake.o
+	$(E) "  CC      " $@
+	$(Q) $(CC) $(CFLAGS) -c bios/c-intfake.c -o bios/c-intfake.o
+
 bios/c-intfake.c: bios/intfake.bin
-	python bios/bin2c.py -i bios/intfake.bin -o bios/c-intfake.c -n intfake
-bios/intfake.bin: bios/intfake.S
-	$(CC) $(CFLAGS)  $(BIOS) -c -o bios/intfake.o bios/intfake.S
-	objcopy -O binary -j .text bios/intfake.o bios/intfake.bin
+	$(E) "  BIN2C   " $@
+	$(Q) python bios/bin2c.py -i bios/intfake.bin -o bios/c-intfake.c -n intfake
+
+bios/intfake.o: bios/intfake.S
+	$(E) "  CC      " $@
+	$(Q) $(CC) $(CFLAGS) $(BIOS) -c -o bios/intfake.o bios/intfake.S
+
+bios/intfake.bin: bios/intfake.o
+	$(E) "  OBJCOPY " $@
+	$(Q) objcopy -O binary -j .text bios/intfake.o bios/intfake.bin
 
 bios/c-int10.o: bios/c-int10.c
-	$(CC) $(CFLAGS) -c bios/c-int10.c -o bios/c-int10.o
-bios/c-int10.c: bios/int10.bin
-	python bios/bin2c.py -i bios/int10.bin -o bios/c-int10.c -n int10
-bios/int10.bin: bios/int10.S
-	$(CC) $(CFLAGS)  $(BIOS) -c -o bios/int10.o bios/int10.S
-	objcopy -O binary -j .text bios/int10.o bios/int10.bin
+	$(E) "  CC      " $@
+	$(Q) $(CC) $(CFLAGS) -c bios/c-int10.c -o bios/c-int10.o
 
+bios/c-int10.c: bios/int10.bin
+	$(E) "  BIN2C   " $@
+	$(Q) python bios/bin2c.py -i bios/int10.bin -o bios/c-int10.c -n int10
+
+bios/int10.o: bios/int10.S
+	$(E) "  CC      " $@
+	$(Q) $(CC) $(CFLAGS)  $(BIOS) -c -o bios/int10.o bios/int10.S
+
+bios/int10.bin: bios/int10.o
+	$(E) "  OBJCOPY " $@
+	$(Q) objcopy -O binary -j .text bios/int10.o bios/int10.bin
 
 clean:
-	rm -f bios/*.bin
-	rm -f bios/*.o
-	rm -f bios/*.c
-	rm -f $(OBJS) $(PROGRAM)
+	$(E) "  CLEAN"
+	$(Q) rm -f bios/*.bin
+	$(Q) rm -f bios/*.o
+	$(Q) rm -f bios/*.c
+	$(Q) rm -f $(OBJS) $(PROGRAM)
 .PHONY: clean