diff --git a/makefiles/targets.mk b/makefiles/targets.mk
index ae0d6b3..880a03d 100644
--- a/makefiles/targets.mk
+++ b/makefiles/targets.mk
@@ -162,11 +162,11 @@ ctags:
 	--exclude=$(REPOS_DIR)/nim-bncurve/tests/tvectors.nim \
 	.
 
-# list all Git submodule URLs, including the nested ones
+# list all Git submodule URLs and commit hashes, including the nested ones
 show-deps:
-	{ git config --file .gitmodules --get-regexp url | cat ;\
-		git submodule foreach --quiet --recursive '[[ -f .gitmodules ]] && git config --file .gitmodules --get-regexp url | cat || true'; } \
-		| cut -d ' ' -f 2 | sort -u
+	{ "$(CURDIR)/$(BUILD_SYSTEM_DIR)/scripts/git_show_deps.sh" ;\
+		git submodule foreach --quiet --recursive "$(CURDIR)/$(BUILD_SYSTEM_DIR)/scripts/git_show_deps.sh"; } \
+		| sort -u
 
 ############################
 # Windows-specific section #
diff --git a/scripts/git_show_deps.sh b/scripts/git_show_deps.sh
new file mode 100755
index 0000000..731143f
--- /dev/null
+++ b/scripts/git_show_deps.sh
@@ -0,0 +1,12 @@
+#!/bin/bash
+
+set -e
+
+if [[ -f .gitmodules ]]; then
+  git config --file .gitmodules --get-regexp 'path|url' | while read TMP S_PATH && read TMP S_URL; do
+    # we probably can't rely on that leading space always being there
+    S_HASH=$(git submodule status --cached "${S_PATH}" | sed 's/^\s*\(\S\+\).*$/\1/')
+    echo "${S_URL} ${S_HASH}"
+  done
+fi
+