On Windows using NMake even if you set the CMAKE_VERBOSE_MAKEFILE option to ON you will still see lines like:
C:\PROGRA~1\MICROS~1.0\VC\bin\cl.exe @C:\Users\...\AppData\Local\Temp\nm1362.tmp
The reason is NMake have limitation on the length of command strings to 8,191 bytes. So that CMake tackles this problem by writing the arguments to a file and then passes this file to NMake with @filepath syntax.
But if you still want to be able to see the actual commands, you can deactivate this feature by uncommenting the lines on "Windows.cmake" file that sets CMAKE_START_TEMP_FILE and CMAKE_END_TEMP_FILE to empty strings. This file is located in "CMake/share/Modules/Platform" folder.
References: