GCC (ARM) : compiled generated HEX file not working with NRF52832

I am trying to use ARM GCC in macOSX and successfully generated .HEX file with the most simple project: the blinky project without softdevice. After setting up the project, the compilation works fine, and I am able to load it into the chip. but that hex file not working.

So I tried to load precompiled hex file for the same project and that hex file works fine, 

I am compiling using arm-gcc version 8.2.1 and makefiles 

Any ideas why compiled one is not working?