Looks like the i.MX25 (boot ROM) does not start.
1.
Please check clkout signal CLKO it should be toggling.
2.
Please check output at reset signal VSTBY_ACK.
Toggle on this contacts indicates on finish of internal system reset.
3.
For internal UART / USB boot mode one can detect UART / USB related pin
activities during boot. Please look at section 7.3.5 [UART/USB Serial Download Mode (BOOT_MODE[1:0]=11)]
of the i.MX25 Reference Manual for more details about boot activity.