Kernel compile - kernel panaic at boot

[Petr Simon <sim@klubko.net>]

Please help!
I did it many times , but now I made some silly mistake and I can't boot 
my fresly compiled kernel. I can boot Debian default 2.4.18-k7, but I 
wanted 2.4.20 from source and it doesn't seem to work. What I did is:
untar it
ln -s linux-2.4.20 linux
cd linux
make mrproper
make menuconfig
make dep
make-kpkg -rev Custom.1 kernel_image
dpkg --install kernel-image........

and this is my lilo.conf:

lba32
boot=/dev/hda
install=/boot/boot-menu.b
map=/boot/map
prompt
vga=normal
append="hdc=ide-scsi hdd=ide-scsi"
default=Debian

image=/boot/vmlinuz-2.4.18-k7        #this one works
   label=2.4.18-k7
   root=/dev/hda6
   initrd=/boot/initd.img-2.4.18-k7
   read-only

image=/boot/vmlinuz-2.4.20        #this one doesn't work
   label=Debian
   root=/dev/hda6
   initrd=/boot/initd.img-2.4.20
   read-only

What is the difference between booting with or without initrd. I have 
laptop with Libranet2.0 and I have compiled 2.4.20 without flaw and I 
boot it just by lilo default
image=/vmlinuz
   label=linux
   read-only

In fact I tried both make-kpkg with and without --initrd option, but 
nothing worked.
Does anyone have any clues?
Thanks in advance
Petr Simon