You can not rely on LIMIT
in IN/ALL/ANY/SOME
subqueries, but instead you can use multi-delete syntax:
DELETE
`chat`
FROM
`chat`
LEFT JOIN (SELECT `IndexNo` FROM `chat` ORDER BY `Timestamp` DESC LIMIT 25) AS `selected`
ON `chat`.`IndexNo`=`selected`.`IndexNo`
WHERE
`selected`.`IndexNo` IS NULL;
-according to manual, this will work since MySQL 5.0