23% is the same as 0.23 when expressed as a decimal. 1/4 is the same as 0.25 when expressed as a decimal. So, 23% is less than 1/4.
Here's an example: If you have $100, then 23% of $100 is $23. On the other hand, 1/4 of $100 is $25. So, in this case, 23% of $100 is less than 1/4 of $100.