The official record is 11 days. I've read somewhere that after eight days with no sleep, your are declared as clinically insane until you sleep again, I can't seem to find a source on that though.
Regardless, after two days without sleep, the body really starts shutting down. Memory function loss, and increase in stress hormones is normal. When you're sleeping the body starts repairing damaged brain cells amongst other things, lack of sleep and increased stress is stopping that process. Thought the effect is temporary, it could take up to two weeks before the body is fully restored. In the mean time, your brain will work harder to compensate.
Of course, these are effects of course only after a few days without sleep, I don't believe 24 hours without sleep on its own ever hurt anyone.