If BA have let you book the two flights as part of one booking, then it should be doable. Provided you clear security in T5 by 35 minutes before the Toulouse flight's departure, your bags ought to make it onto the flight too. (If you don't clear security by T-35, you won't be allowed on the flight either)

This page on the Heathrow website explains the connections procedure.

If you don't make the connection due to a delay on your inbound flight, then BA shouldn't have any trouble accommodating you on the next flight, and you probably be eligible for a meal voucher too.