I had a 50min connection from Cologne to Sofia there a few weeks ago which shrunk to 30mins due to an incoming delay. Fortunately both flights used terminal C (which should also be the case for you), which involves bus transportation from the aircraft and directly behind the entrance door there was a signposted path to the passport-control for non-Schengen. Under 5mins walk in all. I could see my luggage being separately forwarded to the aircraft immediately before push-back.
Due to this experience in the following week connecting in 30mins from Dusseldorf to Bucharest I forced myself to travel with handluggage only (no checked baggage). Everything was on time, I was expected at the terminal entrance door with a sign "Bucharest" and escorted out through the main door to a small non-Schengen Terminal (again 5mins) where security check was already waiting for us. Mostlikely my luggage would also have made it.

The Essence: if you booked through on AB they will know you are coming and take care of you in case of a tight connection and flights will even wait for a few minutes in case of delay. But if you can not avoid checking luggage make sure they put enough "transfer" or "Tight connection" badges on it and ask before you board your second flight with your baggage tag, if the luggage has already arrived (by the time you board it will not have, but probably someine will have the senses to check for it then). Good luck, it is tight.