Your question, "is it possible" means that the answer is, of course, yes. But, it is highly unlikely to occur and as IB has a 45-minute bag check deadline at MAD, you would only have 10 minutes to offload, make it all the way through formalities to baggage claim, claim your bag and lug it to IB check-in for the onward separate ticket. A long way of saying that you will wind up as a no show.
Either purchase the single ticket or choose other frequencies or routes.