You will go through passport control in Frankfurt and customs in Toulouse.
For the most part, though, EU customs is simply baggage claim plus a green aisle (nothing to declare) and a red aisle (something to declare) at the exit. You will likely not need to speak to an agent and may not even see any customs officers (they're definitely watching you, though!).
(There are inspections of some pax, of course, but it's a different atmosphere than in the US--where you *will* talk to an agent and hand in a form.)