“… lot of mathematical calculations and within a fixed time interval ...” - that is pretty vague. Pity you couldn’t provide more detail about what you are trying to calculate. Here are my thoughts -
get it working with floating point first - use test data, simulations, spreadsheets to make sure that everything is working well. If that isn’t fast enough, I would look at perhaps processing the data in blocks to increase efficiency, unwinding loops, or even assembly language. Only as a last resort would I try moving to fixed point. I’ve done a lot of that in the past and it is easy to stuff up the scaling etc. and it often takes a lot of time and effort (and testing - use the test data from the working floating point version). Floating point is such a luxury - enjoy it.