Yes there is, it is a possessive form. In this case "it's" refers to the "translation" (aka the status belongs to the translation). You could rewrite the sentence as:

Translation has changed! Please add the new translation before changing the translation's status.

But that would be using "translation" too much ;)

@toolstack Allow me to disagree here.

The word it’s is always short for ‘it is’ (as in it's raining), or in informal speech, for ‘it has’ (as in it's got six legs).

Ref:
https://en.oxforddictionaries.com/usage/its-or-it-s
https://www.businesswritingblog.com/business_writing/2006/05/its_its_or_its_.html

@maximejobin ...and we learn something new every day ;)