Heat ½ dl oil in a saucepan. Add onions and thyme and cook over low heat, stirring occasionally, for about 45 minutes or until the onions are golden brown and caramelised. Add a little water if they start to stick too much to the saucepan. Season to taste with salt and pepper.
Preheat the oven to 200° C. Brush a baking sheet with olive oil. Place the puff pastry on the baking sheet.
Spread the onions and olives evenly on top of the puff pastry.
Bake for about 20-25 minutes. Let it cool slightly and garnish with the grated Le Gruyère AOP.