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Heat oven to 190C/fan 170C/gas 5. Oil and line the base of a loaf tin (approx 22 x 10 x 5cm) with baking paper. Cook the asparagus in boiling, salted water for 2 mins, drain, then cool quickly under cold running water. Pat dry.
Mix the flour and thyme with seasoning in a large bowl. Make a well in the centre, then add the eggs, milk and oil, stirring all the time to draw the flour into the centre. Beat for 1 min to make a smooth batter.
Reserve 5 asparagus tips and a few olives. Add the remaining asparagus, tomatoes, olives and two-thirds of the cheese to the batter. Pour into the tin, then put the reserved asparagus and olives on top. Sprinkle with the remaining cheese. Bake for 35-40 mins until the cake feels firm to the touch and is golden and crusty on top. Cool in the tin for 5 mins, then turn out and cool on a wire rack.