Using a sharp knife cut the tomatoes into thin slices (1/4 inch thick). Take one slice of tomato; layer grated cheese, olives and basil. Top with second tomato slice, and repeat layering process. Top with third tomato slice and sprinkle with more cheese.
Place each stack under preheated hot broiler until cheese is melted. Drizzle over the balsamic vinegar and olive oil. Season to taste with salt and black pepper. Transfer to serving dishes and garnish with basil leaves. Serve immediately.