The shutter curtains move to the left when the shutter is released. The first goes left to open followed by the second moving left slamming shut 1/125th of a second later to close. If you've just pressed the shutter release in your photo, your first curtain hasn't opened entirely yet and therefore the second curtain won't follow to close. When you wind the film advance again it's pulling this first curtain back to it's original (cocked) position, having never opened completely. Right?
Leave the back off and (if you haven't done this yet) try winding the film advance knob to cock the shutter and then change to the next slower speed and release the shutter. Then try the next slower speed. Maybe two or three times on each speed.
REMEMBER TO ALWAYS TURN THE FILM WIND KNOB AND COCK THE SHUTTER FIRST BEFORE CHANGING SHUTTER SPEEDS.
Watch the curtain movement each time you push the shutter release. To work properly, the curtain in your picture should go completely to the left out of sight. Watch for it to move unevenly, even in the short distance it's moving. Oh yeah, you can leave the lens off for inspection and observing from both sides.
From the photo, your Z4 looks in pretty clean shape - not a "beater." I agree with the guys above, there's a good possiblity you've got some tiny piece of film or other mini-debris in a cog, gear or the little trough the curtains run in. Look closely. Don't poke much, but maybe try blowing in the direction the curtain should travel [with the arrow] as you wind and release. (I slobber too much to try that, but it's okay for you.) Working the shutter repeatedly, blowing and GENTLY, GENTLY probing may eventually dislodge said debris. HOPEFULLY!!
Tinker on my friend, once you've got it going, you'll really like the Z4! Let us know what you find.