Previous studies have shown that the ground state of systems of nucleons composed by an equal number of protons and neutrons interacting via proton-neutron pairing forces can be described accurately by a condensate of $alpha$-like quartets. Here we extend these studies to the low-lowing excited states of these systems and show that these states can be accurately described by breaking a quartet from the ground state condensate and replacing it with an excited quartet. This approach, which is analogous to the one-broken-pair approximation employed for like-particle pairing, is analysed for various isovector and isovector-isoscalar pairing